Bernama – Malaysia faces increased gas imports if it doesn’t switch quickly to sustainable energy

KUALA LUMPUR, May 3 (Bernama) — The country will lose its gas energy supply for electricity in the coming years if it continues to rely on gas energy without making efforts to accelerate the transition to more sustainable energy. Imports will increase.

Economy Minister Rafizi Ramli said Malaysia imported about 25% of its gas last year to meet the country’s needs due to lack of production of natural resources such as oil and gas.

“I don’t think many people know that we (Malaysia) have started importing gas. We are expected to import about 30 percent of our gas this year and this situation will continue. Sho.

“So we have to tell the truth to the people. The truth is painful,” Rafizi said at the National Institute of Public Administration’s (INTAN) Ministerial Dialogue (IMC) 2024 program to be held here today. He said this while speaking as a panelist.

He explained that current oil production is low, at around 400,000 barrels per day, compared to 700,000 barrels per day over the past 20 years.

Rafizi said if no action is taken by 2050, Malaysia will become completely dependent on gas energy imports, raising the cost of living.

Rafizi explained that receiving the entire RM1 dividend from Petronas will also affect the company, reducing Petronas’ financial ability to go abroad to develop new oil wells.

Meanwhile, he said the task of rebuilding the country’s economy cannot be achieved by just creating an economic framework.

“On the other hand, something has to give… There is no business as usual. Decisions have to be made so that the situation (such as inequality) does not get worse.

“Secondly, a change from the status quo…a change from point A to point B requires a change in mindset and culture, which is not easy for a country that has defined its views and practices for decades. .I don’t think any economist can take this into account,” the minister said.

Third, he believes that policy “program design” also faces a variety of challenges, including fiscal capacity, feasibility, and especially “scale-up” issues, and therefore needs to be developed using a comprehensive approach. He said there is.

“And the fourth big challenge is aligning and ensuring that the pace of change is the same everywhere and at every level (of implementation) for each stakeholder.

“What is important is that civil servants recognize the need to focus on acceptance and the development of economic programs suitable for target groups.

“And the money that the government invests will not only have an impact, deliver results, provide the allocations that will be allocated, but will ultimately succeed as planned,” he added.

— Bernama

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