Abang Johari delivers his speech at a charity dinner in Kuching on November 27, 2022..
KUCHING (Dec 12): Petroleum Sarawak Bhd (Petros) has been tasked to be the resource manager for carbon capture utilisation and storage (CCUS) in the state, said Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“Petros, given its technical skills and know-how, is the resource manager for CCUS with the support by the Ministry of Energy and Environmental Sustainability and Ministry of Urban Development and Natural Resources,” he said when officiating at the ceremony to mark the signing of the memorandum of understanding (MoU) between Petros and Posco Group from South Korea at Wisma Bapa Malaysia, Petra Jaya here today.
In this regard, Abang Johari said the Sarawak government had recently updated the Sarawak Land Code Ordinance and developed the Carbon Capture and Storage Standards to include legislation regulating this new business opportunity.
Petros was incorporated five years ago in 2017 to become a flagship of Sarawak’s meaningful participation in the orderly exploitation of the oil and gas resources that the state is endowed with, while at the same time safeguarding the interests of Sarawak and its resources.
Having celebrated its 5th Anniversary recently, Petros is on a trajectory of exponential growth which they have funded with their own prudent equity and by securing their own financing.
Last year, Petros achieved a revenue of RM1.2 billion, a significant feat by a company that is only five years old.
Earlier in his speech, Abang Johari said it is imperative to actively engaged in multilateral processes that aim to address the global challenge, particularly climate change that endangers the well-being of people and the planet.
“The next few years is critical to act for a sustainable future for all. Delayed action will trigger the impacts of climate change so catastrophic that our world will become unrecognisable,” he added.
Changing course will require immediate, ambitious and concerted efforts to slash emissions, he pointed out.
“This, I think, we must focus on developing and implementing cleaner energy technologies across the value chain to enable us to meet the world’s demand for energy in a sustainable and efficient manner.
“According to the Global CCS Institute, CCUS is one of the few technologies that is able to adequately displace CO2 (carbon dioxide) and the only technology capable of reducing large-scale emissions from diverse industrial sources.
“In addition, the technology can be retrofitted to many existing facilities, enabling them to operate cleanly for the remainder of their lifecycles,” he said.
Abang Johari said CCUS is beginning to prove itself as a commercially viable solution that has the potential to be used for making of Hydrogen (H2), blue ammonia, biofuels and other products, thereby providing a sustained platform in Sarawak apart from the generation of carbon credits.
“In this regard, Sarawak’s initiative in CCUS aims to support Green Energy businesses in line with Global Financial movement towards Environmental, Social, and Governance (ESG) framework,” he added.