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PETRONAS LNG Ltd (PLL) introduced the Canada Alberta Energy Company (AECO) index as a new LNG price indexation to its customers following the sale of a spot LNG cargo from Bintulu, Malaysia, to a buyer in Far East for August 2021 delivery.
AECO is a leading price benchmark for natural gas in Canada, similar to the US’ Henry Hub, which is the natural gas price benchmark used as indexation to LNG price. It is transparent as the index is traded in real-time, with high liquidity backed by large gas reserves.
The introduction of AECO is part of PETRONAS’ plan to include additional pricing option for its customers, allowing them to enjoy its associated benefits. With AECO, LNG buyer has the flexibility to further diversify its price exposures from established key price indices such as Japanese Crude Cocktail (JCC), Brent, Japan Korea Marker (JKM), US Henry Hub and UK National Balancing Point (NBP).
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Friday, 07 May 2021 02:59 PM MYT
Petronas LNG Ltd (PLL) has introduced the Canada Alberta Energy Company (Aeco) index as a new LNG price indexation. Reuters pic
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KUALA LUMPUR, May 7 Petronas LNG Ltd (PLL) has introduced the Canada Alberta Energy Company (Aeco) index as a new LNG price indexation to its customers following the sale of a spot LNG cargo from Bintulu, Sarawak, to a buyer in Far East for August 2021 delivery.
Aeco is a leading price benchmark for natural gas in Canada, similar to the United States’ Henry Hub, which is the natural gas price benchmark used as indexation to LNG price. It is transparent as the index is traded in real time, with high liquidity backed by large gas reserves.
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Petronas inks first Canadian-indexed LNG deal
May 7, 2021 3:05:pm
Summary
by: Dale Lunan
Posted in:
Petronas inks first Canadian-indexed LNG deal
Malaysian state Petronas LNG (PLL) said May 7 it had introduced a new LNG pricing index based on the AECO gas trading hub in Canada. It had just sold a spot LNG cargo to an Asian buyer for delivery in August.
Petronas said the sale of the spot cargo based on AECO pricing is a significant step towards establishing a transparent price index in the LNG market to not only complement Petronas’ pricing diversification for cargoes but also for the supply of LNG from the Anglo-Dutch Shell-led LNG Canada project. It said it is due to start commercial deliveries in 2024.
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