Petronas Benefits From Blue Ocean Strategy

KUALA LUMPUR, Nov 24 (Bernama) -- Petronas has already been adopting the Blue Ocean Strategy (BOS) in its operations and has reaped the benefits in terms of cost savings, Chairman Mohd Sidek Hassan said. He said Petronas believed the strategy was a great idea because it meant doing things beyond the ordinary. "Through the Cost Reduction Alliance or CORAL programme, for example, we have managed to reduce much of our costs and have good returns, in this very challenging oil and gas environment," he told reporters on the sidelines of an exhibition at Galeri Petronas here Thursday. Earlier, Mohd Sidek launched Galeri Petronas' latest exhibition titled, "Semangat 10: Visual Expressions of Southeast Asian Identity", which showcased the artwork of 24 prominent artists from 10 countries in the region. He added that Petronas supported government initiatives by participating in the inaugural International Conference on Blue Ocean Strategy (ICBOS) held in August and would continue implementing related strategies and ideas. The former Chief Secretary to the Government of Malaysia, Mohd Sidek is known as a strong advocate of the strategy, and had played a pivotal role in introducing it as the National Blue Ocean Strategy (NBOS) for the country. Through NBOS, over 80 ministries and agencies -- from the police and military, to women, youth, and higher education organisations -- are set to collaborate in the formulation and execution of creative Blue Ocean strategy initiatives in Malaysia's bid to become an advanced nation by 2020. On the exhibition, Mohd Sidek said: "It is a testament of Petronas’ mission to contribute to the well-being of society. "Despite the challenges in the global oil and gas industry, Petronas remains committed towards nurturing, promoting and preserving the collective artistic gestures and memories distinctive within ASEAN". -- BERNAMA