ACCORDING to Wee, Malaysia’s oil consumption is about 700,000 barrels per day, largely reflecting the capacity of the country’s refineries.
He said Malaysia exports its premium-grade crude oil to maximise revenue while importing lower-cost heavy crude oil for domestic refining.
As a result, Malaysia is a net importer of more than 400,000 barrels of crude oil per day. Wee noted that Sabah stands to benefit from increased crude oil production given the favourable prices currently enjoyed by its premium-grade crude in the global market.
Earlier, Petronas Carigali Sdn Bhd Sabah Asset Head Eruwan Gerry Norsen reaffirmed the company’s commitment to Sabah, saying Petronas would continue investing significantly in the State over the next decade and beyond.
“We will be investing a significant amount of capital in Sabah over the next 10 to 15 years. We are doing this not purely for commercial reasons, but also as part of our commitment to the State. We want to grow together with Sabah and ensure secure energy supplies for the future.
“But of course, we need support. Petronas needs support from our partners to ensure long-term investments remain viable. There must be sufficient demand, and we need to develop the entire oil and gas services and equipment (OGSE) ecosystem.
“When we win, all of us win. It is not about one party winning while another loses. This is a long-term, win-win collaboration. We want to deliver the best outcomes for Sabah and for all stakeholders in the OGSE industry here in the State,” he said.
