One of the most ambitious projects of Petronas, Malaysia’s national oil company, will soon be fully operational. The Pengerang Integrated Complex (PIC), in the southern state of Johor, is poised to transform the country’s footprint in oil refining and petrochemical production. However, at a time when the world is increasingly stressing the importance of green development and phasing out fossil fuels, are Malaysia and Petronas making the right bet?
Prof. Renato Lima de Oliveira, Assistant Professor of Business and Society at the Asia School of Business (ASB) discusses the signs oil is past peak demand with tech and politics as the heart of new threats to oil. He notes further how the petrochemical sector is set to grow as oil demand for petrochemicals is expected to increase until 2040. He asserts the long-term success of the project will depend on running it well and attracting more investors to further develop Pengerang as a petrochemical hub.
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This article was originally published on Channel News Asia.