Globaltraded.com — Petronas, Malaysia’s national oil and gas company, has unveiled its latest endeavors in the renewable energy sector with a strong focus on overseas expansion. The company is gearing up to diversify its energy portfolio and reduce its carbon footprint, aligning itself with the global push toward sustainable and eco-friendly practices.
Petronas has long been a prominent player in the energy industry, with a strong emphasis on oil and gas. However, recognizing the evolving landscape and the growing importance of sustainable energy sources, the company is now eyeing a more sustainable future.
One of the key initiatives announced by Petronas is the investment of $2 billion in renewable energy projects outside Malaysia over the next five years. This strategic move aims to tap into the growing global renewable energy market and simultaneously position the company as a leading player in this sector.
To kickstart this initiative, Petronas has already secured several key partnerships with established renewable energy firms in various parts of the world. These partnerships are expected to facilitate the development of wind, solar, and hydropower projects, among others.
In addition to the overseas investments, Petronas is also planning to channel significant resources into its domestic renewable energy sector. This includes the development of solar and wind energy projects across Malaysia, contributing to the country’s clean energy goals.
The company’s ambitious commitment to renewable energy aligns with Malaysia’s national sustainability agenda, which aims to achieve 20% renewable energy generation by 2025. By venturing into renewable energy, Petronas is actively supporting these national goals and demonstrating its dedication to responsible and environmentally conscious energy production.
Datuk Tengku Muhammad Taufik, President and Group CEO of Petronas, expressed the company’s vision, stating, “We understand that the future of energy is sustainable. Through our international partnerships and initiatives, Petronas is committed to being a significant contributor to the global renewable energy landscape.”
The move toward renewable energy is not only a strategic decision but also a response to the growing demand for cleaner energy alternatives around the world. By diversifying its energy portfolio, Petronas aims to strengthen its position as a global energy leader while contributing to a more sustainable future.
As Petronas takes these bold steps toward a greener future, it’s poised to make a significant impact on the renewable energy sector both domestically and overseas, marking an important transition for the Malaysian energy giant.
