Malaysian state-owned oil and gas company Petroliam Nasional Berhad (Petronas) has arrange a brand new company inside the group to concentrate on renewable energy, the pinnacle of the brand new enterprise said on Tuesday.
Last 12 months, Petronas expressed interest in diversifying into renewable energy sources amid low oil prices. In March, Wan Zulkiflee CEO Wan Ariffin said Petronas would explore latest business areas, including latest energy, and that the corporate would evaluate solar opportunities.
Jay Mariyappan told an industry forum that the New Energy team is within the early stages of exploring options within the renewable energy space.
Mariyappan’s LinkedIn profile shows that he began working at Petronas in October. Before joining the Malaysian company, he was the managing director of Sindicatum Sustainable Resources, a Singapore-based clean energy development company.
Petronas is the newest oil and gas giant to enter the sector of renewable energy sources. Major oil corporations including Royal Dutch Shell, BP and Total are investing more in cleaner energy sources corresponding to solar and wind power and electric vehicle technologies.
Petronas is the only manager of Malaysia’s oil and gas reserves and contributes significantly to government revenues.
/https://public-media.smithsonianmag.com/filer/f3/8a/f38a1d1a-aaae-4a3c-abed-827596905ef9/istock_000047735718_large.jpg "Solar panels and wind turbines can help reduce carbon emissions cheaper than you think. Photo: Gong Hangxu/iStock")
Earlier this month, the International Renewable Energy Agency (IRENA) said Southeast Asia is a possible renewable energy hot spot, however the region has fallen wanting expectations since it lacks a policy framework to encourage investment.
Global renewable energy capability, excluding hydro, increased from lower than 100,000 megawatts (MW) in 2000 to greater than 1 million MW in 2017, in accordance with IRENA data.
Only a small fraction of this reached Southeast Asia, although more efforts have been made recently.
The Association of Southeast Asian Nations goals to fulfill 23% of its primary energy needs from renewable sources by 2025, up from just over 10% today.
Source : Reuters
