UAE - Mubasher: The UAE's Masdar, wholly owned by Mubadala Investment Company, has inked a Memorandum of Understanding (MoU) with Malaysia's Petroliam Nasional Berhad (Petronas) to explore renewable energy opportunities.
Under the agreement, both companies will consider clean energy projects across Asia and the Middle East, focusing on renewable energy and green hydrogen, according to a recent press release.
Meanwhile, Masdar and Petronas will consider large-scale solar and wind opportunities for utilities, commercial, and industrial customers, alongside opportunities for joint production of green hydrogen.
This partnership is in line with the Malaysian company's growing renewables portfolio under its Petronas New Energy, which has more than 1GW of solar capacity in operation and development in India and Southeast Asia.
Commenting on the agreement, Petronas President and Group CEO, Tengku Muhammad Taufik Tengku Aziz, said: "In line with our Statement of Purpose, we look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition."
Meanwhile, Masdar CEO, Mohamed Jameel Al Ramahi, commented: "This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources."
It is noteworthy to mention that on Wednesday, 10 March, the Abu Dhabi National Oil Company (ADNOC) has entered into its first strategic agreement with Malaysia's Petronas to explore collaboration opportunities across the oil and gas value chain.
