KUALA TERENGGANU: A Carbon Capture, Utilisation and Storage (CCUS) bill will be tabled in Parliament this November.
Economy Minister Rafizi Ramli said the decarbonisation law is being drafted to regulate the activity and attract more investors to the country.
He said the CCUS initiative is one of the pilot projects in the national energy transition plan, and Terengganu is one of the leading states in implementing this industry.
"This considers Terengganu's potential, with existing offshore oil wells and terminal facilities in Kertih.
"At the federal government-level, we are finalising the bill to be presented this November, establishing the CCUS industry in Malaysia.
"Investment decisions will be made after the bill is finalised, with ongoing discussions with investors and international clients who will use CCUS. It is likely to be concluded in 2025," he said.
Rafizi said this when speaking to reporters after the Economy Minister Engagement Session at Wisma Darul Iman here today.
He said besides Terengganu, Pahang, Sabah, and Sarawak also have potential in this industry.
He said the Economy Ministry will work with all four states to ensure smooth implementation of the CCUS initiative.
Meanwhile, Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar said the state government, through government-linked companies (GLCs), has held preliminary discussions with Petronas regarding the CCUS industry.
"CCUS is a significant and important issue for Terengganu, so the ecosystem we create here will provide returns and benefits to the state. It is also crucial for Malaysia on the international stage," he said.