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Petronas targets net zero emissions by 2050

January 20/2021

MOSCOW (MRC) - Malaysian state-owned energy giant Petroliam Nasional Berhad, or Petronas, said it aims to become a net zero emitter of greenhouse gases by 2050 and also plans to increase its investments in renewable energy, reported Reuters.

Burning of oil and gas accounts for the vast majority of the worlds carbon emissions, and many investors have pushed global oil majors to do more to combat climate change.

Petronas, the worlds fourth-largest exporter of LNG, said it will intensify its efforts toward reducing the so-called Scope 1 and Scope 2 greenhouse gas emissions, referring to direct emissions from operations and the electricity used by the company.

The company, a significant source of revenue for the federal government, also said it will pursue new avenues of revenue generation via investments in nature-based solutions and set up greater accessibility to clean energy solutions.

Petronas, the sole custodian of Malaysias oil and gas reserves, is also engaged in exploration and production activities overseas. It also produces petrochemicals.

The Malaysian firms 2050 target is in line with peers BP and Shell - though the companies have marked varying goals to strengthen their green ambitions. Some have even committed to reducing Scope 3 emissions from the final consumption of their products.

Petronas has made a push towards renewable energy in recent years and also acquired a Singapore-based solar energy company in 2019.

Last year, Petronas said it was looking to expand its renewable energy portfolio after posting its first quarterly loss in nearly five years following a coronavirus-related demand slump and lower oil prices.

As MRC wrote earlier, in June 2019, Malaysian state oil company Petroliam Nasional Bhd, or Petronas, and Saudi Aramco started operations at their new 1.2-million-tonnes-per-year naphtha cracker. The cracker is part of the USD2.7 billion joint-venture oil refinery and petrochemical project known as RAPID - or Refinery and Petrochemical Integrated Development - located in Pengerang in the state of Johor, at the southern tip of peninsular Malaysia.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, homopolymer PP, propylene, HDPE, ethylene, petrochemistry, recikling, BP Plc, Petronas, Saudi Aramco, Shell, Malaysia, Russia.
Category:General News
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