KUALA LUMPUR,  Oct 4 — Petroliam Nasional Bhd (Petronas) has set up a venture capital arm, Petronas Corporate Venture Capital (CVC), to drive technology innovation and maintain a competitive edge to support its core oil and gas business for further growth.

In a statement today, Petronas said a US$350 million (RM1.5 billion) fund for investment has been allocated for Petronas CVC to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy, as well as access into new markets.

It said Petronas CVC’s global coverage will focus not only in North America and Europe, managed by its recently launched VC arm, PTV International Ventures America (PIVA) but also in the Asia-Pacific and Malaysian startups, to spur local entrepreneurship and venture capital ecosystem.

The fund will act as a minority stakeholder in early to growth-stage companies, leveraging Petronas’ strong global network across the energy value chain for strategic fit with its co-investors and partners, and assist startups in scaling up.

Petronas CVC will be immersed in the venture capital ecosystem, be it in the Silicon Valley or Kuala Lumpur, to scout visionary entrepreneurs to solve critical problems in industrial and energy space through breakthrough technology and innovative business models. — Bernama