Pembina and PETRONAS Enter Long-Term Agreement for Cedar LNG Capacity

Press Release

Nov. 5, 2025

CALGARY, Alberta— Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA) and Petroliam Nasional Berhad (“PETRONAS”) today announced the signing of a 20-year agreement (the “Agreement”) for 1.0 million tonnes per annum (“mtpa”) of Pembina’s liquefaction capacity at the Cedar LNG facility (“Cedar LNG”) by their subsidiaries.

The Agreement is a synthetic liquefaction service structure for 1.0 mtpa of capacity, under which Pembina will provide transportation and liquefaction capacity to PETRONAS LNG Ltd over a 20-year term. It enables PETRONAS to access an additional natural gas export outlet for its sizeable Canadian upstream investment, while providing Pembina with a stable long-term, take-or-pay revenue stream and the potential for value enhancement. The Agreement also demonstrates the shared commitment of both Pembina and PETRONAS to realize the long-term potential of Canadian LNG, supporting energy security and advancing the transition to cleaner fuels in Asia.

“PETRONAS is a global LNG industry leader and one of the largest gas producers in Canada. This agreement is an extension of our existing relationship with them and an important development in Pembina’s ongoing expansion of its export business. This agreement further validates Cedar LNG and highlights the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets,” said Stu Taylor, Pembina’s Senior Vice President & Corporate Development Officer. “It also demonstrates Pembina’s commitment to delivering growth and executing our strategy within the company’s financial guardrails.”

“This milestone reflects PETRONAS’ long-standing commitment to our investment in Canada and our continued effort to fortify our global LNG supply portfolio. We welcome this partnership with Pembina and the Cedar LNG project, as it underscores PETRONAS’ role as an integrated energy player and demonstrates our dedication to responsibly monetize our gas resources. This arrangement improves supply diversity and enhances reliability of supply for customers, while reinforcing our steadfast commitment to deliver reliable, lower-carbon energy solutions to meet Asia’s growing energy needs,” said Shamsairi M Ibrahim, Vice President of LNG Marketing and Trading, PETRONAS Gas and Maritime Business.

Pembina previously signed a 20-year take-or-pay liquefaction tolling service agreement for 1.5 mtpa of LNG to support the final investment decision on Cedar LNG in June 2024 and ultimately maintain key project timing and economic parameters, with the expectation of remarketing the capacity at a later stage. The Agreement with PETRONAS marks a significant first step in Pembina’s remarketing efforts. Pembina expects to reach definitive agreements for the remaining 0.5 mtpa of capacity by the end of 2025.

The US$4 billion (gross) Cedar LNG project remains on time and on budget, with an expected in-service date in late 2028.

About Cedar LNG

Cedar LNG is a partnership between the Haisla Nation and Pembina Pipeline Corporation to develop a floating liquefied natural gas facility in Kitimat, British Columbia, Canada, within the traditional territory of the Haisla Nation. Strategically positioned to leverage Canada’s abundant natural gas supply and BC’s LNG infrastructure, the Cedar LNG facility will be powered by renewable electricity from BC Hydro, making it one of the lowest carbon intensity LNG facilities in the world. More information on Cedar LNG can be found at www.cedarlng.com.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com.

Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

About PETRONAS

As a global energy and solutions partner, PETRONAS is driven by its purpose to enrich lives for a sustainable future. With presence in over 100 countries, the group continues expanding its portfolios ranging from conventional and cleaner energy solutions to a diverse range of fuel, lubricants and petrochemical products. While ensuring sustainable practices across its operations, PETRONAS strives to ensure just and equitable outcomes in transitioning to a lower carbon future.

For further information:

Investor Relations
(403) 231-3156
1-855-880-7404
investor-relations@pembina.com

www.pembina.com

Media Relations
(403) 691-7601
1-844-775-6397
media@pembina.com

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