KUALA LUMPUR, April 4 — Petroliam Nasional Bhd (Petronas) has shortened its downstream planning horizon from three months to 45 days to address global energy supply uncertainties.
Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said the new approach enables the national oil and gas company to respond more swiftly and effectively to any supply chain disruptions.
He said the adjustment in the planning horizon forms part of immediate mitigation measures, or “no-regret moves”, implemented in response to rising global geopolitical risks.
“Our forward-looking approach has now been shortened from three months to 45 days to enable us to address supply issues more quickly,” said Tengku Muhammad Taufik on Radio Televisyen Malaysia’s Addressing Challenges due to the Global Energy Crisis programme yesterday.
He emphasised that Petronas has strengthened operational readiness across the entire energy value chain, from crude procurement and refining to logistics and the distribution of products such as petrol, diesel, liquefied petroleum gas and jet fuel.
“At the downstream level, particularly in refining operations, we are also reviewing the timing of maintenance work to ensure operations remain optimal in the event of prolonged disruptions,” said Tengku Muhammad Taufik.
He noted that Malaysia has secured domestic fuel supply until the end of May, while mitigation efforts are being intensified to ensure continued supply beyond that period.
Tengku Muhammad Taufik said that efforts to secure supplies from alternative sources are at a relatively advanced stage. Meanwhile, Petronas will continue to prioritise domestic energy needs in line with its national mandate.
He said that ensuring supply security requires collaboration from consumers to manage demand, in addition to addressing supply-side issues.
“We must avoid panic buying or hoarding. Consumers also have a responsibility to help ensure supply stability.
“Enforcement measures are also being stepped up from time to time, particularly by the authorities, to curb hoarding activities that could disrupt the market,” said Tengku Muhammad Taufik.
Commenting on current global tensions, he said uncertainty in the global energy system is not new but has become part of a reality that must be managed collectively by governments, industry players and international partners.
Tengku Muhammad Taufik said that since its establishment in 1974, Petronas has weathered multiple global crises, including the Suez Crisis, the 1973-1974 energy crisis, and the Iran-Iraq War.
“Every crisis has been associated with price spikes. However, Petronas’ core role remains the same: to ensure a stable energy supply and prepare the country for any uncertainties.
“Our ability to navigate these recurring crises is not dependent on any individual or senior management alone, but on the collective contribution of our workforce since the company’s establishment,” he said. — Bernama
Malay Mail – Money
