Natural gas to contribute RM400 bln to public finances over next decade
03 Dec 2020
Natural gas is expected to contribute nearly RM400 billion to public finances over the next decade and provides a major economic contribution to gas-producing states, said Petroliam Nasional Bhd (Petronas) president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz.
He said the natural gas industry is a significant and direct contributor to Malaysia’s economic growth with widespread local economic impact.
“Near 15,000 jobs have been created by the industry across Sarawak and Terengganu.
“Moreover, research has highlighted that the industry creates over 80,000 jobs in the wider economy whereby for every 10 people employed in the natural gas industry, more than 25 jobs are created in the wider economy,” he said at the Seventh International Energy Forum (IEF)–International Gas Union (IGU) Ministerial Gas Forum virtual roundtable today.
Tengku Muhammad Taufik said in supporting the growth of the natural gas industry, Petronas had invested over RM18 billion in the development of the necessary gas infrastructure, which in turn had improved the country’s energy security.
As a long-term liquefied natural gas (LNG) player, Petronas is fully invested to unlock its potential as its pathway to a low-carbon future for the next generation.
To-date, more than 11,000 cargoes had been delivered safely to Petronas’ core markets from its global portfolio of facilities in Malaysia, Australia, Egypt, and soon in Canada, he said.
Tengku Muhammad Taufik said the new global energy landscape had called for greater collaborations between producers, consumers and governments to ensure the ecosystem, wherein gas is the preferred fuel of choice that benefits all stakeholders, was created.
“I believe strong and forward-looking energy policies combined with government support and intervention are the most pivotal key influencing factors for a conducive ecosystem that promotes cleaner energy solutions.
“In Malaysia, supportive policies by the government to liberalise the gas market continue to bear fruit with market-based pricing and third-party access being introduced to spur a more competitive gas marketplace in the country,” he said.
As Malaysia’s national oil company, Petronas continued to work closely with policymakers and authorities in shaping the ongoing National Energy Policy and Natural Gas Roadmap that would ensure alignment of policy objectives to address the energy trilemma and grow the significance of cleaner energy use in the country, he added.