Malaysia energy major to negotiate oil deal with Russia

Petronas, Malaysia’s state-run oil and gas company, will now negotiate terms with Russia to buy oil. According to the Southeast nation’s Prime Minister, Anwar Ibrahim, the move is designed to ensure adequate supply of oil for domestic use.

A global and domestic energy company, Petronas also manufactures and distributes a wide range of oil-based lubrication products. The Petronas Lubricants brand serves multiple sectors ranging from agriculture and industrial to manufacturing and power generation with solutions like turbine oil, food safe gear oil, hydraulic oil and slideway oil.

The prime minister noted that several American and European countries were now competing to purchase Russia’s oil. He commented that Malaysia’s relations with the world’s largest country remained good, allowing Petronas to negotiate with them.

Discussing the geopolitical tensions in West Asia, he explained that due to diplomatic efforts, Malaysian oil tankers had been among the first to pass through the Strait of Hormuz. He attributed Malaysia’s success to government envoys engaging with Iranian leadership early on to secure passage at a time when international negotiations regarding the strait were deadlocked.

He added that this had prevented major disruptions to Malaysia’s energy supply chain, but said that multiple Malaysian vessels are still facing issues, including damage and delays. Furthermore, he stated that situation had directly affected oil prices, global transport and fertiliser supplies.

Prime Minister Anwar Ibrahim also said that the international crisis had led other nations to seek cooperation with Malaysia, citing a recent visit from Australia’s Prime Minister Anthony Albanese.

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