Malaysia welcomes investment and trade in energy industry: Rafizi
22 Feb 2023
Malaysia actively welcomes investment and trade in the energy industry from both local and international companies to address the energy crisis and ensure energy security, said Economy Minister Rafizi Ramli.
He said the country’s commitment to creating a business-friendly environment in energy would continue, as evidenced by the reforms in the gas market liberalisation and third-party access that enables multiple entities to access and utilise Malaysian gas facilities.
“This morning, we (discussed) in detail plans to ramp up collaboration between Malaysia and the European Union (EU) in the field of energy.
“I am encouraged by the EU’s interest to find points of collaboration in this rapidly growing region,“ he said in his opening remarks at the EU-Indo-Pacific Regional Energy Conference, here today.
He said both the EU leadership and the Malaysian administration see the global energy crisis as a silver lining and use the opportunity to expedite both parties’ energy transition.
“The EU representatives will have a more detailed working-level meeting with Petronas on Friday.
“We hope to be able to develop a more robust partnership because Malaysia has a unique position in our leadership in liquified natural gas.
“There are several strategic aspects that we focus on, including ways to accelerate the development of hydrogen energy, and Petronas has already been working on rolling out some facilities for hydrogen energy,“ he said.
Rafizi also noted that the government is formulating a new mechanism to accelerate the production of green and renewable energy in the country.
“Most of the demand for renewable energy in this country comes from abroad, especially from Singapore.
“This mechanism is being refined and when we have a good mechanism, it enables the capacity of renewable energy generation to be expedited,” he added.