Home Energy Energy safety, not the vitality transition, is 'entrance and heart' once more, Petronas CEO says

Energy safety, not the vitality transition, is 'entrance and heart' once more, Petronas CEO says

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Energy safety, not the vitality transition, is 'entrance and heart' once more, Petronas CEO says

Geopolitical upheaval has thrust vitality safety again into focus, the group CEO of Malaysian oil and gasoline big Petronas mentioned.

Energy markets have been risky since Russia invaded Ukraine in late February. The U.S. banned Russian vitality imports whereas the EU proposed curbing purchases of Russian oil. Russia has lower off gasoline provides to some European nations.

“With so much gas being removed from the system, not being available to Europe, so [many] barrels now making its way through different routes — the challenge of ensuring energy security has now taken its position again, front and center,” Petronas’ Tengku Muhammad Taufik advised CNBC’s Steve Sedgwick.

At the beginning of the yr, many firms had been targeted on the shift away from conventional fuels towards clear vitality, however vitality safety is now the precedence, Taufik mentioned.

Concerns over the affordability of vitality and entry to dependable sources are rising, however renewable vitality will finally begin to substitute fossil fuels, Taufik mentioned.

Read extra about vitality from CNBC Pro

That’s to not say oil and gasoline will likely be “gone tomorrow,” he mentioned, including they’ll nonetheless be a part of the vitality combine.

But firms must make the appropriate investments to organize for the vitality transition, regardless that the expertise might not be absolutely mature but, he mentioned.

Hydrogen could possibly be what present LNG consumers need in future, and electrical mobility is an “inevitability,” the CEO mentioned.

“You’ve got to place those bets now,” mentioned Taufik.

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