Malaysia's Petronas plans to expand venture capital arm with up to $200 million - sources

SINGAPORE : Malaysia's national oil company, Petroliam Nasional Bhd or Petronas, plans to expand its corporate venture capital arm by as much as $200 million as early as April, two sources with knowledge of the matter told Reuters.

In a response to Reuters on Friday, Petronas said it"plans to allocate additional funds to Petronas Ventures, increasing the size of its venture capital arm from the $350 million previously announced in 2019", but did not say by how much. The state oil company first set up a venture capital arm called Petronas Corporate Venture Capital in 2019.

Petronas Ventures' main goals include scouting for niche innovative technology to enhance the group's core operations and growth areas that could become its new sources of revenue, the company said on Friday.

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