Petronas expects set-up of proposed ENI JV will take one to two years
KUALA LUMPUR :Petronas expects to take one to two years to set up a proposed joint venture with Italian energy group Eni on some upstream assets in Indonesia and Malaysia, an executive of the state-run energy company said on Tuesday.
The companies signed a pact in February on the joint venture that aims to combine about 3 billion barrels of oil equivalent (boe) of reserves with an additional 10 billion boe of potential exploration upside.
"The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice president and chief executive of upstream for Petronas, said at the Energy Asia conference in the Malaysian capital.
Guido Brusco, Eni's chief operating officer, said, "This is a game changer for us in the region. We are combining assets from Malaysia and Indonesia, particularly in the Kutai Basin."
Eni's Kutai Basin assets include developments in the Northern and Gendalo-Gandang hubs, which have massive gas reserves.
Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
a day ago
- CNA
GE Vernova explores sale of Proficy software unit, Bloomberg News reports
U.S. power equipment maker GE Vernova is exploring the sale of its industrial software business, Proficy, in a deal that could fetch as much as $1 billion, Bloomberg News reported on Friday, citing people familiar with the matter. Following its independence last year after a three-way split of General Electric, GE Vernova is benefiting from surging domestic power demand. This demand is expected to hit record highs in 2025, driven by rapid expansions in AI and cryptocurrency data centers, as well as increased energy consumption by households and businesses. The asset could be sold for between $900 million and $1 billion, the report said. The company is working with advisers and has reached out to industrial software firms and private equity investors, according to Bloomberg. GE Vernova declined to comment.
Independent Singapore
a day ago
- Independent Singapore
SG-JB KTM train to cease operations 6 months after new '6 minutes' RTS link starts running in 2027
Photo: Facebook/RTS Link JB-SG & Nakamasa Okamoto SINGAPORE: The KTM Shuttle Tebrau train service between Singapore and Johor Bahru will cease operations six months after the 'six-minute' new Rapid Transit System (RTS) Link starts running in 2027, Mothership reported, citing Harian Metro. Johor's Works, Transportation, Infrastructure, and Communications Committee chairman, Mohamad Fazli Mohamad Salleh, said the Shuttle Tebrau trains will be used to increase the frequency of travel from JB Sentral to Kempas Station. The Shuttle Tebrau, operated by Keretapi Tanah Melayu Berhad (KTMB), has been running since July 2015 and runs 31 trips daily in both directions between Johor Bahru Sentral and the Woodlands Train Checkpoint in Singapore. Each trip takes about five minutes. The 1.1-km KTM service can carry up to 8,635 passengers a day, with tickets priced at RM5 (S$1.50) from JB to SG and S$5 from SG to JB. The RTS Link, which was said to be around 50% complete in February and slated to be completed on Jan 1, 2027, will operate daily from 6 a.m. to midnight. It is designed to carry up to 10,000 passengers per hour in each direction, with a peak-hour frequency of 3.6 minutes per train. See also Johor-Singapore RTS Link construction delayed again While excitement is building among commuters for the new six-minute RTS journey, concerns remain among Johoreans about infrastructure, traffic, rising land prices, and the cost of living . Meanwhile, in the city-state, the ministry has formed a task force to help locals and businesses seize opportunities and benefit from the upcoming RTS Link. /TISG Read also: SG to JB: Best ways to quickly grab a seat in the KTM train before they sell out to enjoy a relaxing trip from Singapore to Johor Bahru
CNA
a day ago
- CNA
Indonesia's new sovereign fund to boost state-owned enterprise assets, forge global ties: CIO
JAKARTA: Indonesia's second sovereign wealth fund, Danantara Indonesia, is positioning itself as a catalyst for transforming state-owned enterprises (SOEs) into competitive entities, while drawing in foreign partnerships, its chief investment officer Pandu Patria Sjahrir told CNA. The new sovereign fund was launched on Feb 24 to manage the assets of all state-owned enterprises in the country worth more than US$900 billion. It is Indonesian President Prabowo Subianto's main vehicle to achieve his 8 per cent economic growth target by 2029. At the launch, Prabowo said Indonesia is ready to collaborate with both local and foreign partners to make Danantara a success story. He added that the fund is a step towards bringing Indonesia to a developed country status. Its creation, though, has sparked both optimism and skepticism. Prior to the launch, some had raised concerns about transparency and potential political interference as it was unclear how Danantara would be audited. But Prabowo has pledged transparency in the fund's management, saying it could be audited anytime by anyone. TRANSPARENCY CONCERNS 'We can't have politicians within the ecosystem. So, it has to be fully professional,' said Pandu, adding that the fund plans to hire the best people. 'We can hire not just Indonesians, but outside of Indonesia.' Danantara is Indonesia's second sovereign fund, after the Indonesia Investment Authority (INA). Pandu said the market and the opportunities available are more than sufficient for Southeast Asia's biggest economy to set up the additional fund. 'We can actually have at least two,' he noted, pointing to other countries in Southeast Asia and the Middle East that maintain multiple funds. 'We're actually complementary to one another, our focus (is) really on optimising the state-owned enterprise assets and also on creating large businesses,' Pandu added. 'What INA does very well is doing partnership businesses. So in my view, there's so much opportunity between the two of us, and it's fine. 'You can choose partnership with INA, you can choose partnership with us, depending on, obviously, your risk parameters and the size you want to invest in.' Indonesia's SOEs are projected to generate 300 trillion rupiah (US$18.5 billion) in dividends for 2025. TARGETING STRATEGIC SECTORS Dividends from SOEs will be reinvested into strategic sectors instead of directly returning to state coffers. On whether there is a potential risk of wasting valuable investment capital if an SOE being rescued continues to record losses, such as Garuda Indonesia, Pandu said the idea is to accelerate the distressed flag carrier's long-term transformation. Danantara has recently extended a US$405 million loan to Garuda. 'We're actually very excited about the prospect because the wonderful thing about Indonesia, even the domestic market, is that it is so large and underpenetrated, and there's so much demand domestically as well,' he added. 'We want to be able to have more foreigners come to visit and see how wonderful Indonesia is, and the best way to do it is actually through the airline business.' Danantara is prioritising investments in key sectors such as digital infrastructure, healthcare and food and energy security, said Pandu, a seasoned investor and entrepreneur in the region. 'In each of these sectors, we need to create, in a way, a global mindset, large size companies,' he added. 'So, we will invest with partners. And I think a lot of what we do we will do through partnership that can bring know-how.' During his state visit to Singapore earlier this month, President Prabowo said he looked forward to close collaboration between Danantara and Singapore's Temasek Holdings, particularly in renewable energy and sustainable industrial zones. 'We're open,' said Pandu. 'We already know the style of investing. So, I think that will be a straightforward collaboration.'
