KUALA LUMPUR – Economy Minister Datuk Seri Rafizi Ramli has dismissed claims that the government is attempting to reduce Petronas’ gas monopoly through the upcoming Natural Gas Roadmap (NGR), stressing instead that the plan aims to ease the national oil company’s burden in importing liquefied natural gas (LNG).
He clarified that the roadmap, set to be launched by the Economy Ministry, is not designed to “victimise” Petronas, but to support it as the country’s sole LNG importer.
Rafizi said this in an Instagram video where he rebutted opposition claims accusing him of plotting to eliminate Petronas’ monopoly in the gas industry.
While Petronas owns the regasification infrastructure and pipelines, Rafizi noted that any firm can technically import LNG for the domestic market through third-party access.
“(However), the issue is that no other company is interested, so Petronas ends up handling nearly all LNG imports for domestic use,” he said.
“This creates a burden for Petronas. If the import price exceeds the domestic market price, the company incurs losses.
“The roadmap aims to strengthen the domestic gas value chain, especially as we’ll need to import more LNG due to declining local production for the peninsular market.”
Rafizi added that increased participation from other companies in gas imports would benefit both Petronas and the country.
“Firstly, Petronas can generate more revenue as importers will pay access fees to use its infrastructure. Secondly, it reduces Petronas’ exposure to financial risk as the sole importer.
“Thirdly, the gas supply becomes more secure with more players in the market. And fourth, we can attract new investors into the downstream gas industry.”
In February, Rafizi said the NGR would be launched by the third quarter of this year to boost investment in the national gas sector.
According to New Straits Times, he also noted that Putrajaya aims to build on natural gas’s RM52 billion contribution to economic growth through the roadmap, which will also focus on financing and infrastructure access.
In the video, Rafizi reminded viewers of his 14-year history with Petronas – from being a scholarship recipient at 18 to working there until age 32.
“It’s nonsensical to suggest that someone like me would want to harm Petronas,” he said.
“Even if you (the opposition) want to spin, don’t be excessive.” – April 14, 2025