logo
PETRONAS And Eni Strengthen Regional Presence Through Proposed New Upstream Joint Venture Company

PETRONAS And Eni Strengthen Regional Presence Through Proposed New Upstream Joint Venture Company

Barnama17-06-2025
KUALA LUMPUR, June 17 (Bernama) -- Following the Memorandum of Understanding signed in December 2024, PETRONAS has entered into a Joint Venture Framework Agreement (JVFA) with Eni, to advance detailed discussions and assessments towards establishing a regional upstream joint venture company.
The JVFA reflects the shared commitment of both companies to manage a combination of selected upstream interests in Malaysia and Indonesia.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Malaysia's Financial Fundamentals Draw IMF Praise
Malaysia's Financial Fundamentals Draw IMF Praise

Barnama

time2 hours ago

  • Barnama

Malaysia's Financial Fundamentals Draw IMF Praise

REGION - SARAWAK > NEWS KUALA LUMPUR, July 23 (Bernama) -- Malaysia's financial strength and market flexibility support resilience against external shocks and capital outflows, according to the International Monetary Fund (IMF). These factors, including Malaysia's strong balance sheet, position the country well to navigate global financial volatility without major disruption, the IMF stated in its 2025 External Sector Report, released in Washington on Monday. The IMF said that Malaysia's net international investment position (NIIP) is expected to increase over the medium term, supported by projected current account surpluses. bootstrap slideshow 'Malaysia's NIIP has averaged about 2.6 per cent of gross domestic product (GDP) over the last decade, increasing to 5.4 per cent at the end of 2023, supported by strong current account surpluses during the pandemic that helped increase reserve assets,' said IMF. It highlighted that the NIIP then declined to -0.6 per cent of GDP at the end of last year because of an increase indirect and portfolio investment liabilities. At the same time, total external debt increased to 69.7 per cent of GDP at the end of 2024, compared to 68 per cent at the end of 2023, and remains manageable. One-third of the external debt is denominated in ringgit, which means it is not subject to valuation risks, the IMF noted. Additionally, short-term external debt, making up 42.8 per cent of the total external debt, is considered manageable. The IMF said this is primarily because most of it consists of intragroup borrowing among banks and corporations — an arrangement that tends to be stable — or trade credits that are backed by export earnings. It emphasised that Malaysia's external position in 2024 was assessed to be moderately stronger than the level implied by medium-term fundamentals and desirable policies. After falling in 2023 amid a challenging external environment, the country's current account surplus fell slightly in 2024, as higher intermediate and capital goods imports outweighed higher exports due to an upturn in the global semiconductor cycle, it added.

Data Centre Investment Surges To RM144.4 Bln By March 2025 -- MITI
Data Centre Investment Surges To RM144.4 Bln By March 2025 -- MITI

Barnama

time4 hours ago

  • Barnama

Data Centre Investment Surges To RM144.4 Bln By March 2025 -- MITI

BUSINESS KUALA LUMPUR, July 22 (Bernama) -- From 2021 to March 31, 2025, Malaysia recorded 25 approved investment projects in the data centre sector, with a total investment value of RM144.4 billion. According to records from the Malaysian Investment Development Authority (MIDA), MITI said these projects were approved under the Digital Ecosystem Acceleration Scheme (DESAC) and are expected to create high-skilled, high-income jobs. 'These investments are projected to generate 1,429 new jobs, with roles requiring specialised expertise such as engineers, data scientists, big data analysts, cybersecurity engineers, and information technology (IT) engineers. 'Over 50 per cent of these roles will be high-income jobs, offering salaries of more than RM5,000,' MITI said in a written reply published on Parliament's website today. The ministry was responding to a question from Aminolhuda Hassan (PH–Sri Gading), who asked MITI to detail job opportunities arising from the expanding data centre sector and the potential economic and labour market impacts. On that front, the ministry said it will carry out a survey to assess the economic spillover effects of the data centre industry. 'MITI has identified several key parameters for data collection across four main segments in the data centre ecosystem. 'These include data centre companies and operators; major tech firms and content providers; telecommunications and mobile network operators; and equipment suppliers and service providers within the data centre industry,' it said. In addition, MITI noted that several leading global tech companies have committed to creating around 67,000 direct and indirect jobs, mainly in the IT sector and related supply chains, once their projects are fully implemented.

42 Creative Content Fund Applications Worth RM7.43 Million Approved For Sabah, Sarawak
42 Creative Content Fund Applications Worth RM7.43 Million Approved For Sabah, Sarawak

Barnama

time5 hours ago

  • Barnama

42 Creative Content Fund Applications Worth RM7.43 Million Approved For Sabah, Sarawak

GENERAL KOTA KINABALU, July 22 (Bernama) -- A total of 42 Creative Content Fund (DKK) applications from production companies in Sabah and Sarawak, worth RM7.43 million, have been approved from 2022 up to this month, said Communications Minister Datuk Fahmi Fadzil. He said the approved applications covered various categories, including feature and short films, documentaries, marketing, scriptwriting and post-production, creating over 1,245 jobs. 'As of this month, the National Film Development Corporation Malaysia (Finas) has also received 36 applications for the Borneo TV Programme Fund and 24 for the Post-Production Fund. All applications are evaluated transparently and with integrity by a committee comprising professional panellists and ministry representatives,' he said. He was speaking at the presentation of Creative Content Fund letters of acceptance to Sabah's creative industry players in Sabah here tonight. Also present were Assistant Minister to the Chief Minister, Datuk Nizam Abu Bakar Titingan, Communications Ministry secretary-general Datuk Mohamad Fauzi Md Isa, Finas chairman Datuk Hans Isaac, Finas chief executive officer Datuk Azmir Saifuddin Mutalib, Malaysian National News Agency (Bernama) chief executive officer Datin Paduka Nur-ul Afida Kamaludin, and Information Department director-general Julina Johan. Fahmi further said that under the DKK, 14 local production companies have been offered the Borneo TV Programme Fund, including six from Sabah. He said the six Sabah companies received approvals amounting to RM1.15 million, expected to create over 200 new jobs. 'As for the Post-Production Fund, nine companies received offers, one of which is from Sabah. For Sabah, one project was approved with a value of nearly RM240,000, adding value to the post-filming process,' he said. He added that the total amount approved for the seven Sabah companies under the Borneo TV Programme Fund and the Post-Production Fund stood at RM1.39 million.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store