KUALA LUMPUR, May 3 — The country faces higher gas imports for electricity generation if it continues to depend on the commodity without efforts to accelerate the transition to more sustainable energy, said Economy Minister Rafizi Ramli.
He said Malaysia imported about 25 per cent of its total gas supply last year to meet the country’s needs due to the lack of local production.
“I think not many people know we started importing gas. This year, we are expected to import about 30 per cent of our gas, and this situation will continue.
“We have to tell the truth to the people, and the truth is painful,” said Rafizi when appearing as a panellist in the National Institute of Public Administration Minister’s Conversation 2024 programme here today.
He explained that the current production of crude oil is low — around 400,000 barrels per day compared with 700,000 barrels per day over the last 20 years.
If no action is taken by 2050, Rafizi said Malaysia will be completely dependent on imported gas, which will increase living costs.
Rafizi said every RM1 taken from Petronas’ dividend affects the company, reducing its financial ability to develop new oil wells outside the country.
He said economic restructuring does not end at a mere framework.
“Something has to give … there will not be business as usual. Decisions have to be made to make sure the situation does not worsen.”
— Bernama
