Petronas Chief Hassan Marican: eyeing opportunities in Iraq.
Petronas eyes oil in Iraq
Malaysian state oil company Petronas views Iraq as an opportunity despite the risk that exists there, its chief executive Hassan Marican said.
"The risk remains in Iraq and it will continue to exist for quite sometime. But, then again, it is also an opportunity to a play a role in Iraq," Hassan was cited by Bernama as saying during an interview with CNBC.
Petronas has been pre-qualified in the bidding process for oil and gas fields in Iraq.
"We are bidding together with partners and on our own in the block that is being offered by the Iraqi government. We will wait and see," he said.
On the current oil price, Hassan said: "At the moment I think the fundamentals are not reflecting the prices."
On renewable energy, he said it would form as an important part of Petronas' business in the future.
Petronas first started working on bio-diesel from palm oil way back in the 1980s.
"We continue to research second and third generation biofuel and renewable energy as it will form as an important part of the business in the future," said Mohd Hassan.