Malaysia is accelerating the deployment of renewable energy to strengthen the country's energy security, as global supply pressures mount following the conflict in Iran and disruptions in the Strait of Hormuz.
The Strait of Hormuz has previously been almost completely closed, affecting a key global energy route that carries about 25% of global seaborne oil trade and almost 20% of LNG exports, with Asia among the regions most affected.
The tensions have pushed the price of Brent crude oil to around $120 a barrel, averaging above $100, as Asian countries begin to look for alternative energy sources to meet growing industrial demand.
Deputy Prime Minister Fadillah Yusof stressed that energy security is no longer an option but a strategic priority for the country, in line with efforts to expand solar energy projects to include industrial sectors such as semiconductors.
The government has previously warned that Malaysia only has enough crude oil supplies until May, before facing a more critical period that could potentially affect industrial supply chains including basic materials for plastics, pharmaceuticals and medical devices.
