KUALA LUMPUR, Feb 24 — Petroliam Nasional Bhd (Petronas) is looking into more high growth areas in the Asia Pacific to expand its renewable energy (RE) presence including in China.

Head of business development Petronas New Energy Syed Malek Faisal Syed Mohamad said the national oil company has become an established RE player with a large portfolio.

It operates the largest open access solar farm in India with 800 megawatts capacity and in Malaysia, Petronas has more than 100 megawatts capacity of solar assets in operation and under development.

In total, its clean energy capacity is reaching one gigawatt (GW).

"We have also set up an office in Dubai, United Arab Emirates to tackle the Middle East market.

"We are also exploring opportunities in Vietnam,” he said at the Green Shipping Conference organised in conjunction with the Malaysia Maritime Week 2022.

He said Asia Pacific will be the biggest market for RE led by China, India and other countries in the region driven by the commitment to combat climate change.

The second largest economy has planned to install the largest solar and wind generation with the nation’s capacity set to increase to 4,226 GW by 2050, making RE 74 per cent of its total generation.

Meanwhile, India will be the second largest RE player with 523 GW capacity by 2030.

Back in Malaysia, the government targets a RE capacity mixed target of 20 per cent by 2025.

By 2050, RE will be the preferred generator of power with a mix of 62 per cent

Syed Malek Faisal said Petronas is also looking at battery storage energy solutions to complement its RE business.

"The cost of energy storage at the moment is still high. So, we have to look into its commercial viability. India and Australis are the markets where we are currently developing the projects… and we will look into Malaysia when the price has reduced significantly,” he noted.

Petronas also possesses ready capability and facilities to produce low carbon hydrogen, following its venture in 2020.

Head of business development Petronas Hydrogen Ariff Adry Adnan said today that Petronas has produced about one million tonnes of grey hydrogen per annum.

Petronas, he said, is promoting its green hydrogen in various countries that are looking to utilise the clean energy.

In total, it is aiming to produce 170,000 tonnes hydrogen per annum within its portfolio.

On liquefied natural gas (LNG) bunkering business, head of business development (LNG Bunkering) Petronas Marine Mohd Rafe Mohamed Ramli said Petronas is now the leader in Asia Pacific.

It has done 37 bunkering operations last year.

To ensure the sustainability of the sector, he said, industry players need to play their role in further enhancing the market. — Bernama