Analysts at AmInvestment Bank said in a research note that subsidiaries of Malaysia’s state-owned Petronas, such as Petronas Gas Bhd and Petronas Chemicals Group Bhd, are well-positioned to invest in natural gas-to-hydrogen production, which could help them diversify revenue streams. They also added that Dialog Group Bhd could also take part in the value chain as Petronas embarks into the hydrogen sector. In contrast, upstream operators such as Hibiscus Petroleum Bhd and Sapura Energy Bhd are not expected to participate in this early-stage technology, AmInvestment Bank noted.
Recently, Petronas signed an MoU with Japanese refiner ENEOS Corp to explore the production of blue and green hydrogen. The MoU also covers a joint study to establish a clean hydrogen supply chain between Japan and Malaysia. The study will be eligible for Japan’s Green Innovation Fund and will include hydrogen production, transportation, and liquefaction.
