Projects to expand refining capacity coupled with rising demand for downstream hydrocarbons products are attracting increased investment in Malaysia’s petrochemicals industry, while recovering oil prices are driving increased upstream expenditure.
Malaysia Energy
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Despite lower hydrocarbons earnings last year, Malaysia is moving forward with targeted energy investment and improved operational practices.
State-owned energy firm Petronas has returned to Malaysia’s capital markets for the first time since 2009 with what is expected to be the first of several issues aimed at boosting its fiscal reserves.
The future of solar energy in Malaysia received a powerful boost on June 16 with the commissioning of the country’s largest solar power plant to date. The project’s operator, Malaysia-based Amcorp Group, awarded the production of the power plant’s solar panels to Chinese manufacturer Yingli Green Energy Holding Company. The project spans an area of almost 14 ha and will require some 40,000 photovoltaic (PV) units, which are estimated to produce 13.6m KWh of electricity annually.
Companies servicing Malaysia’s oil and gas sector are using the experience and expertise gained during collaborative ventures with foreign firms as a launchpad for overseas expansion.
Rising domestic demand for energy, fuelled by industrialisation and a growing population, has prompted Malaysia to take on a new role of major gas importer as it looks to augment its own extensive reserves.