Malaysian energy company Petronas and Japan Organisation for Metals and Energy Security (JOGMEC) have signed a Memorandum of Understanding (MoU) to cooperate in energy transition initiatives towards achieving respective energy transition and decarbonisation targets.
According to Petronas, the initiatives include potential collaboration in green/blue hydrogen and fuel ammonia development, carbon capture and storage (CCS), as well as greenhouse gas (GHG) emissions management.
The cooperation also aims to further enhance technical tie-ups and competencies in low-carbon technologies, while spurring business opportunities and providing technical and financial support for Japanese companies to participate in Petronas’ projects, both within and outside of Malaysia, Petronas stated.
Datuk Tengku Muhammad Taufik, Petronas President and Group CEO, said: “Petronas is committed to investing in technology and innovation to accelerate the development of lower-carbon solutions for our customers.”
“Through synergistic collaboration with like-minded partners such as JOGMEC, we are pleased to continue strengthening efforts in driving innovation and scalability in clean energy towards realising our net zero carbon emissions 2050 targets and pursuing a responsible and just energy transition for Asia.”
In recent months, Petronas and its subsidiaries entered several partnerships related to the energy transition.
In January 2023, Petronas and oil major ExxonMobil Exploration and Production Malaysia (ExxonMobil) signed two agreements to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia, and Japan’s IHI Corporation signed a MoU with Gentari Hydrogen, a clean energy solutions entity wholly-owned by Petronas, to evaluate the feasibility of leveraging solar resources of Malaysia to produce and sell green ammonia derived from renewables.