Petronas, MTDC tie up to commercialise Petronas’ technologies

by S BIRRUNTHA/ pic by BLOOMBERG

PETROLIAM Nasional Bhd (Petronas), via its technology commercialisation arm Petronas Technology Ventures Sdn Bhd (PTV), has inked a memorandum of understanding (MoU) with the Malaysian Technology Development Corp (MTDC) to commercialise the national oil and gas firm’s technologies.

The collaboration is an opportunity for PTV and MTDC to leverage each other’s capabilities and strength in building an effective ecosystem for the commercialisation of home-grown technologies.

“PTV would be able to obtain more access to relevant technologies and opportunities to showcase Petronas’ technologies at the marketplace through MTDC-funded companies,” Petronas said in a statement recently.

The MoU was signed by PTV CEO Dr Mahpuzah Abai and MTDC CEO Datuk Norhalim Yunus, witnessed by Science, Technology and Innovation Minister Khairy Jamaluddin Abu Bakar.

MTDC is a technology development and commercialisation agency under the Ministry of Science, Technology and Innovation (Mosti).

The collaboration between MTDC and PTV is one of the many National Technology and Innovation Sandbox initiatives spearheaded by Mosti, Khairy Jamaluddin said. He added that Petronas, through its own research and development (R&D) talents, has developed its own technologies to maximise its cash generation and address its own business pain points.

“Petronas is now ready to step out and push its technologies externally and go beyond oil and gas (O&G) applications,” he said.

Norhalim added that the collaboration will provide more opportunities for the recipient companies and local technology companies to be involved in the programme which, in turn, will increase the local commercialisation technology rate and solve the problems of O&G-related industries.

“We are confident that this collaboration will result in a more robust ecosystem for both parties. Innovative technical and technological expertise from those involved can place Malaysia in the class of developed countries as a new global benchmark,” he said.

Through the strategic partnership, Petronas intends to capitalise new opportunities to increase technology sales to both domestic and international markets.

It will also drive innovation in R&D to go beyond conventional applications, Petronas senior VP of project delivery and technology Samsudin Miskon said.

“PTV will also be able to tap into MTDC’s funded companies with various technology offerings and competencies.

“This will further open untapped markets for Petronas to add value by showcasing its proven technologies to create potential cash generations, cost savings and cost avoidance,” Samsudin said.

PTV has more than 200 technologies in its pipeline, ready to be deployed in the marketplace along with more than 3,000 intellectual properties to be exploited for monetisation purposes.

Meanwhile, MTDC has more than 28 years of experience in managing technology funds and developing Malaysian “technopreneurs” with an established system and process in place to assist partners.