PETRONAS, through its technology commercialisation arm, PETRONAS Technology Ventures Sdn Bhd (PTVSB) has entered into a strategic partnership with the Malaysian Technology Development Corporation (MTDC), a technology development and commercialisation agency under the Ministry of Science, Technology & Innovation (MOSTI), to collaborate in commercialising PETRONAS’ technologies.

The collaboration is an opportunity for PTVSB and MTDC to leverage each other’s capabilities and strength in building an effective ecosystem for the commercialisation of homegrown technologies. PTVSB would be able to obtain more access to relevant technologies and opportunities to showcase PETRONAS’ technologies at the marketplace through MTDC-funded companies.

To mark this new chapter for both organisations, a Memorandum of Understanding (MoU) Signing Ceremony between PTVSB and MTDC was held at PETRONAS Research Sdn Bhd (PRSB) here today.

The MoU was signed by PTVSB CEO Dr Mahpuzah Abai and MTDC CEO Dato’ Norhalim Yunus, witnessed by Minister of Science, Technology & Innovation (MOSTI) YB Khairy Jamaluddin. Also present were MTDC Chairman Tan Sri Abd Rahman Mamat, PETRONAS’ Senior Vice President of Corporate Strategy Mazuin Ismail and PETRONAS’ Senior Vice President of Project Delivery & Technology Samsudin Miskon.

Khairy said: “The collaboration between MTDC and PTVSB is one of the many National Technology and Innovation Sandbox (NTIS) initiatives spearheaded by MOSTI.  PETRONAS, through its own 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 applications.”

Dato’ Norhalim noted that this collaboration will provide more opportunities for the recipient companies and local technology companies to be involved in this programme which, in turn, will increase the local commercialisation technology rate and solve the problems of oil and gas-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 added.

Samsudin said through this strategic partnership, PETRONAS intends to capitalise new opportunities to increase technology sales to both domestic and international markets, while at the same time drive innovation in research and development to go beyond conventional applications.

He added: “PTVSB will also be able to tap into MTDC’s funded companies with various technology offerings and competencies, and 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.”

PTVSB 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, whilst MTDC brings 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.