
Petronas to deliver its first LNG Canada cargo to Japan's Toho Gas in July
TOKYO :An executive from Malaysian state energy firm Petroliam Nasional said on Friday that the first cargo from its portion of supply from the LNG Canada project will be delivered to its customer, Japanese city gas provider Toho Gas, in July.
Speaking at an energy conference in Tokyo, Shamsairi Ibrahim, Petronas' vice president of LNG marketing and trading, also said that the company's third floating LNG project is set to commence production in 2027.

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CNA
5 hours ago
- CNA
South Korea counts on shipbuilding to ease US tariff woes
SEOUL: Asia's fourth largest economy South Korea is facing gruelling tariffs by US President Donald Trump, but its shipbuilding industry could prove a useful bargaining chip. Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 per cent country-specific tariff that has been suspended until Jul 8. WHY SHIPBUILDING? In the 1970s, South Korea's military leader president Park Chung-hee accelerated the country's heavy industry, designating sectors such as steel and shipbuilding "strategically important" and rolling out state subsidies. At the same time, POSCO was founded, now one of the world's largest steel producers, and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly. European rivals struggled to keep pace. Sweden's Kockums Shipyard filed for bankruptcy in 1987 and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre Goliath crane for one dollar. It now towers over southern Ulsan. In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies. The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms. IS IT IMPORTANT? South Korea's exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers. The sector accounted for nearly four percent of total exports and grew by almost 20 per cent from the previous year, reaching US$25.6 billion. Shipbuilding directly employs around 120,000 workers, roughly one percent of the country's total workforce, with indirect employment significantly higher in industrial hubs like Ulsan. Industry data shows so far this year, new orders have exceeded 13 trillion won (US$9.4 billion). In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan's Evergreen Marine, one of the largest single orders in the sector this year. WHY IS IT A 'BARGAINING CHIP'? Trump has showed "significant interest in South Korea-US shipbuilding cooperation," said South Korea's trade, industry and energy minister Ahn Duk-geun in April. Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a "highly important bargaining chip in trade negotiations," he added. At an APEC finance ministers' meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country's largest shipbuilder, before he met Seoul's top officials. "South Korea's shipbuilding and defence industries see a window of opportunity," said Kim Dae-jong, a professor at Sejong University. HOW DOES IT HELP THE US? Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel. The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub. With worries growing about China's expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region. The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates. ANY PROBLEMS? Despite multi-billion-dollar contracts, data suggests South Korea's shipbuilding industry is losing ground in the global race. China dominates with South Korea's market share dropping, according to industry data. Demand for eco-friendly vessels is rising, and the government need to overhaul regulations "to support the development of next-generation eco-friendly vessels," Rhee Shin-hyung, a professor at Seoul National University, told AFP. South Korea's woeful demographics also make staffing hard. In Geoje, home to Samsung Heavy Industries, the number of residents in their 20s and 30s has nearly halved in recent years. Orders are down in 2025 which hints that "the shipbuilding boom may end sooner than the market anticipated," warned Rhee. Global ship orders between January and April fell by almost half the volume recorded during the same period last year. Shipbuilders have been enjoying a "supercycle" but unfortunately the "peak is expected to be lower and the boom shorter-lived compared to the past," Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP.


CNA
8 hours ago
- CNA
South Korea to raise concerns to US over potential curbs on chipmakers' China operations
SEOUL: South Korea's top trade negotiator said on Sunday (Jun 22) he would raise concerns about potential US restrictions on chipmakers in China when he meets US officials in Washington this week for the third round of technical discussions in tariff talks. "I will pass on the concerns among those in the industry and take utmost care," South Korean Trade Minister Yeo Han-koo told reporters before leaving for Washington, when asked to comment about concerns the US may adopt policies to make it difficult for foreign chipmakers to operate in China. Yeo also said Seoul may not stick to the July deadline, suggesting talks may continue beyond Jul 8 amid political and economic uncertainties in the US. South Korea, currently subject to a blanket 10 per cent tariff with a 25 per cent country-specific duty on pause for 90 days, agreed with the US in their opening round of trade talks in late April to craft a trade deal reducing tariffs by Jul 8. Yeo was appointed to the role this month by President Lee Jae Myung, who won a snap election on June 3 and said during his campaign that there was no need to rush into a trade agreement with the United States. On Sunday, Yeo added he would reach out to officials at the White House and the US Congress to discuss various trade issues, including Washington's request for South Korea to loosen rules on imports of US beef.


CNA
11 hours ago
- CNA
Lawrence Wong to make first visit to China as prime minister, meet with Li Qiang and Xi Jinping in Beijing
SINGAPORE: Prime Minister Lawrence Wong will visit China from Jun 22 to Jun 26 and meet Chinese Premier Li Qiang and President Xi Jinping in Beijing. This will be Mr Wong's first visit to China as Singapore's prime minister, and both sides will commemorate the 35th anniversary of the establishment of diplomatic relations between Singapore and China. 'It is also an opportunity for leaders on both sides to exchange views on bilateral issues as well as regional and international developments,' said the Prime Minister's Office in a statement on Sunday (Jun 22). Mr Wong last met Mr Li and Mr Xi respectively in October and November 2024 on the sidelines of multilateral meetings. He last visited China in December 2023 as deputy prime minister for the 19th Joint Council for Bilateral Cooperation. This time, he will meet Mr Xi, and be hosted to a welcome ceremony and a dinner banquet by Mr Li. He will also meet Mr Zhao Leji, chairman of the National People's Congress In Beijing, Mr Wong will also engage Singaporeans in the Chinese capital at a reception. In Tianjin, the Prime Minister will attend the World Economic Forum's (WEF) Annual Meeting of New Champions, often referred to as Summer Davos, and take part in a dialogue session with WEF president Borge Brende. Mr Wong will also attend an official dinner hosted by Mr Li for foreign leaders attending Summer Davos. On this trip, he will be accompanied by Minister for Foreign Affairs Vivian Balakrishnan, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow. Senior Minister of State for Foreign Affairs and for Home Affairs Sim Ann, Senior Parliamentary Secretary Syed Harun Alhabsyi and other government officials will also be part of the contingent. Mr Wong will conclude his trip on Jun 26 and be on leave on Jun 27. In his absence, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will be Acting Prime Minister from Jun 22 to Jun 25, while Minister for Home Affairs K Shanmugam will take on the role from Jun 26 to Jun 27.