Petronas teams up with MTDC to commercialise its technologies

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KUALA LUMPUR (Aug 8): Petroliam Nasional Bhd (Petronas) —  via its technology commercialisation arm Petronas Technology Ventures Sdn Bhd (PTVSB) — has teamed up with Malaysian Technology Development Corp (MTDC) to commercialise the national oil corporation’s technologies.

Petronas said the collaboration, sealed via a memorandum of understanding today, is an opportunity for PTVSB and MTDC to leverage each other’s capabilities and strength in building an effective ecosystem for the commercialisation of home-grown 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," said Petronas in a statement.

MTDC is a technology development and commercialisation agency under the Ministry of Science, Technology and Innovation's (Mosti).

The statement quoted Minister Khairy Jamaluddin as saying that the PTVSB-MTDC collaboration is one of the many National Technology and Innovation Sandbox (NTIS) initiatives spearheaded by the ministry. 

"Petronas, through its own R&D (research and development) talent, 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 (O&G) applications,” said Khairy.

MTDC chief executive officer (CEO) Datuk Norhalim Yunus said the collaboration will provide more opportunities for the recipient companies and local technology companies to be involved in the programme which, in turn, will increase the local commercialisation technology rate and solve the problems of O&G-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 said.

Petronas senior vice-president of project delivery and technology Samsudin Miskon said through the strategic partnership, PTVSB intends to capitalise on new opportunities to increase technology sales to both domestic and international markets, while at the same time drive innovation in R&D to go beyond conventional applications.

"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 generation, cost savings and cost avoidance," he added.

The statement said PTVSB had 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, while 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.