Malaysia’s Petronas has signed a memorandum of cooperation (MoC) with the Ministry of Economy, Trade and Industry of Japan (METI), as well as a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC), to collaboratively pursue mutual sustainability goals of achieving carbon neutrality by 2050.
The MoC with METI aims to enhance the cooperation between Petronas and Japan in the development as well as utilisation of energy sources and technologies to achieve pragmatic energy transition, Petronas said yesterday.
The MoU with JBIC focuses on expanding and enhancing bilateral cooperation between Petronas and Japanese companies in projects undertaken by Petronas globally in a variety of sectors including value chain development of hydrogen and ammonia, renewable energy, carbon capture and storage (CCS), and green mobility.
The MoC and MoU are expected to facilitate investment and financing, and also enhance technical collaboration and competencies in low-carbon technologies in the region, noted Petronas.
The signing of the documents took place on 26 September 2022 on the side lines of the Asia Green Growth Partnership Ministerial Meeting (AGGPM) in Japan. Petronas President and Group CEO Datuk Tengku Muhammad Taufik signed on behalf of Petronas, while METI was represented by its Commissioner, Agency for Natural Resources and Energy Hosaka Shin and JBIC by its Governor Hayashi Nobumitsu.
In his speech at AGGPM, Datuk Tengku Taufik said, “Japan has been our trusted and valued partner since the days of our first LNG exports in the early 1980s, and this partnership has expanded to include new areas of collaboration in the clean energy space. Petronas is pleased to continue further strengthening our ties through this collaboration with METI and JBIC in pursuing green growth for Asia towards a just energy transition.”
He added that stronger collaboration and partnership, including better access to technology and financing, are key to achieve an effective and balanced energy transition.
The collaboration is timely in view of Malaysia’s recently launched National Energy Policy (NEP) which outlines long-term development plans for the country to simultaneously meet its energy needs while transitioning to a low carbon future, said Petronas.