Petronas bolsters ties with Japan to work toward carbon neutrality

Malaysia’s national energy company Petronas has signed a memorandum of cooperation (MoC) with the Ministry of Economy, Trade and Industry of Japan (METI) as well as a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC).

The parties signed the documents on 26 September 2022 on the sidelines of the Asia Green Growth Partnership Ministerial Meeting (AGGPM) in Japan seeking to collaboratively pursue mutual sustainability goals of achieving carbon neutrality by 2050.

The MoC with METI aims to enhance the cooperation between Petronas and Japan in the development as well as utilisation of energy sources and technologies to achieve the pragmatic energy transition.

The MoU with JBIC focuses on expanding and enhancing bilateral cooperation between Petronas and Japanese companies in projects undertaken by Petronas globally in a variety of sectors including value chain development of hydrogen and ammonia, renewable energy, carbon capture and storage (CCS), and green mobility.

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The agreements are expected to facilitate investment and financing, and also enhance technical collaboration and competencies in low-carbon technologies in the region.

Petronas’ president and group CEO Datuk Tengku Muhammad Taufik said: “Japan has been our trusted and valued partner since the days of our first LNG exports in the early 1980s, and this partnership has expanded to include new areas of collaboration in the clean energy space. Petronas is pleased to continue further strengthening our ties through this collaboration with METI and JBIC in pursuing green growth for Asia towards a just energy transition.

According to the company, the collaboration is timely in view of Malaysia’s recently launched National Energy Policy (NEP) which outlines long-term development plans for the country to simultaneously meet its energy needs while transitioning to a low carbon future.

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