Tengku Muhammad Taufik, the CEO of Malaysia’s state-owned Petronas said the company remained focused on steps to reshape its portfolio, retool human capital equation, manage the unpredictable market environment while striving towards the company’s three-pronged growth strategy. The statement came during Petronas’ latest interim financial call, when it reported a net loss of MYR3.4 billion ($835 million) for the third quarter of 2020, narrowing from MYR21.04 billion net loss in the preceding quarter.
As part of the three-pronged growth strategy, the company’s subsidiary, Petronas Chemicals Group Bhd (PetChem) recently signed a deal with South Korean chemical maker LG Chem Ltd to construct a new nitrile butadiene latex (NBL) production facility at Pengerang Integrated Petroleum Complex in the state of Johor. This marks PetChem’s first step into the growing NBL and derivatives market. It expects to start the plant construction in 2021 with the first production scheduled in 2023. The plant will be able to produce up to 200,000 tons/year of NBL and reinforce Malaysia’s position as the world’s leading rubber glove exporter.
Petronas recently announced plans to achieve net-zero carbon emissions by 2050, making it the first state-owned energy company in Asia to set such a target. The company stated it would expand low-carbon and renewables-based portfolios while improving hydrocarbon efficiency by applying advanced emission reduction technologies. Tengku Muhammad Taufik said the target highlighted the Petronas’ strong commitment to sustainability while providing low-carbon energy solutions through technological advancements and innovative offerings.
