MALAYSIA, 23/10/2024 (Asia News Channels) - Malaysia's state-owned oil company, Petroliam Nasional Bhd. (Petronas), is reportedly considering selling a minority stake in its renewable energy subsidiary, Gentari Sdn. Bhd. This potential sale, aimed at helping to expand Gentari's business, has attracted interest from infrastructure funds and industry peers, according to individuals familiar with the matter.
The proposed stake could be valued between $300 million and $500 million, though discussions are still at an early stage, and the exact size and valuation are yet to be determined. Petronas has engaged an adviser to manage the process, and while the sale is under consideration, there remains a possibility that Petronas may decide not to proceed. The company has not provided any official comment on the matter.
Gentari was established by Petronas in 2022 to advance renewable energy initiatives. The firm’s targets for 2030 include developing 30 to 40 gigawatts of renewable energy capacity, exploring hydrogen projects, and promoting electric vehicle adoption. As of mid-2023, Gentari had achieved a cumulative renewable energy capacity of 3.6 GW, of which 2.4 GW is installed capacity.
--ASIA NEWS CHANNELS