Petronas: Social Impact Investment Report

For the first half of 2022, PETRONAS says it contributed close to RM300 million towards the Nation’s Sustainability and Community Well-being and Development efforts, benefitting over 500,000 beneficiaries worldwide.

The company says the investments are aimed at creating positive alliances with the communities where the company operates by protecting the environment and adding value to the well-being of employees, partners and communities.

Social Impact Outlook

“The prolonged geopolitical tensions, energy supply-demand imbalances and the risk of a global slowdown, continue to threaten post-pandemic economic recovery.

“PETRONAS remains steadfast in strengthening its core portfolio whilst pursuing its growth strategy and sustainability agenda at pace and resilience,” the oil giant says in its last week report.

Energy Security

The group has delivered a robust performance for the first half of 2022 amidst continued volatility in the energy market and accelerated energy transition.

The strong performance was mainly attributed to elevated oil and gas prices arising from a widening supply gap and dwindling system capacity.

The Group’s performance in the first half of the year further reinforces the need for sustained operational resilience going forward.

In pursuing growth, the Group remained focused on its intent of delivering energy that is secure, accessible and sustainable to Malaysia and customers across the world, it says.

“Looking ahead, aligned to our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, PETRONAS remains resolute in ensuring that energy continues to be produced and delivered responsibly and sustainably.” says Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS.

“Towards this end, PETRONAS’ efforts are geared to continue strengthening the energy ecosystem at home and wherever we operate. To this end, the Group remains committed to creating value that supports Malaysia’s economic growth. This includes supporting the resilience of the local oil and gas ecosystem and cultivating strong partnerships towards sustaining a conducive environment for businesses to thrive.

“Even as we pursue growth and unlock greater value for our stakeholders, we will remain steadfast in giving back to societies through our wide-reaching Social Impact programmes.”

Low Carbon Targets

PETRONAS continues to position Malaysia as a leading Carbon Capture & Storage solutions (CCS) hub in the region with partnerships forged under:

o MoU with Japan Petroleum Exploration Co Ltd on 27 January
o MoU with Mitsui O.S.K. Lines Ltd on 7 February
o MoU with Schlumberger WTA (Malaysia) Sdn Bhd on 22 March o MoU with Mitsui & Co Ltd on 29 June

In line with PETRONAS’ aspiration to achieve Net Zero Carbon Emissions by 2050, Upstream recorded a 25 per cent reduction in GHG emissions in the first half of 2022 compared to the same period last year following the execution of multiple emissions reduction projects.