JAKARTA - Malaysia is starting to prepare contingency measures to maintain fuel supplies amid an energy crisis triggered by the US-Israel conflict with Iran. Malay Mail quoted Friday, March 27 reported, the Malaysian government is now exploring the use of Petronas' global investment network to find alternative supply sources, while maintaining state revenues.
Prime Minister Anwar Ibrahim said Malaysia's current fuel supply is still safe until May. However, the government does not want to wait for the situation to get worse. New options are being sought as turmoil in the Gulf region continues to threaten the energy supply chain.
"For now, the supply is still sufficient until May, but we are also looking for alternative options," Anwar told reporters after Friday prayers in Shah Alam, March 27, as quoted by Malay Mail.
According to Anwar, Petronas' strength lies in the spread of its investments which are not only concentrated in the Gulf countries. The Malaysian national oil and gas company also has a foothold in Brazil, Suriname, and Canada. The portfolio is considered to give more room for Putrajaya to regulate domestic supplies without being completely hit by turmoil in the Middle East.
Malay Mail wrote, the Malaysian government is looking for ways for Petronas' global portfolio not only to maintain the country's revenue stream, but also to become a cushion or reserve for the national fuel supply when market conditions are increasingly uncertain.
Anwar emphasized that the authorities monitor developments every day. He assessed that Malaysia's position so far is still more under control than some neighboring countries, but this condition should not make the government complacent.
"For the time being, thank God, when we see the difficult situation in some countries around us, we must be grateful and not be negligent or too busy with political affairs, but focus on maintaining the welfare of the people and the country," he said.
Malaysia's move shows that the energy crisis is no longer read solely as a supply disruption, but also as a test of how far foreign investment networks can be used to protect domestic needs.
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The Malaysian government is now exploring the use of Petronas' global investment network to find alternative supply sources. (Wikimedia Commons; Jimmy McIntyre - HDR One Magazine Editor)
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