KUALA LUMPUR: Malaysia’s state-owned energy company, Petronas, aims to increase its international portfolio to 60% of total business operations over the next 10 years.
Currently, overseas ventures account for about 40% to 50% of its investments. Petronas said in a fact sheet shared with Reuters that it plans to leverage domestic expertise alongside global partnerships to achieve the expansion.
Amid market volatility, the company is refining its upstream operations to prioritise high-quality assets while ensuring Malaysia’s energy supply remains secure.
“Malaysia remains a core part of our investment portfolio, and we are committed to this market,” said Mohd Jukris Abdul Wahab, Executive Vice President and CEO of Petronas’ upstream business.
According to state news agency Bernama, Mohd Jukris said Petronas would review various aspects of its operations—such as maintenance and field activities—to cushion the impact of lower crude oil prices, which stood at US$66.68 per barrel as of 1006 GMT.
He added that Petronas may pursue partnerships to share risk, particularly for projects requiring significant capital. The company is also exploring further expansion in Canada, now one of its major suppliers of liquefied natural gas (LNG).
In July, Petronas delivered its first LNG Canada shipment to Japan from its new Kitimat facility in British Columbia, where it holds a 25% stake.
Source: Reuters
