Natural gas to contribute RM400mil to public finances over next decade


KUALA LUMPUR (Bernama) -- Natural gas is expected to contribute nearly RM400bil to public finances over the next decade and provides a major economic contribution to gas-producing states, said Petroliam Nasional Bhd (Petronas) president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz.

He said the natural gas industry is a significant and direct contributor to Malaysia’s economic growth with widespread local economic impact.

"Near 15,000 jobs have been created by the industry across Sarawak and Terengganu.

"Moreover, research has highlighted that the industry creates over 80,000 jobs in the wider economy whereby for every 10 people employed in the natural gas industry, more than 25 jobs are created in the wider economy,” he said at the Seventh International Energy Forum (IEF)-International Gas Union (IGU) Ministerial Gas Forum virtual roundtable today.

Tengku Muhammad Taufik said in supporting the growth of the natural gas industry, Petronas had invested over RM18bil in the development of the necessary gas infrastructure, which in turn had improved the country’s energy security.

As a long-term liquefied natural gas (LNG) player, Petronas is fully invested to unlock its potential as its pathway to a low-carbon future for the next generation.

To-date, more than 11,000 cargoes had been delivered safely to Petronas’ core markets from its global portfolio of facilities in Malaysia, Australia, Egypt, and soon in Canada, he said.

Tengku Muhammad Taufik said the new global energy landscape had called for greater collaborations between producers, consumers and governments to ensure the ecosystem, wherein gas is the preferred fuel of choice that benefits all stakeholders, was created.

"I believe strong and forward-looking energy policies combined with government support and intervention are the most pivotal key influencing factors for a conducive ecosystem that promotes cleaner energy solutions.

"In Malaysia, supportive policies by the government to liberalise the gas market continue to bear fruit with market-based pricing and third-party access being introduced to spur a more competitive gas marketplace in the country,” he said.

As Malaysia’s national oil company, Petronas continued to work closely with policymakers and authorities in shaping the ongoing National Energy Policy and Natural Gas Roadmap that would ensure alignment of policy objectives to address the energy trilemma and grow the significance of cleaner energy use in the country, he added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Petronas , natural gas , LNG , Malaysia

   

Did you find this article insightful?

Yes
No

Next In Business News

Thai fin ministry cuts 2021 GDP growth outlook on tourism slump
China's Didi raises US$300mil for autonomous driving unit
Gold falls as safe-haven appeal shifts to dollar
Digital network redesigned to meet higher demand amid MCO
China stocks post biggest drop in over 6 months on policy tightening fears
Japanese shares rack up biggest fall in 6 months as tech shares slide
Allianz gets approval to set up insurance asset management firm in China
Philippine economy shrinks at slower pace in Q4, posts record contraction in 2020
Maybank to spend RM500k to upskill non-clerical employees
UOB Malaysia offers assistance to customers affected by MCO 2.0, floods

Stories You'll Enjoy


-->