Petros looking to develop CCUS hubs in Sarawak
PETALING JAYA : Petroleum Sarawak Bhd (Petros) is working on developing two carbon capture, utilisation and storage (CCUS) hubs in the Bornean state.
Petros senior vice-president of Sarawak resource management, Abang Arabi Abang Narudin, said the two hubs would be part of efforts to prepare infrastructure to allow for low-cost CCUS.
'Sarawak is focused on developing infrastructure. The purpose of these hubs is to provide shared infrastructure so we can achieve economies of scale.
'That way, CCUS will become more affordable,' he said, according to state-owned broadcaster TVS.
Abang Arabi said while CCUS technology had long existed, resources needed to be used and optimised to reduce costs and make it more affordable.
'Clarity in terms of policies and regulations is also very important because investors investing in CCUS need some certainty as to how business is done here.
'This includes whether they will need a licence and permit, because CCUS investments are long-term in nature,' he said.
He added that Petros played a key role in transforming Sarawak into a low-carbon economic hub.
Abang Jo eyes sovereign wealth fund role for Petros
Several days ago, Nikkei Asia quoted Sarawak premier Abang Johari Openg as saying he envisioned Petros playing the role of a sovereign wealth fund with investments in sectors beyond oil and gas.
The Gabungan Parti Sarawak chairman said he was taking a leaf out of Singapore and the city-state's funds, Temasek Holdings Pte Ltd and GIC Pte Ltd.
'If Petros (has) the strength, the muscle, why not invest in other areas?' he was quoted as saying. He also said this would be more of a business decision by the company than a state government decision.
Abang Johari said portions of Petros's revenue from its ventures should naturally be channelled back to the state, since it was fully owned by the Sarawak government.
The premier launched the Sarawak Sovereign Wealth Future Fund last year, with the state government to set aside RM400 million to RM600 million annually for the fund.
In May, it was given the go-ahead from the relevant authorities to make global investments, which Abang Johari described as crucial for diversifying the fund's portfolio.
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