SIBUR Begins Installation of Polypropylene Production Line at Amur GСC
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Malay Mail
an hour ago
- Malay Mail
Big Oil's big reckoning: Why energy companies must reinvent or fade — Ahmad Ibrahim
AUGUST 2 — The global energy business is at a crossroads. The old certainties that once kept oil and gas companies flush with profits are fast evaporating. Rising climate pressures, aggressive carbon targets, volatile oil prices, and the unstoppable march of renewable energy are rewriting the rules of the game. In Malaysia, this new reality has landed squarely at Petronas' doorstep. The national oil company recently announced substantial job cuts, joining a long list of global oil majors trimming operations to stay afloat. But here's the hard truth: job cuts alone won't save them. The problem isn't just about leaner operations — it's about an outdated business model in a world that's moving on. For decades, the business model was simple: extract, refine, sell. High demand and a few strategic geopolitical disruptions kept prices buoyant, while oil companies banked billions. Those days are over. With more than 140 countries pledging to reach net-zero emissions by mid-century, demand for fossil fuels is approaching a long, irreversible decline. Even the world's largest fund managers now factor sustainability risks into investment decisions, increasingly avoiding companies perceived as climate laggards. Covid-19 delivered a brutal wake-up call. Energy demand plummeted. Oil prices crashed. Petronas, like its global peers, was forced into difficult decisions. The recent job cuts are not isolated belt-tightening, but early symptoms of an industry forced to rethink its very reason for being. Sure, trimming overheads can shore up quarterly numbers. But it won't future-proof the business. Energy companies can no longer afford to think like fossil fuel producers; they must start behaving like integrated energy providers. The future belongs to companies that can offer clean, reliable, and affordable energy solutions — and that means going well beyond oil and gas. Some oil majors have already taken bold steps. BP is repositioning itself as an integrated energy company, investing heavily in renewables and electric vehicle charging networks. Total has rebranded as TotalEnergies, reflecting its diversified energy portfolio. Even ExxonMobil, once a vocal sceptic of climate risks, is now pumping money into carbon capture and low-carbon solutions. Despite the stand taken by President Trump, there is no stopping the transition away from fossil fuels. Petronas has made initial moves into solar energy and green hydrogen, but these efforts need to be scaled rapidly. The longer it waits, the harder the catch-up will be. Experts agree on five moves energy companies must make. To stay profitable — and relevant — energy companies need more than incremental tweaks. They need reinvention. The future is clean energy. Solar, wind, hydrogen, and energy storage are where the growth lies. Energy companies should aggressively diversify their portfolios before being left behind. The skills used in offshore drilling, mega-project management, and complex logistics are transferable. These companies can lead in offshore wind, large-scale hydrogen, and carbon capture projects. Industrial clients and governments increasingly demand integrated, low-carbon energy options. Packaging natural gas, renewables, and carbon offset services is a smart, future-ready play. Workforce transformation is key. The energy workforce must pivot from traditional oilfield roles to clean tech, digital energy systems, and smart grid management. Developing integrated energy parks, waste-to-energy systems, and rural electrification projects not only creates new revenue streams but also builds public trust and national resilience. The energy transition isn't a distant risk — it's here. And it's accelerating. The companies that survive won't be the ones clinging to the past but those bold enough to shape the future. For Petronas and its global peers, this is a defining moment. Reinvent, diversify, and lead the transition — or watch profitability, relevance, and public support steadily erode The choice is clear. The clock is ticking. Since oil and gas is essentially about mining. The closest option that Malaysia should consider is rare earth metals. The country is holding substantial deposits of this new critical metals group. Exploration studies have uncovered their presence in most of the states of the country. But extracting them requires technologies which must consider their environmental impacts. But processing them is not an issue since Malaysia has many years of world class experience at Lynas. Despite all those time-wasting baseless concerns, Lynas survived. A Petronas like model should be just right if Malaysia is to effectively harness the country's rare earths deposits. * Professor Datuk Dr Ahmad Ibrahim is affiliated with the Tan Sri Omar Centre for STI Policy Studies at UCSI University and is an associate fellow at the Ungku Aziz Centre for Development Studies, Universiti Malaya. He can be reached at [email protected] ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Malay Mail
2 hours ago
- Malay Mail
Made in Malaysia, taxed in America, sold back at triple the price: Here's how the US trade tariff could affect us
KUALA LUMPUR, Aug 2 — A new tariff imposed by the United States on most Malaysian exports could soon pinch Malaysian consumers, not just exporters, as goods caught in global supply chains boomerang back home at inflated prices. From rubber gloves to furniture, palm oil and solar panels, Malaysian-made products that are shipped to the US and later re-exported under global brands, could return with nearly triple the original price tag, economists warn. How does it work anyway? A rubber glove made in Klang costs RM1 at the factory. Once it enters the US, it's hit with the 19 per cent tariff, bumping the landed price to RM1.19. By the time it goes through importers, distributors and retailers, it could retail for RM2.49 in the US. But the cost hike doesn't stop there. If that same glove is repackaged or sold as part of a medical kit by a multinational and shipped back to Malaysia, the price might climb to RM2.89 – nearly three times what it originally cost. 'Theoretically, these products could come in and out several times from various countries as global supply chains are very complex,' Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid tol The New Straits Times in an article published yesterday. He said many Malaysian-made goods re-enter the country as part of branded global products, with costs stacked on at every step. Afzanizam indicated that semiconductors are possibly due to be spared due to special exemptions. What products are affected? According to The New Straits Times, five key sectors are likely to be affected by the US tariff, despite being revised down to 19 per cent from an initial 25 per cent. Gloves: Used worldwide in healthcare; made by companies like Top Glove Corp Bhd Furniture: Major Malaysian export to US retailers Solar panels: Manufactured here, often re-exported Machinery components: Integral to multinational supply chains Palm oil-based products: Common in foods, cosmetics, and industrial goods State of Malaysia-US trade The US has been Malaysia's third largest trade partner since 2015, according to data from the Malaysia External Trade Development Corporation. Last year, total trade went up almost 30 per cent to RM324.91 billion compared to 2023. Exports to the US also went up 23.2 per cent to a record RM198.65 billion in Electric and Electronic products (these include microchips, TVs, phones, refrigerators, air-conditioners, circuit boards, and switchboards), machinery, equipment, and parts as well as rubber products. Imports from the US went up by 42.1 per cent to RM126.26 billion last year. Three key imports of 2024 were E&E products; machinery, equipment, and parts; and chemicals and chemical products. Bottom line The 19 per cent US tariff isn't just a trade statistic; it's a global price hike in disguise as part of the global trade route that goes from Malaysia to the US and back to Malaysia at a cost you won't see coming.
Malay Mail
5 hours ago
- Malay Mail
Sultan Ibrahim to make historic state visit to Russia from Aug 5, first by Malaysian King since ties began in 1967
KUALA LUMPUR, Aug 2 — His Majesty Sultan Ibrahim, the King of Malaysia, will undertake a state visit to Russia from August 5 to 10, 2025, at the invitation of President Vladimir Putin. In a statement today, Istana Negara announced that His Majesty will make history as the first Malaysian Head of State to conduct a state visit to Russia since the establishment of diplomatic relations in 1967. 'This visit also reflects the important role of the Malaysian monarchy in advancing the nation's diplomacy,' it said. Istana Negara added that the visit will not only strengthen existing bilateral relations but also open new avenues for cooperation in various fields, including trade, higher education, technology, innovation, and people-to-people ties. As Asean Chair in 2025, Malaysia will also play a major role in enhancing strategic cooperation, particularly in the context of Russia's status as an ASEAN Dialogue Partner since 1996, it added. While in Moscow, Istana Negara said His Majesty Sultan Ibrahim will be accorded a state welcome ceremony at the Kremlin by President Vladimir Putin, followed by an official meeting between the two Heads of State. 'His Majesty will also attend a state banquet hosted by the President of the Russian Federation,' Istana Negara said. His Majesty is then scheduled to visit the Central Scientific Research Automobile and Automotive Engines Institute (NAMI) as well as the Tochka Kipeniya Technology and Innovation Hub. After concluding his programme in Moscow, His Majesty will travel to Kazan in the Republic of Tatarstan on Aug 8, 2025. Tatarstan is one of Russia's autonomous republics, with a Muslim-majority population. In Kazan, Istana Negara said His Majesty will be granted an audience with the Rais (Head) of the Republic of Tatarstan, Rustam Minnikhanov, and will tour a helicopter manufacturing and assembly facility. — Bernama
