May-June , 2021 | @ green
LOCAL NEWS
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Bornoil enters US market
Will collaborate with Verde Resources on catalytic biofraction green technology initiatives
BORNEO Oil Berhad ( Bornoil ), through its indirect wholly-owned subsidiary , Borneo Energy Sdn Bhd ( BOE ), entered into a sale and purchase agreement with Gold Billion Global Limited ( GBG ) for the disposal of technology assets and intellectual property rights for a total consideration of US $ 5 million .
In return , BOE would receive 166,666,667 new ordinary shares of Verde Resources Incorporated ( Verde ), a Nevada USA corporation listed on the OTCQB market . GBG is a wholly-owned subsidiary of Verde .
BOE is the exclusive licensee of a technology known as Catalytic Biofraction for Sabah , while also owning and operating a plant utilising this process that converts oil palm biomass into biochar , biofuel , biogas and pyroligneous acid .
BornOil executive director Raymond Teo said that the collaboration with Verde would enable the group to penetrate the US market where global investors have been demanding socially and environmentally conscious options and stocks related to green sustainable products .
“ In recent times , this trend had been
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growing rapidly , further enhanced by the new US administration and its commitment towards the climate agenda as laid out in the Paris Climate Agreement in which President Biden emphasised during the recent Virtual Climate Summit ,” said Raymond .
Under the Biden Administration , the proposal of a US $ 2.25 trillion infrastructure plan will focus on green energy and decarbonisation .
“ Investors in the United States market are more receptive to green investing options , and this trend is showing no signs of slowing down .
“ The proposed disposal represents an excellent opportunity for the BornOil Group to capitalise on this trend as well as access investors funds ,” added Raymond .
Meanwhile , Verde president Balakrishnan Muthu said that the group plans to invest heavily in research and development . It believes that palm oil biomass waste could be monetised with the right processes and technologies .
“ In the United States where Verde is listed , the palm oil industry does not have a good reputation . We aim to do our part to progressively change that negative perception ,” said Balakrishnan , a Malaysian .
“ This technology can convert widely
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available oil palm biomass into byproducts such as biochar which is now proven to be an effective way to sequester carbon from the atmosphere .
“ Recently even Tesla ’ s Elon Musk announced a US $ 100 million reward for the best carbon sequestration technology .”
He explained that the group ’ s interest in catalytic biofraction green technology stems from insights received about the potential of palm oil waste .
“ We believe that the efficiency of palm oil waste , comprising mainly empty fruit bunches ( EFB ) and palm kernel shells ( PKS ), can be further upcycled with green sustainable advanced processes and technologies ,” said Balakrishnan . — @ green
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( Left ) Raymond Teo and Balakrishnan |
10-year OGSE blueprint to help develop robust , resilient and sustainable OGSE sector
MALAYSIA , in line with a continuous effort to develop the capabilities of the Oil & Gas Services and Equipment ( OGSE ) industry , launched a National OGSE Industry Blueprint 2021-2030 that will further intensify local OGSE development , adapt to the rapidly evolving needs and requirements of the global market such as the energy transition , to remain competitive .
Malaysia Petroleum Resources Corporation ( MPRC ), supported and guided by the Economic Planning Unit in the Prime Minister ’ s Department , has been working closely with different ministries , government agencies , Petronas and industry associations in the last 10 months to develop the National OGSE Industry Blueprint 2021-2030 .
The announcement comes amidst one of the most disruptive periods for the OGSE sector , with industry players navigating the impacts from Covid-19 pandemic-related movement restrictions , the collapse in oil demand , as well as mounting consumer and investor pressures to address the OGSE sector ’ s carbon emissions .
Dato ’ Sri Mustapa Mohamed , Minister in the Prime Minister ’ s Department ( Economy ) said : “ As we launch this blueprint today , my hope is for the OGSE sector to strive towards doing their part in making sure Malaysia ’ s oil and gas is produced as cleanly as possible .
“ I believe that Malaysia ’ s OGSE sector is in a position to do so by tapping into their technological prowess and creating low-carbon tech solutions .”
He stated that efforts and progress of the blueprint would be coordinated by MPRC , a dedicated agency under the supervision of the Economic Planning Unit , Prime Minister ’ s Department , to spearhead the development of the OGSE sector .
“ With the blueprint , the OGSE industry will be better equipped to secure opportunities not only in adjacent industries but also opportunities in the global market . As a significant contributor to the country ’ s economy , the health of OGSE industry will be key to achieving current and future national development agenda ,” Datuk Saiful Anuar Lebai Hussen , Director General of the Economic Planning Unit , Prime Minister ’ s Department said .
The blueprint will also look into some of the structural challenges inhibiting the growth of the OGSE sector , including industry fragmentation and concentra- tion in low complexity work scopes .
“ The blueprint is envisioned to develop a robust , resilient , and globally competitive Malaysian OGSE sector by 2030 . The blueprint will include four strategic pillars in Competitiveness , Resilience , Development and Sustainability , and 31 initiatives that will be implemented in three phases starting from 2021 .
“ These initiatives encompass sectorwide recommendations on the structural challenges confronting industry players , as well as recommendations to address challenges that are unique to Malaysian OGSE segments ,” Mohd Yazid Ja ’ afar , MPRC President and CEO said . — @ green