PETRONAS and AVEVA sign MoU to accelerate industrial sustainability efforts

SINGAPORE - 12 March 2024- PETRONAS, a leading global energy company, has entered into a Memorandum of Understanding (MOU) with AVEVA, a global leader in industrial software driving digital transformation and sustainability. The agreement, signed during October's AVEVA World San Francisco flagship event, will enable PETRONAS to collaborate with AVEVA to jointly develop and commercialize expert new solutions by combining AVEVA's software with its own deep domain knowledge, to accelerate sustainable operations and drive digital transformation for companies in a variety of industrial sectors. Together, PETRONAS and AVEVA are poised to elevate digital innovation not only within the energy sector but across diverse industries. The partnership is designed to foster knowledge sharing, facilitate value creation, and promote joint product innovation and commercialization.

AVEVA brings cutting-edge engineering and industrial software, along with software-as-a-service products, comprehensive support services and global market network. PETRONAS, plays a crucial role in providing relevant technical solutions, and technology products, in industries such as energy, power and utilities, manufacturing, chemicals, infrastructure, and more importantly domain knowledge, operator experience and project delivery capabilities within the energy sector.

Both parties also commit to participate in joint sales and marketing efforts to globally promote and showcase their solutions. This collaboration positions them to scale innovations across industries, driving engineering advancements, and contributing to the comprehensive digital transformation of diverse sectors, on a global scale.

"The energy industry and industry at large are facing increasing challenges, from supply chain volatility to geopolitical and regulatory pressures, and a race to net zero," saidRashesh Mody, EVP, Business Strategy and Realization, AVEVA. "We are excited to collaborate with PETRONAS to explore how AVEVA's broad portfolio of industrial SaaS solutions combined with their strong domain expertise can help customers optimize their transformations, accelerate decarbonization efforts and reshape the future of industry."

Aadrin Azly, Vice President of Group Technology & Commercialization, PETRONAS, commented: "PETRONAS is pleased to be expanding our long-standing relationship with AVEVA. Our initiatives underscore the commitment to advancing technological capabilities and optimizing commercial potential within this strengthened partnership, while delivering newfound value for customers."

This MOU not only marks a significant milestone in the partnership between AVEVA and PETRONAS but also sets the stage for innovation and synergies in the dynamic landscape of engineering and industrial software solutions.

AVEVA, in alignment with its steadfast commitment to sustainability, has been a key collaborator of PETRONAS since 1991, notably with the implementation of the AVEVA PI System. PETRONAS further deployed AVEVA Predictive Analytics in their private cloud to implement an early warning system in 2019. This has resulted in a remarkable $33 million cost savings and more importantly strengthened its operational efficiencies and sustainability.

About PETRONAS

Petroliam Nasional Berhad (PETRONAS) is a leading global energy company committed to powering society's progress in a responsible and sustainable manner. With close to 50,000 employees and a global reach spanning over 100 countries, we are ranked among the world's largest corporations by revenue in the Fortune Media IP Ltd's 2022 Fortune Global 500® list. As Malaysia's national oil and gas company, PETRONAS safeguard and manage the nation's hydrocarbon resources to ensure national energy security and maximise value, exploring, developing and producing hydrocarbons as well as cleaner energy solutions.

The group remain committed to producing oil and gas in a differentiated manner, with focus on reducing carbon emissions and at competitive cost. PETRONAS' hydrocarbon portfolio today is two-thirds gas, with gas and Liquefied Natural Gas (LNG) continuing to play a vital role even as the energy system evolves.