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Petronas inks partnership with MTDC to commercialise its technologies

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. 

MoU Signing Ceremony between PETRONAS and MTDC on collaboration to commercialise PETRONAS’ Technologies

“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.” said Khairy

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.

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.

(This content is surmised from a press release)