Petronas and the Japan Bank for International Cooperation have signed a Memorandum of Understanding (MoU) to study the value chain development of hydrogen, ammonia, renewable energy, and carbon capture and storage (CCUS).
“Japan has been a trusted and valued partner since the days of our first LNG shipments in the early 1980s, and this partnership has evolved to include new areas of collaboration in the clean energy field,” said President and Group CEO Datuk Tengku Muhammad Taufik.
In light of Malaysia’s newly unveiled National Energy Policy (NEP), which defines long-term growth objectives for the country to both satisfy its energy demands and transition to a low carbon future, the partnership is appropriate.
In order to fulfill its role as a progressive energy and solutions partner, Taufik continued, “Guided by the NEP and our internal goals, Petronas will continue to pursue synergistic collaborations in support of Malaysia’s energy agenda and the Group’s own aspirations for continued growth in this space.”
Petronas announced its intention to achieve net zero carbon emissions by 2050 in November 2020. This dedication to sustainability combines environmental, social, and governmental concerns (ESG). To move beyond hydrocarbon sources and become a provider of end-to-end hydrogen solutions, Petronas Hydrogen was founded as part of the “Gas and New Energy” division.
Five firms have signed an agreement to guarantee the supply of hydropower, which has given plans for large-scale green hydrogen production in Malaysia fresh impetus.
The collaboration between the five companies was announced by POSCO Holdings, Samsung Engineering, Lotte Chemical, Malaysian Sarawak Economic Development Corporation Energy, and Malaysian Sarawak Energy for Green Hydrogen Business.
The parties to the MoU have committed to work together to conduct research for a reliable power source for the H2biscus project, which would likely require at least 900MW of power.
The North Malay Basin (NMB) Phase 3 project in Block PM302, which is 290 kilometers off the coast of Malaysia, just received word that its first gas production has been accomplished.
Hess Exploration and Production Malaysia B.V. (Hess), a subsidiary of Hess Corporation, operates Block PM302 in collaboration with Petronas Carigali Sdn Bhd, the owner of the remaining 50% of the property.