PETALING JAYA: MISC Bhd has secured 20-year time charter contracts from Petroliam Nasional Bhd (PETRONAS) for five new liquefied natural gas (LNG) carriers, with the vessels expected to enter service from 2030.

In a filing with Bursa Malaysia, the energy logistics company said it accepted the letter of award from PETRONAS’ wholly- owned subsidiary, PETRONAS LNG Ltd, and will enter into shipbuilding contracts with China-based Hudong-Zhonghua Ship-building (Group) Co Ltd to construct the five vessels.

MISC said the project represented a strategic initiative to capitalise on PETRONAS’ anticipated LNG production growth, while supporting MISC’s LNG carrier rejuvenation programme through the introduction of modern, efficient vessels aimed at reducing greenhouse gas emissions and overall emission intensity. MISC did not disclose the value of the contracts.

The latest award adds to MISC’s recent expansion of its LNG shipping portfolio.

In August, the group’s gas segment had secured new long-term charter contracts and taken delivery of new vessels, as it pursued a fleet rejuvenation programme focused on modern, fuel-efficient LNG carriers.

It also secured long-term charters for LNG carriers with QatarEnergy, with the first of three newbuild vessels under its phase two participation, Th’ailib, named in South Korea this week.

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