Aramco, Petronas Launch Corporate Identity of Joint Ventures

 Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
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Aramco, Petronas Launch Corporate Identity of Joint Ventures

 Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)
Abdulaziz Judaimi, Senior Vice President, Downstream, Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream, PETRONAS; Tan Sri Wan Zulkiflee Wan Ariffin, President & CEO, PETRONAS; Amin Nasser, President & CEO, Saudi Aramco (Asharq Al-Awsat)

Saudi Aramco and Petroliam Nasional Berhad (PETRONAS) launched on Tuesday the corporate identity for their joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia, namely Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical)*2, collectively known as “PRefChem”.

Earlier in March, PETRONAS and Saudi Aramco concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.

A ceremony was held at the complex which also saw the unveiling of PRefChem’s logo, and it was attended by President and CEO of Saudi Aramco Amin Nasser, President and CEO of PETRONAS Tan Sri Wan Zulkiflee Wan Ariffin, Executive Vice President Downstream of PETRONAS Datuk Md Arif Mahmood, as well as other officials.

Speaking at the occasion, Amin Nasser stated that it marks an important milestone for this joint venture project, which is an integral part of Saudi Aramco’s refining and fuels marketing and chemicals business strategies and will help in strengthening the company’s growth position in Southeast Asia through crude supply and world-scale downstream operations.

This venture also closely aligns with Aramco's downstream strategy to invest in a global refining and petrochemicals system of world-scale manufacturing complexes in key regions with participated refining capacity of eight to 10 million barrels per day by 2030, he added.

"We are committed to help enhance the area’s prosperity and look forward to this new stage of cooperation with our valued partner PETRONAS," asserted Nasser.

CEO Nasser explained that Malaysia provides a great opportunity for Aramco’s downstream portfolio expansion in Asia and PRefChem’s strategic location in Pengerang will clearly position the country as a prolific regional energy hub, at the same time serve to enhance energy security in the Asia-Pacific region.

Also, Tan Sri Wan Zulkiflee spoke at the event describing the integrated partnership as a "visionary move by two professionally-run national oil companies where both are able to leverage on each other’s strengths and share technical capabilities as well as experiences for mutual benefit."

"I am proud that we are among the pioneer of national oil companies partnering with one another to ensure better positioning for both organisations in an increasingly competitive market," he added.

He indicated that this partnership was built on a shared vision and shared values that align a number of priorities for both parties including – upholding the trust that both organisations have in contributing to both nations and their people.

PRefChem also celebrated a major milestone with the mechanical completion of Package 2 comprising the Crude Distillation Unit (CDU). The mechanical completion certificate was presented to Sun Lili, President of Sinopec Engineering, by Datuk Md Arif Mahmood. Both Tan Sri Wan Zulkiflee and Nasser attended the event.

Dr Wong said that the circular movement of the logo represents collaboration, precision and bonding between PETRONAS and Saudi Aramco, while the blue and green colors portray PRefChem as a vibrant, dynamic and environmentally friendly company.

The refinery complex and cracker are now 96.54 percent complete while the petrochemical facilities has achieved 84.8 percent completion.



Japan Sets New 2035 Emissions Cut Goal 

A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
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Japan Sets New 2035 Emissions Cut Goal 

A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)
A chimney is seen at the Keihin Industrial Zone as Mount Fuji (background L), Japan's highest mountain at 3,776 meters (12,388 feet), looms in the background as viewed from the observation deck of Kawasaki Marien in Kawasaki on January 24, 2022. (AFP)

Japan Tuesday pledged to slash greenhouse gas emissions by 60 percent in the next decade from 2013 levels but climate campaigners said the target fell short of what was needed under the Paris Agreement to limit global warming.

Under the Paris accord, each country is supposed to provide a headline figure to the United Nations for cutting heat-trapping emissions by 2035, and a detailed blueprint for how to achieve this.

Japan is heavily dependent on imported fossil fuels as the world's fifth largest single-country emitter of carbon dioxide after China, the United States, India and Russia.

On Tuesday Tokyo's environment ministry said the country would slash emissions 60 percent by the 2035 fiscal year.

The world's fourth-largest economy also aims to cut emissions by 73 percent by fiscal 2040 as part of its new Nationally Determined Contribution (NDC) -- a voluntary pledge to be submitted to the UN later on Tuesday.

Nearly 200 nations had been required to deliver their fresh climate plans by February 10 but just 10 did so on time, according to a UN database tracking the submissions.

The Japanese ministry said Tuesday that its "ambitious targets (are) aligned with the global 1.5 degree Celsius goal and on a straight pathway towards the achievement of net zero by 2050".

But Masayoshi Iyoda from international environmental group 350.org noted that scientists say an emissions cut of 81 percent by 2035 is needed for Japan to honor its commitments to the 1.5 degree objective.

"This is a major failure in Japan's attempt to transition to a future of renewable energy that is fair and just," he told AFP.

Kazue Suzuki of Greenpeace Japan also said the new target was "far too low", calling for a 78 percent reduction given "our responsibility as an industrially advanced country".

- Renewable future? -

UN climate chief Simon Stiell has called the latest round of national pledges "the most important policy documents of this century".

Yet just a handful of major polluters handed in upgraded targets on time, with China, India and the European Union the biggest names on a lengthy absentee list.

There is no penalty for submitting late targets, which are not legally binding but act as an accountability measure to ensure countries are taking climate change seriously and doing their fair share toward achieving the Paris goals.

In 2016, Japan committed to a 26 percent reduction in emissions by 2030. It strengthened this in 2021 to 46 percent by 2030 compared to 2013 levels.

The Japanese government also on Tuesday approved its latest Strategic Energy Plan -- which includes an intention to make renewables the country's top power source by 2040.

Nearly 14 years after the Fukushima disaster, Japan also sees a major role for nuclear power to help it meet growing energy demand from AI and microchip factories.

So a previous pledge to "reduce reliance on nuclear power as much as possible" was dropped from the new plan.

A draft plan released in December had said Japan would jointly promote renewable energy and hydrogen fuel with its ally the United States.

But after President Donald Trump pulled Washington out of the Paris Agreement last month, mentions of a US-led clean economy framework were deleted.

"We've made certain tweaks" following Trump's announcements, an industry ministry official told reporters Monday.

But "it doesn't mean Japan's broader efforts towards a 'green transformation' will be changed significantly", he said.

Nearly 70 percent of Japan's power needs in 2023 were met by power plants burning coal, gas and oil -- a figure Tokyo wants to slash to 30-40 percent over the next 15 years.

Almost all these fossil fuels must be imported, at a cost of around $470 million per day according to Japanese customs.

Under the new plans, renewables such as solar and wind are expected to account for 40-50 percent of electricity generation by 2040.