Malaysia says it is seeking new sources of fuel amid energy crunch
The Malaysian flag flying, on May 2.
PHOTO: AsiaOne/Joel Lee
KUALA LUMPUR — Malaysia is seeking new sources of fuel amid a global crunch caused by the war in Iran, though any supplies would need to be able to be processed by the country's refineries, the Economy Minister said on Wednesday (June 10).
Malaysian refineries are largely dependent on crude oil originating from the Middle East.
Some have reduced output due to a lack of feedstock following the closure of the Strait of Hormuz, a key waterway for global oil and gas supplies.
Malaysia was looking to procure oil from African countries, Russia and Turkey, among others, minister Akmal Nasir told reporters.
"It is not just about looking everywhere for supply, but about whether the supply ... is suitable for the facilities that we have," Akmal said.
He said the country's energy reserves were sufficient until the end of July based on existing agreements, adding the government was reluctant to rush into any new long-term deals given the volatility in oil prices.
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