Malaysia’s Petronas is intensifying efforts to invest in cleaner energy solutions and deploy innovative technologies to trim its greenhouse gas emissions as it steps outside the realm of its traditional activities to meet its sustainability targets, the state-run energy company said in its latest activity outlook report for 2021-23.
However, the integrated oil and gas company with global operations would not neglect its refining and upstream businesses over the next decade as oil markets will likely offer a wide array of sales and export opportunities in the post-pandemic era, middle distillate marketers and trading strategists at the company told S&P Global Platts.
Petronas is pushing for the increased use of natural gas as a cleaner source of fuel while building capabilities in renewable energy for the security and sustainability of its supply, it said.
The company’s recent acquisition of Amplus Energy Solutions, a distributed solar energy solutions provider and developer across India, is a step in this direction.
It has also provided a vehicle to explore opportunities in onshore and offshore wind energy generation for other Southeast Asian countries, with an aspiration to generate 3 GW of renewable energy capacity by 2024, Petronas said.
Having incorporated carbon capture in offshore and onshore processing facilities for over 10 years, Petronas is embarking on its first complete Carbon Capture, Utilisation and Sequestration project through offshore Carbon Capture and Sequestration, or CCS, implementation, while maturing technologies for onshore processing plants to utilise CO2 and convert it into petrochemical products, it said.
The company’s first CCS project, upon completion in 2025, will be the world’s largest offshore CCS project to date.
Separately, the company in its latest quarterly results statement on August 27 said it had seen firm demand for its LNG bunkering operation in the Straits of Malacca. It has already carried out nine LNG bunkering operations in the region as the maritime industry focuses on sustainable shipping.
For more information visit www.petronas.com
