PETRONAS and Masdar sign MoU

Discussions between the parties began following His Majesty Seri Paduka Baginda The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s five-day special visit to the UAE in December 2020 at the invitation of the Crown Prince of the Emirate of Abu Dhabi, Sheikh Mohamed Zayed Al Nahyan. The resulting MoU marks a significant milestone in the Malaysia-UAE bilateral relations.

The MoU between PETRONAS and Masdar will see both companies build greater access to clean energy solutions.

Wholly owned by Mubadala Investment Company, Masdar will work with PETRONAS to pursue clean energy projects across Asia and the Middle East, covering renewable energy and green hydrogen. The MoU was signed by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and PETRONAS Power Sdn Bhd Chief Executive Officer and Head of New Energy, PETRONAS Dr Jason Mariyappan.

Both parties will explore joint participation in large scale solar and wind opportunities for utilities, commercial and industrial customers, focusing primarily in Asia. The collaboration with Masdar will complement PETRONAS’ growing renewables portfolio under its renewable energy arm PETRONAS New Energy, which currently has over 1 GW of solar capacity in operation and development in India and Southeast Asia.

The partnership will also explore opportunities for joint production of green hydrogen. PETRONAS is gearing towards commercialising low-carbon hydrogen produced from its existing facilities and is pursuing commercial production of green hydrogen in the near future.

Tengku Taufik said: “PETRONAS’ MoU with Masdar marks another milestone in our existing partnership with Mubadala, which will now include a focus on renewables and green hydrogen. We are pleased to collaborate with Masdar which shares the same commitment towards a low-carbon agenda. In line with our Statement of Purpose, we look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition.”

“This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources,” said Mohamed Jameel Al Ramahi. “We look forward to collaborating with PETRONAS, a world leader in the energy sector and a company committed to sustainable development, to meet the growing demand for renewable energy solutions across the region.”

In November 2020, PETRONAS announced its commitment towards a Net Zero Carbon Emissions by 2050 that will help steer the organisation to continue creating value by providing cleaner energies as part of a holistic approach to sustainability.

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