Petronas explores renewable energy market

The company has allocated RM30 billion for its upstream oil and gas activities in 2019. (File pic)

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has taken steps to explore new growth areas beyond the conventional oil and gas sectors, says president and group CEO 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 in solar, wind and biomass projects 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 energy, science, technology, environment and climate change ministry’s initiatives to reduce carbon emissions and achieve a low-carbon economy status by 2050.

However, he said 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.