Malaysian
oil company Petronas aims to strengthen its corporate venture capital
division, Petronas Ventures, by allocating nearly $200M to the division, per Reuters.
The firm intends to make innovation and technology investments across
the Asia-Pacific region that are able to bolster the firm's core
operations and growth areas.
- Petronas could allocate the sum as early as April. However, the final amount may change as the plan is still being finalized.
- Petronas had allocated $350M to its venture division when it was established in 2019.
- The firm is looking at making renewable energy investments to aid its clean energy unit Gentari.
- Notable portfolio companies include agriculture startup Brantree Technologies and waste-to-energy company Ekamor.
