Petronas to acquire renewable energy firm

UOB Kay Hian Research analyst Kong Ho Meng said while there have not been any large tenders awarded by Petroliam Nasional Bhd (Petronas), it expected contracts to be rolled out from next year. In Malaysia, he said, about 11% or about 35 of the over 300 platforms have been operating for over 40 years, and more than 200 wells have already been identified to be plugged and abandoned.

PETALING JAYA: Petroliam Nasional Bhd (Petronas) will soon mark its international foray into renewable energy once it completes the acquisition of Amplus Energy Solutions Pte Ltd, better known as M+ later this month.

The state-owned oil and gas (O&G) giant has entered into an agreement with I Squared Capital to acquire a 100% interest in M+, a leading Singapore-based company with a portfolio of distributed, renewable energy assets in Asia.