The petroleum producer plans to invest $350m in a newly formed unit called Petronas Corporate Venture Capital that will follow a separate $250m fund in July.
Malaysia-based oil supplier Petroliam Nasional (Petronas) has set up another corporate venture capital unit with $350m, having created a Europe and US-based corporate venture capital subsidiary earlier this year.
State-owned Petronas has announced that Petronas Corporate Venture Capital (Petronas CVC) will make direct investments in technology startups developing industry 4.0, advanced materials, specialty chemicals and futuristic energy technology as well as access into new markets.
The company said in a statement: “Petronas CVC’s global coverage will focus not only in…
