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Petronas CEO on energy security, energy transition, renewable energy


Geopolitical upheaval has pushed energy security back into focus, said the group CEO of Malaysian oil giant Petronas.

Energy markets have been volatile since Russia invaded Ukraine in late February. US bans Russian energy imports while EU proposes to limit purchases of Russian oil. Russia cuts off gas supplies to some European countries.

“With so much gas being removed from the system, it’s not available to Europe, so [many] Petronas’ Tengku Muhammad Taufik told CNBC’s Steve Sedgwick.

At the beginning of the year, many companies focused on shifting from traditional fuels to clean energy, but energy security is now a top priority, Taufik said.

Concerns about energy affordability and access to reliable sources are growing, but renewables will eventually begin to replace fossil fuels, Taufik said.

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That doesn’t mean oil and gas will “go away tomorrow,” he said, adding that they will still be part of the energy mix.

However, companies need to invest properly to prepare for the energy transition, even though the technology may not be fully mature yet, he said.

Hydrogen could be what current LNG buyers want in the future, and electric mobility is a “required,” the CEO said.

“You have to place those bets now,” Taufik said.



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