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Petronas to establish clean energy solutions unit

Petronas to establish clean energy solutions unit

Petronas intends to establish a clean energy solutions firm by the middle of the year, demonstrating its commitment to a sustainable future.

Datuk Tengku Muhammad Taufik Aziz, its president and group CEO, said that the company will investigate renewable energy, hydrogen, and green transportation.

He emphasised that the autonomous business will not be subjected to the rigours of a typical project management firm or a capital expenditure-heavy (capex-heavy) company.

“The company would take investments in firms, much like a venture capital or private equity fund, and it will utilise its position to foster these new companies within the three major themes to deliver sustainable energy solutions,” he said yesterday at Petronas’ FY21 financial results announcement.

In terms of the national oil and gas company’s hydrogen goals, Taufik stated that its existing gas consumers will be interested in its hydrogen products in the future.

Petronas blue hydrogen

“Petronas is certain that we will be able to offer blue hydrogen products in the future; all we need to do now is figure out the engineering.”

When it comes to green mobility, Petronas president and CEO feels that charging infrastructure for electric cars (EV) is the missing ingredient that will drive EV adoption.

In order to achieve its green goals, the firm will also establish a carbon management unit inside the upstream segment to speed its decarbonisation operations throughout the organisation.

Petronas expects to invest between RM40 billion and RM50 billion in capex in 2022, a return to its normal expenditure level. The capital expenditures will be distributed evenly between domestic and overseas enterprises.