Malaysia government-run energy firm, Petronas has recently proclaimed that the company has initiated a $350 million venture capital division for industrial and energy investments, as stated by the media agency, VC Circle.
The newly launched Petronas Corporate Venture Capital will look to invest in startups in advanced materials, specialty chemicals as well as those involved in the future of energy, the cited media agency reported citing Petronas official statement.
"The fund will act as a minority stakeholder in early to growth-stage companies," Petronas told in an interview to VC Circle.
Petronas, which is currently a single manager of oil and gas reserves in Malaysia, contributes a significant amount of revenue to the Malaysian government. Further, the company is the largest employer in the country.
In the present year, the state energy firm procured Singapore-headquartered solar energy firms as a component of the strategy to enter into renewable energy space and further, trail high-growth companies to enhance its primary businesses.
The government was considering listing the exploration and production arm of Petronas as part of efforts to raise money to reduce debt, Prime Minister of Malaysia, Mahathir Mohamad said in an interview told media agency, VC Circle.