Malaysia’s Petronas to boost international portfolio to 60% over next decade 

[KUALA LUMPUR] Malaysia’s state energy firm Petronas plans to raise the share of its international portfolio to 60 per cent of its total business over the next decade, it said on Monday (Aug 11).

The firm will build on its current international portfolio, which now accounts for around 40 to 50 per cent of its investments, by integrating its domestic expertise with global partnerships, it said in a fact sheet shared with Reuters.

In a volatile market, Petronas is upgrading its upstream operation portfolio to focus on high-quality assets while at the same time ensuring that energy supplies for Malaysia remain reliable, the company added.

“Malaysia remains a core part of our investment portfolio, and we are committed to this market,” executive vice-president and chief executive officer of upstream business Mohd Jukris Abdul Wahab said in the fact sheet.

Malaysian state news agency Bernama reported that Mohd Jukris saying Petronas would review its operations including maintenance, field operations and others in order to mitigate the impact of lower crude oil prices.

Crude oil prices are currently trading at US$66.68 per barrel as of 1006 GMT.

Mohd Jukris said Petronas would consider partnering with other firms to reduce its risk exposure, especially for projects requiring high capital investment.

He added that Petronas is also considering expanding its presence in Canada, given that the country has now become one of its major liquefied natural gas suppliers, Bernama reported.

In July, Petronas delivered its first LNG Canada cargo to Japan from its newly operational LNG facility in Kitimat.

Petronas has a 25 per cent stake in the Kitimat LNG plant in British Columbia on Canada’s west coast. REUTERS