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Centrica, Petronas: All Satisfied

Centrica said the agreement "is more than enough to supply all the UK homes for a year"

The subsidiary of Malaysia?s state oil company Petroliam Nasional (Petronas), Asean LNG Trading Co, has signed yesterday a 15-year agreement of 4 billion pounds worth with UK gas company Centrica plc for the supply of three billion cubic metres of gas annually from 2007.

The deal is very profitable for the Malaysian firm: in its statement Petronas said, ?The deal with Centrica marks a major breakthrough for Petronas in its aspiration to enter the UK natural gas market and at the same time will enhance its overall position in the global LNG business?.

Centrica said the agreement ?is more than enough to supply all the UK?s homes for a year?. Centrica? CEO Sir Roy Gardner said that it was the first UK company to sign a contract of such size and duration for this market.

Under the agreement Petronas will supply the gas to Centrica via the LNG receiving terminal at Milford Haven, Wales, Great Britain.