Malaysia's Petroliam Nasional Bhd (Petronas) has signed a Memorandum of Understanding (MoU) with China National Offshore Oil Corporation (CNOOC) to pursue cleaner energy solutions through closer collaboration.
Petronas said in a statement on Monday, the MoU elevates the long-standing relationship between the two parties from primarily liquefied natural gas (LNG) and upstream projects towards a shared ambition in energy security and cleaner energy solutions.
It said, the scope of collaboration opens up opportunities across Petronas' integrated value chain and across the globe whereby both parties will intensify collaboration in LNG, upstream exploration and development projects, refining, oilfield and engineering services, specialty chemicals, lubricants as well as renewable energy.
According to the statement, Petronas' partnership with CNOOC was signed by Petronas Senior Vice President of Corporate Strategy, Mazuin Ismail and CNOOC Vice President, Huo Jian, in a virtual ceremony. The signing was witnessed by Petronas' executive vice president and chief executive officer of gas and new energy, Adnan Zainal Abidin and CNOOC group president, Li Yong.
In addition to LNG supply, it said, Petronas and CNOOC will also collaborate to grow the use of natural gas as a cleaner marine fuel through LNG bunkering solutions, in support of the International Maritime Organization regulations on the reduction of greenhouse gas emissions from ships.
Through the MoU, it said, Petronas and CNOOC will explore the establishment of a global bunkering supply network, leveraging on both companies' experience in LNG bunkering, it added.