The prime minister says this is necessary to ensure long-term energy security amid crises affecting global supply chains.
A national petroleum reserve is a government-controlled stockpile of crude oil or petroleum products kept as an emergency supply during major disruptions.
In a Facebook post, Anwar said the move was necessary to ensure long-term energy security as crises affecting global supply chains continued to pose challenges.
“The continued volatility in global geopolitics and supply chains underscores the need for Malaysia to ensure its long-term energy security,” he said after chairing a National Energy Council meeting today.
Escalating military strikes between the US and Iran have severely choked oil and cargo flows through the Strait of Hormuz – one of the world’s most critical energy chokepoints.
The conflict has driven up Brent crude oil prices and seen a surge in transport costs and shipping insurance premiums.
Anwar said today’s National Energy Council meeting also reviewed progress in implementing the country’s energy transition agenda under the National Energy Transition Roadmap.
He said Malaysia had increased its installed renewable energy capacity to 31% as of December last year, in line with efforts to reduce dependence on coal.
In the transport sector, Anwar said the implementation of B15 biodiesel would drive the country towards greater use of sustainable alternative fuels, supported by the development of Petronas’s biofuel hub in Pengerang.
He said public transport electrification projects were progressing as planned, including the operation of 250 electric buses and an 800km rail network. - FMT
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