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Malaysia's Petronas launches US$350M venture capital fund

Malaysian oil company Petroliam Nasional Bhd., or Petronas, established a US$350 million venture capital fund that will focus on direct investments in global technology startups, local newspaper The Star reported, citing a company release.

Petronas Corporate Venture Capital will target investments in technology startups in Industrial Revolution 4.0, advance materials and specialty chemicals and future of energy, and will also look to foray into new markets.

The investment vehicle will act as a minority stakeholder in early to growth-stage companies across North America, Europe and Asia-Pacific, the report added.