Malaysia is the Fifth-Largest LNG Exporter in the World
Malaysia stands proud to be the fifth-largest LNG exporter in the world. The country has been and looks to continue reigning the spot as per the International Gas Union’s (IGU) 14th annual World LNG Report 2023.
The report released on 12 July shows Malaysia exports LNG amounting to 27.3MT in 2022. In 2021, Malaysia exported up to 24.9MT of LNG. Overall, it makes up 7% of the total LNG traded globally.
According to the report, Asia Pacific is the largest LNG market. It leads to LNG exports totalling 136.6MT in 2022 and imports totalling 160.9MT. Intra-region trading of LNG amounts to about 97.9MT.
Li Yalan, the president of IGU, stated in the report the world had seen the evident value of LNG. According to her, it is the best source of adaptable, dependable, and efficient energy. She further commented that such versatile energy is essential for the global community to sustain securely in their energy transition energy.
Simultaneously, the president of the Malaysian Gas Association (MGA), Aziz Othman, says LNG is a liquefied form of natural gas. It enables the delivery of the fuel in bulk over long distances. According to Aziz, they brought in LNG to supplement the indigenous offshore natural gas supply to ensure sufficient and uninterrupted supply to consumers in Peninsular Malaysia.
Natural gas has historically been a critical fuel for ensuring energy security and driving economic development, and we expect it to continue to be so in the coming decades.
Like the prime minister’s address during the opening of Energy Asia in June, Malaysia continues its vital role as the LNG exporter in the energy mix as it moves towards a low-carbon economy.
Looking to Start a Business in Malaysia?
At 3E Accounting, we offer corporate solutions to businesses of all sizes. As one of the experts in Malaysia’s business solution provider, our wide range of services ensures your energy-related business gets the validation it needs to pursue regional markets.