Indonesia, Malaysia, Brunei to sign LNG pact
Thursday, October 24 2002 - 03:12 PM WIB
State oil and gas company Pertamina said on Thursday that ASEAN LNG producers; Indonesia, Malaysia and Brunei would sign LNG cooperation agreement in Phuket, Thailand at the end of this month.
The pact will call on cooperation on LNG transportation and in dealing with the spot market,? said Pertamina president Baihaki Hakim.
Baihaki also said that cooperation would also include rendering excess capacities whenever any members experiences shortfall.
The three countries together account for about 50 percent of world?s LNG production.
Baihaki also said the forum would be used to strengthen position in facing buyers.
"We are not forming a cartel. We are just forming a forum as we have common interest in LNG sector," he added. (alex/godang)