Kuala lumpur: Malaysia and Italy have agreed to enhance their long-standing economic ties, with a focus on energy transition that has also attracted interest from Japan and Indonesia. Prime Minister Datuk Seri Anwar Ibrahim said Italy’s leading energy company ENI, and Petroliam Nasional Bhd (PETRONAS) are combining their expertise and technology to embark on energy transition projects that could be a breakthrough in ASEAN.
According to BERNAMA News Agency, the Prime Minister of Japan expressed interest in joining the venture between ENI and PETRONAS. This announcement was made during the Malaysia-Italy Economic Partnership Roundtable Meeting. Last month, PETRONAS announced a joint venture framework agreement (JVFA) with ENI to advance discussions towards establishing a regional upstream joint venture company. This venture reflects the shared commitment to manage selected upstream interests in Malaysia and Indonesia.
The proposed joint venture is expected to deliver up to 500 thousand barrels of oil equivalent per day of sustainable production, approximately three billion barrels of oil equivalent of developed reserves, and an estimated 10 billion barrels of oil equivalent of exploration potential. It aims to support both companies’ future gas and liquefied natural gas aspirations.
Anwar noted that the venture has gained traction as Indonesian President Prabowo Subianto expressed interest in joining the collaboration during a recent visit to Jakarta. Anwar, on a three-day working visit to Italy, expressed Malaysia’s eagerness to work closely with Italian companies renowned for their industrial transformation. During his meeting with Italian Deputy Prime Minister and Foreign Minister Antonio Tajani, both leaders agreed to enhance bilateral relations.
In his speech, Tajani emphasized Malaysia’s strategic importance for Italian companies in Southeast Asia and expressed optimism about future business endeavors. He encouraged Malaysian companies to invest in Italy, highlighting the country as a gateway to the region.