PETRONAS Awards First MBR 2025 PSC to Dialog, Unlocking East Coast Sabah's Hydrocarbon Potential
The SFA PSC, which covers a sub-block area located within the Sandakan Basin was awarded to Dialog Resources Sdn Bhd (Dialog) as the sole operator with one hundred percent (100%) participating interest in the block. The Mutiara Cluster comprises five fields, namely Nymphe, Nymphe North, Kuda Terbang, Benrinnes, and Mutiara Hitam.
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Free Malaysia Today
43 minutes ago
- Free Malaysia Today
How KYUEM transforms Malaysia's brightest into global trailblazers
This year's awards day ceremony celebrated the achievements of 268 KYUEM graduates who secured places at some of the world's highest-ranking universities. LEMBAH BERINGIN : As Kolej Yayasan UEM (KYUEM) celebrates this year's awards day, what shines through is the remarkable transformation of its students. For Petronas scholar and Sabah-born Uzair Zuhri Sharif, KYUEM was the launchpad for a mission he never thought possible: bringing sustainable electricity to rural Sabah. Soon, he'll head to the University of Southampton to study electrical engineering, determined to create solutions for his community. 'Electricity is considered a luxury in some rural areas in Sabah. I hope that taking this course will help me develop solutions that not only preserve Sabah's natural heritage, but also provide electricity to these communities,' he said. Uzair Zuhri Sharif, his father, Sharif Din, and his older sister, Sharifa Najjah Sharif celebrating his achievements at KYUEM. Growing up in Labuan, Uzair never thought he would study overseas. He credits KYUEM with broadening his horizons and building his confidence. 'Here, everyone accepts you for who you are, and that gave me self-confidence. We learn independence, and we also learn that it's alright to ask for help when we need it,' he said. Stories like Uzair's show how KYUEM helps students build on their aspirations, equipping them with the skills and confidence to turn dreams into reality, and to thrive at some of the world's best universities. This year's awards day on June 28 showcased how 268 A-Level graduates achieved just that as they took part in a graduation ceremony marking the start of their journeys at some of the world's most prestigious institutions. As each graduate's name was called, parents smiled with pride and the hall was filled with applause, honouring the students' hard work and the journeys ahead. The graduates' achievements were reflected in the impressive conditional offers they received from various top universities, including nine from the University of Cambridge and the University of Oxford, 46 from Imperial College London, 26 from the London School of Economics, and 117 from University College London. Across the Atlantic, 11 students were offered places at Ivy League universities, including two from Harvard University, and other offers from Stanford University, the University of California, Berkeley, and the University of California, Los Angeles. Over the past 25 years, KYUEM has produced 108 Cambridge-bound students, 38 for Oxford, and hundreds more for top universities in the UK and US – a testament to its track record of excellence. Over the same period, eight graduates secured places at Harvard University. A return to inspire Guest of honour Novan Amirudin, CIMB Group CEO and a member of KYUEM's first cohort, attended this year's awards day to share how KYUEM shaped his path. 'KYUEM was a turning point for me. It taught me more than just academics – it exposed me to different cultures and perspectives, and helped me learn how to work with people from all walks of life,' he said. 'KYUEM taught me to embrace diversity. In doing so, you get different perspectives – and that has helped me tremendously in navigating the corporate world.' Dare to dream big Permodalan Nasional Bhd scholar Namira Lee, one of only two Malaysians accepted to Harvard this year, said KYUEM made the impossible feel within reach. 'I came from a daily school in Terengganu, and Ivy League or Oxbridge universities felt so far away. But at KYUEM, everyone talks openly about those dreams, and it made me think: if they can do it, why can't I?' Namira Lee was one of two Malaysians accepted into Harvard this year. Another high-achiever, Wan Nurain Adriana Mohd Hassan who is a Yayasan UEM scholar, will be heading to University College London to do economics and business with East European studies. For her, the biggest lesson wasn't just academic. 'I realised everyone has different characters, and that changed my mindset. We have to adapt to others – that's something I know will help me in the future,' she said. Yayasan UEM scholar Wan Nurain Adriana and her father, Hassan Mamat, were all smiles after she received her certificate during the awards day ceremony. KYUEM's acting principal Kasthuri Thilaga Munikrishnan said the students' achievements were a reflection of more than just rigorous academics. 'Academic excellence is a culture here. Teachers don't just deliver lessons; they set very high standards, encourage good work ethics, and promote independent thinking,' she said. Kasthuri added that KYUEM's unique environment – with highly motivated students and experienced, dedicated teachers – created a space where students truly thrived. 'Most of our extracurricular activities are student-led initiatives. From submitting proposals to managing logistics and evaluating activities, they take charge from start to finish,' she said. 'That way, they learn ownership, decision-making, and real leadership.'
Free Malaysia Today
44 minutes ago
- Free Malaysia Today
Explained: Where do your taxes go?
The finance ministry is projecting revenue from the SST collection to rise by RM5 billion to RM51.7 billion in 2025, and by RM10 billion in 2026. (Facebook pic) PETALING JAYA : Malaysia is in a rather unusual position where its tax revenues are relatively low in comparison with economic output, yet it has provided increasing welfare support to financially vulnerable citizens. The country's tax revenue is an important source of funding for initiatives aimed at supporting the poor and reducing income inequality. These include direct cash assistance, subsidies, and various social programmes. However, the government's resolve to help the lower income groups has been hobbled by the country's narrow tax base, with tax revenues hovering around 12% of gross domestic product (GDP), the lowest in Asean apart from Indonesia. FMT takes a deeper look into the government's strategy to increase tax collections to provide more financial assistance to Malaysians. Reforming the tax structure The government recognises the need to reform Malaysia's tax structure in order to broaden the tax base. The narrow tax base stems from the fact only about 15% of the workforce and around 20% of registered companies are paying income taxes. Tax experts point out the government's revenues are largely derived from direct taxes such as income and corporate taxes. It also gets a sizeable chunk from resource-based revenue via Petroliam Nasional Bhd (Petronas) in the form of taxes and dividend. However, the contribution from consumption taxes is significantly lower. The government sought to balance this out under Budget 2024 by increasing the tax rate for most taxable services under the Sales and Service Tax (SST) from 6% to 8%. It went one step further in Budget 2025 by introducing several tax reforms, including an expansion of the SST, a new 2% dividend tax on individual shareholders, and a carbon tax that will come into effect in 2026. The SST was broadened from July 1 to include additional services and non-essential goods. New categories of taxable services will be included under the SST regime while imported premium and non-essential goods will be subject to higher tax rates. The expansion of the SST regime will certainly add to the government coffers, with the finance ministry projecting revenue from the SST collection to rise by RM5 billion to RM51.7 billion in 2025, and by RM10 billion in 2026. Fiscal consolidation The tax reforms are part of the government's broader fiscal reform initiatives to tackle the rising national debt which hit RM1.22 trillion or 63% of GDP as of April 2024. The then Perikatan Nasional-led government's Covid-19 pandemic response had ramped up the national debt as it deployed over RM530 billion in stimulus and recovery packages during 2020–2022. The fiscal deficit — which occurs when a government's total expenditures exceed its income — widened from 3.4% of GDP in 2019 to 6.4% in 2021, the highest since 2009. However, the fiscal deficit has been declining since the unity government under Prime Minister Anwar Ibrahim took power in late 2022. The administation has taken the bull by the horns by instituting initiatives such as fuel subsidy rationalisation and tax reforms. Its fiscal consolidation efforts are starting to bear fruit with the fiscal deficit falling to 4.1% of GDP in 2024 from 5% in 2023. The government is projecting a further drop in the deficit to 3.8% in 2025. The government's fiscal reform initiatives have been given the thumbs up by the International Monetary Fund (IMF) and major international credit rating agencies, which reaffirmed Malaysia's investment-grade ratings in 2024. Scaling up assistance to B40 and M40 groups Unlike the Goods and Services Tax (GST), the SST remains more targeted, minimising the burden on lower-income individuals. The finance ministry has assured that the SST expansion targets only non-essential goods and services, ensuring that daily expenditure for families in the B40 and M40 groups remain largely unaffected. More importantly, a significant portion of the increased revenue generated by the tax initiatives will be ploughed back to assist those in need. Treasury secretary-general Johan Mahmood Merican said 5.4 million Malaysians in lower- and middle-income households stand to benefit from an expansion to the SST regime. He said the expected boost in revenue will enable the government to scale up its financial assistance to members of the B40 and M40 income groups, such as the monthly Sumbangan Asas Rahmah (Sara). The number of recipients for the Sara programme has expanded significantly to 5.4 million since April, compared to just 700,000 previously. Here is a rundown of the unity government's main welfare initiatives: Sumbangan Tunai Rahmah (STR): Malaysia's main cash aid programme provides financial assistance to eligible low and middle-income households, senior citizens, and single individuals. With a focus on easing the cost of living for Malaysians, it provides cash transfers to 5.4 million recipients, particularly B40 households, and families can receive up to RM2,000 annually. Sumbangan Asas Rahmah (Sara): The STR programme also includes Sara which provides monthly subsidies of up to RM100 to low-income families through the MyKad to ease the cost of living for these families. The government has increased the budget for STR and Sara in 2025, allocating RM13 billion to support nine million beneficiaries. SejaTi Madani Initiative: RM1 billion allocated to empower rural and urban poor communities, with special attention to Orang Asli and marginalised groups. Program Perumahan Rakyat (PPR): RM100 million allocated to improve living conditions and create job opportunities in PPR communities. Other aid programmes There also are other forms of aid, such as special assistance for civil servants and pensioners, the disabled individuals, senior citizens, single mothers, and allocations for the Social Welfare Department.
The Star
an hour ago
- The Star
Sabah aims for 100% local oil and gas roles
KOTA KINABALU: A 100% increase in oil and gas services and equipment (OGSE) contracts has been set aside for Sabahan companies this year, says Datuk Seri Hajiji Noor. The Sabah Chief Minister said the target set by the state government in collaboration with PETRONAS and industry partners has one clear objective, which is to have 100% of non-technical roles and at least 80% of technical roles in the OGSE sector to be filled by Sabahans. 'These targets reflect our firm commitment to strengthening local participation and building a resilient, homegrown energy ecosystem,' he said at the 12th Sabah Oil, Gas and Energy Conference and Exhibition at the Sabah International Convention Centre here yesterday. State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe delivered Hajiji's speech. He said in 2021, the total contracts awarded to Sabahan companies for local oil and gas services jobs stood at RM341mil, but by the end of last year, the figure soared to over RM2bil for jobs awarded both in and outside Sabah. He said Sabah's oil and gas industry is an essential pillar of the state's economic growth, and continues to play a pivotal role for Malaysia, contributing nearly 40% of the country's oil production and about 20% of its gas output. Hajiji, however, believes that Sabah's role must extend beyond mere production. 'We aspire for Sabah to become a centre of excellence for OGSE innovation and sustainable energy practices and a hub where investment, talent and technology converge to create long-term value,' he said. Hajiji also said the state government, through SMJ Energy, has taken decisive steps in securing equity in key upstream and downstream assets, including the Samarang PSC and the Samur petrochemical plant, as well as interests in exploration blocks SB403, SB409, SB306A and SB306B. He said Sabah Energy Corporation has also strengthened its position as Malaysia's largest domestic supplier and transporter of natural gas, following its successful takeover of PETRONAS' onshore gas contracts here. 'I wish to take this opportunity to thank PETRONAS and all our operating partners in Sabah for your continuous efforts, commitment and investment in local content development,' he said.
