Petronas exploring renewable energy market

KUALA LUMPUR, July 10 (BERNAMA) -- Petroliam Nasional Bhd (Petronas) has taken steps to explore new growth areas beyond the conventional oil and gas, says president and Group CEO Tan Sri Wan Zulkiflee Wan Ariffin.

Wan Zulkiflee said against the backdrop of demand for more sustainable energy sources, Petronas is considering viable investments in renewable energy namely solar, wind and biomass on a commercial scale.

“To cater to the growing energy demand, the company has embarked on numerous energy investments anchored to its three-pronged strategy to develop an energy mix that effectively balances the Energy Trilemma of security, affordability and sustainability of energy supply," he said at the World Economic Forum’s roundtable discussion on Malaysia’s energy landscape today.

These new ventures would support the Ministry of Energy, Science, Technology, Environment and Climate Change’s (MESTECC) initiatives to reduce carbon emissions intensity of GDP by 45 per cent by 2030 and achieve a low-carbon economy status by 2050.

He said the ambitious carbon neutrality goal can only materialise with extensive changes in Malaysia's energy sector guided by strong and forward-looking energy policies.

Hence, government support and intervention in developing and implementing regulations for the ecosystem that take into consideration all key influencing factors are pivotal for businesses not only to survive but thrive as the energy landscape continues its monumental shift.

He added that oil and gas will remain as the group’s core businesses, especially in the primary energy mix.

The company has allocated RM30 billion for its upstream activities in 2019 with half slated for domestic investments to ensure there will be no disruptions to energy supply.

-- BERNAMA