Petronas to work with Japan to pursue carbon neutrality

Malaysian state energy company Petronas has signed pacts with Japan to pursue mutual sustainability goals of achieving carbon neutrality by 2050, it said on September 27.

Petronas has penned a memorandum of cooperation (MoC) with Japan’s ministry of economy, trade and industry (METI) as well as a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC).

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.

The MoU with JBIC focuses on expanding and enhancing bilateral cooperation between Petronas and Japanese companies in projects undertaken by the Malaysian company 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,” Petronas said.