Latest news with #TengkuMuhammadTaufik
The Star
a day ago
- Business
- The Star
PETRONAS should adapt to new energy transition demands amid economic and geopolitical uncertainties
Petroliam Nasional Bhd (PETRONAS) president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz speaking at Energy Asia 2025 KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. "Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. "In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. "In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. "Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said PETRONAS is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth. "Like any other energy player in the sector, optimising the portfolio is a mandatory activity and will always be practised. "If this implementation requires us to sell assets with possibly higher carbon emissions and replace them with new assets that can extend the production life from the upstream sector, we will do that,' he said. For the downstream sector, Tengku Muhammad Taufik said that if the divestment of assets causes margins to be affected, PETRONAS will replace them with assets that have more stable margins and are less exposed to uncertainties. "This is where entities like Gentari come in, profits might be less, but it is less exposed to uncertainties,' he said. Gentari is a clean energy solutions company, wholly owned by PETRONAS. - Bernama
Barnama
a day ago
- Business
- Barnama
Petronas Should Adapt To New Energy Transition Demands Amid Economic And Geopolitical Uncertainties
BUSINESS By Kamarul Ariffin Md Yasin & Siti Nurhana Shafirah Mat Nazir KUALA LUMPUR, June 19 (Bernama) -- Petroliam Nasional Bhd (Petronas) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. 'Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. 'In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. 'In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. 'Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said Petronas is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth.
The Star
2 days ago
- Business
- The Star
PETRONAS: Energy demand to rise in Asia-Pacific region amid AI-led industrial shift
Petroliam Nasional Bhd (PETRONAS) president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz speaking at Energy Asia 2025 KUALA LUMPUR: Energy demand in ASEAN and the Asia-Pacific region is expected to rise in the coming years, driven by the adoption of artificial intelligence (AI) under the Fifth Industrial Revolution, said Petroliam Nasional Bhd (PETRONAS). The growth in energy demand will also be fuelled by the perpetual hunger for growth, rightful justifiable pursuit of economic development, rapid urbanisation, growing middle income and the demographic within ASEAN and the Asia Pacific, PETRONAS president/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said during the closing ceremony of Energy Asia 2025 conference here today. Tengku Muhammad Taufik said strong collaborations and purpose-driven partnerships are essential to navigating the evolving energy landscape. He added that both AI and energy are equally important to improve the energy ecosystem. "Looking at the energy ecosystem, it is indeed a more difficult prospect but probably even more facilitated because of AI. But, we believe AI will greatly and exponentially change energy systems once they are up and running," he added. Meanwhile, a total of 14 memoranda of understanding (MoUs) were signed during the three-day conference, which also featured seven roundtables and 11 launches, and welcomed 13,765 visitors. The Energy Asia 2025 conference, themed Delivering Asia's Energy Transition, attracted over 4,092 delegates. The biennial event will return as Energy Asia 2027, scheduled for June 2 to 7, 2027. - Bernama
CNA
3 days ago
- Business
- CNA
Australia's Woodside Energy signs 15-year LNG supply deal with Malaysia's Petronas
Australia's Woodside Energy has entered an agreement with a unit of Malaysian state-owned oil and gas firm Petronas to supply liquefied natural gas (LNG) to Malaysia starting 2028, the two companies said on Wednesday. Under the deal, Woodside Energy, Australia's largest independent oil and gas producer, will supply 1 million tonnes per annum of LNG to Malaysia for a period of 15 years. The LNG will be sourced from Woodside's global portfolio, including the recently approved Louisiana LNG project in the United States. The agreement is expected to support Petronas' efforts to ensure secure and flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region, the companies said. On Tuesday, Petronas Chief Executive Tengku Muhammad Taufik said the company is planning to start importing LNG in four to five years.
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Daily Express
3 days ago
- Business
- Daily Express
Pos Malaysia, Pertamina win inaugural Energy Asia Awards
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 By: Larry Ralon Text Size: Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik, who is also Chairman of Energy Asia, (left) presenting the Eureka Award to a representative of Pos Malaysia. KUALA LUMPUR: Pos Malaysia and Indonesia's Pertamina have been named the inaugural winners of the Energy Asia Awards, in recognition of their groundbreaking contributions to the region's energy transition. Held in conjunction with the Energy Asia 2025 conference hosted by Petronas, the awards carry the theme 'Delivering Asia's Energy Transition' and honour individuals and organisations that are accelerating the region's shift towards a low-carbon, inclusive, and sustainable energy future. Advertisement The Eureka Award, which celebrates technological innovation advancing measurable decarbonisation and environmental goals, was presented to Pos Malaysia for its flagship initiative, Greening the Last Mile: Pos Malaysia's Sustainability Transformation. The ambitious programme aims to cut emissions by half by 2030 and reach net zero by 2050. Built around a data-driven, sustainable logistics ecosystem, the project integrates decarbonisation, community upliftment, and workforce empowerment. Meanwhile, the Trailblazer Award, which recognises inclusive energy solutions that empower communities and promote social equity, was awarded to Pertamina for its Desa Energi Berdikari (Energy-Independent Village) project. The Indonesian initiative promotes decentralised clean energy systems that address waste management, energy access, and carbon emissions, while advancing rural electrification and inclusive development across the country's villages. Both projects highlight tangible, scalable solutions that cross borders and demonstrate how lower-carbon, affordable, and accessible energy can be delivered equitably. The winners exemplify the spirit of innovation and collaboration essential for a just and inclusive energy transition. Their commitment to responsible and sustainable practices sets a high benchmark for the industry, with lasting impact on communities across Asia. The inaugural edition of the Energy Asia Awards attracted more than 150 submissions from 20 countries, showcasing a broad spectrum of purpose-driven and scalable initiatives across various industries. Each submission underwent a rigorous, multi-stage evaluation by a distinguished panel comprising industry leaders, sustainability advocates, and technical experts. Entries were assessed based on innovation, impact, sustainability, and scalability, with transparency and excellence embedded in the judging process. Following a comprehensive review and a final pitch session involving six shortlisted finalists, the judging panel selected the two winning initiatives. Moving forward, the Energy Asia Awards are set to become a cornerstone of the conference, reinforcing the region's commitment to championing practical, impactful solutions that secure Asia's energy future while advancing equity and sustainability. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
