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KUALA LUMPUR (Nov. 27): Petronas, a Malaysian state-owned oil and gas company, has set up a new company in the group to promote renewable energy, the company's chief executive said on Tuesday.
Petronas has expressed interest over the last year to diversify into renewable energy in a context of low oil prices. In March, General Manager Tan Sri Wan Zulkiflee, Wan Ariffin, said that Petronas would explore new areas of business, including new energy, and that it would evaluate opportunities in the field of business. solar energy.
Jay Mariyappan said at an industry forum that the "New Energy" team was at the first stage of considering options in the renewable energy field.
Mariyappan's LinkedIn profile shows that he started at Petronas in October. Before joining the Malaysian company, he was managing director of Sindicatum Sustainable Resources, a Singapore-based clean energy developer.
Petronas is the last major oil and gas group to focus on the renewable energy sector. The largest oil companies, including Royal Dutch Shell, BP and Total, are investing more in cleaner energy sources, such as solar and wind energy and electric vehicle technology.
Petronas is the sole manager of Malaysia's oil and gas reserves and contributes significantly to state revenue.
Earlier this month, the International Renewable Energy Agency (IRENA) said that Southeast Asia was a hot spot for renewable energy, but the region is not the only region in the world. has not met expectations because it lacks policy frameworks that can encourage investment.
Global renewable capacity, excluding hydro, increased from less than 100,000 megawatts (MW) in 2000 to more than one million MW in 2017, according to IRENA data.
Only a small portion of this amount has been imported into South-East Asia, although additional efforts have been made recently.
The Association of Southeast Asian Nations plans to produce 23% of its primary energy needs from renewable energy by 2025, an increase of just over 10% now.
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