KUALA LUMPUR — July 10, 2019: National oil company Petronas has taken steps to explore new growth areas beyond the conventional oil and gas.
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 demand, Petronas 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, said president and Group CEO Tan Sri Wan Zulkiflee Wan Ariffin at the World Economic Forum’s round-table discussion on Malaysia’s energy landscape today.
These new ventures will support the Ministry of Energy, Science, Technology, Environment and Climate Change’s initiatives to reduce carbon emissions intensity of GDP by 45 per cent by 2030 and achieve a low-carbon economy status by 2050.
But 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.
At another event, Wan Zulkiflee told the audience that Petronas continues to be focused on sustainable development goals, one of which is to shape the oil and gas industry in Malaysia to be more competitive and resilient.
At the same time, Petronas is aware that companies need to adopt multiple strategies in the current business landscape.
“Leaders in the next five to 10 years need to redefine risk management in very different ways from now because things are changing very fast. You cannot rely on a single strategy,” said Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin at the International Business Management Conference organised by the International Islamic University today.
“Every year we give out 330 scholarships. I don’t think there is any single entity that does this.
“We did it when the oil price was at US$100 per barrel and when it was US$30 per barrel. I decided not to change this long term investment,” said Wan Zulkiflee.
“These are the areas we have defined for ourselves and through our foundation, Yayasan Petronas, we get involved in corporate social responsibility activities and SDGs,” he said. — Bernama