Kenyir green energy projects poised to attract global investment
He said the new alternative energy initiative, a clean and green collaboration between Petroliam Nasional Bhd (Petronas) and Tenaga Nasional Bhd (TNB), is aligned with both Malaysia's energy policy and international aspirations for green energy.
"Kenyir is now becoming a focal point of interest for international investors. This is not just a boost for Terengganu, but Kenyir itself will become a major attraction. The project has also been implemented efficiently and swiftly," he said at the launch ceremony of the ventures at the Sultan Mahmud Power Station in Kenyir today.
Also present were Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir; Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar; TNB chairman Tan Sri Abdul Razak Abdul Majid and Petronas chairman Tan Sri Mohd Bakke Salleh.
The HHFS and Green Hydrogen Hub aim to position Malaysia as a regional leader in the green hydrogen value chain, while supporting the National Energy Transition Roadmap (NETR) and the Hydrogen Economy and Technology Roadmap (HETR).
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The Sun
8 hours ago
- The Sun
Meta Bright, ChargeHere formalise EV charging joint venture
PETALING JAYA: Diversified energy conglomerate Meta Bright Group Bhd's wholly owned subsidiary Meta Bright Energy Sdn Bhd has formalised a joint venture (JV) with ChargeHere EV Solution Sdn Bhd, a leading electric vehicle (EV) charging point operator in Malaysia. The JV aims to expand the group's footprint in Malaysia's rapidly growing EV charging infrastructure market. The partners will incorporate a JV company – Meta Bright Chargesini Sdn Bhd – dedicated to developing, installing and operating EV charging infrastructure across Malaysia, focusing on malls, hotels, residential and commercial areas. Meta Bright Energy will hold a 51% stake while ChargeHere will hold the remaining 49%. Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said the JV with ChargeHere significantly expands the company's capabilities within the renewable energy sector, particularly in EV infrastructure. 'It represents an essential milestone for Meta Bright, aligning closely with our ESG goals and strategic focus on creating sustainable, recurring revenue streams,' he said in a statement. ChargeHere, operating under the ChargeSini brand, currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving more than 32,000 active users. The collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the group's presence in the growing EV infrastructure sector. Through the initiative, Meta Bright aims to capitalise on the government's National Energy Transition Roadmap (NETR), which outlines the strategic expansion of renewable energy and sustainable infrastructure nationwide, including the establishment of 10,000 EV charging stations by 2025. Both parties have identified several urgent and approved projects to launch under the JV, with key locations in Johor, Penang and Selangor. Additionally, the partnership is already actively planning subsequent stages of expansion, with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang and Malacca, among others. The sites range from prominent hotels and commercial buildings to large residential condominiums. 'Our immediate and planned installations will substantially broaden our operational footprint in key urban areas, supporting national goals and meeting rising consumer demand for accessible EV charging solutions,' Phang said. The joint venture with ChargeHere significantly enhances the group's renewable energy and energy efficiency portfolio, reinforcing its commitment to environmental sustainability and innovative energy solutions. In addition to the joint venture, Meta Bright also announced the disposal of its wholly owned Australian subsidiary, Meta Bright Australia Pty Ltd, for RM25.37 million. The decision comes as part of the group's broader risk management strategy to mitigate exposure to cross-border operational risks, including geopolitical uncertainties, foreign exchange volatility and global economic conditions. 'The disposal of our Australian subsidiary allows us to redeploy resources towards our core operations in Malaysia, ensuring sustained long-term growth and shareholder value. The proceeds will also help us significantly mitigate the cross-border business amidst the current geopolitical environment, reduce our bank borrowings, and enhance our financial resilience,' Phang said.
Borneo Post
13 hours ago
- Borneo Post
Malaysia's new chapter with nuclear
Fadillah and Likhachev discussed key areas including legal frameworks, technology transfer, and workforce training. — Bernama photo KUCHING (July 13, 2025): Nuclear power is officially on the table for national development. With rising pressure to cut emissions, secure long-term supply, and reduce reliance on coal and gas, nuclear power has returned to the national agenda after years on the sidelines. This was made clear during Deputy Prime Minister Datuk Seri Fadillah Yusof's recent working visit to Russia, the global leader in nuclear energy. The visit marks a defining moment for Malaysia's energy ambitions. It signals renewed political will, international collaboration, and a pragmatic approach to achieving net zero carbon emissions by 2050. This diplomatic mission was a clear signal of Malaysia's intent to seriously explore nuclear energy as part of its future energy mix. A key outcome of the visit was the signing of a non-disclosure agreement (NDA) between Malaysia's MyPower Corporation and Russian state atomic energy agency Rosatom, paving the way for future cooperation in the peaceful use of nuclear technology. Fadillah met Rosatom director-general Alexey Likhachev to discuss key areas including legal frameworks, technology transfer, and workforce training. He said the engagement will allow Malaysian technical agencies to start direct talks with Rosatom, including cooperation on upgrading the national power grid and potential links with the Asean Power Grid. This push is part of Malaysia's broader National Energy Transition Roadmap as nuclear now seen as a viable clean baseload option. The National Energy Transition Roadmap (NETR), unveiled in July 2023, outlines three key targets for power sector decarbonisation. These include reaching 40 per cent renewable energy by 2040 and 70 per cent by 2050, phasing out coal entirely by 2045, and using natural gas as a lower-carbon baseload fuel during the transition. Fadillah, who is also the Minister for Energy Transition and Water Transformation (PETRA), said the Cabinet has in principle agreed to consider nuclear as a future energy source. 'This is to address the current limitations in baseload energy supply. We are trying to reduce our dependence on coal and gas, but supply remains a challenge. 'In addition, we are facing constraints in hydroelectric generation due to limited water resources. Globally, many now see nuclear power as an option that must be considered,' he was quoted as saying. It is worth noting that Malaysia's interest in nuclear is not new. In 2008, the government set up the Nuclear Power Development Steering Committee. The following year, former Prime Minister Najib Razak unveiled a plan to establish a small-scale nuclear reactor. By 2011, the Malaysia Nuclear Power Corporation (MNPC) was established as Malaysia's Nuclear Energy Programme Implementing Organisation (NEPIO), positioned under the Prime Minister's Department. The MNPC took on the functions of the Nuclear Power Development Steering Committee. Alongside its establishment, there was a budget of US$7.7 million from 2010-2012 that highlighted the country's strong commitment to nuclear power development. Among key pre-project activities undertaken by MNPC between 2011 and 2014 were completion of legal and regulatory studies, which included Malaysia's Nuclear Power Regulatory Infrastructure Development Plan (NPRIDP). However, these plans were ultimately shelved following the disbandment of the Malaysia Nuclear Power Corporation (MNPC) in 2018 after Najib's term ended. His successor Tun Dr Mahathir Mohamad asserted that Malaysia would not pursue nuclear power plants. Fast forward to November 2024, the then Economy Minister Rafizi Ramli confirmed that the Cabinet and National Energy Council had endorsed nuclear for inclusion in the 13th Malaysia Plan (2026–2030), making it the first time in over a decade since the discussion on nuclear was first introduced. 'Nuclear is on the table – because without nuclear and if we were to miss one or two (options), its quite difficult for Malaysia to achieve net zero by 2050,' he said. He also said groundwork for nuclear adoption is well underway and expected to be tabled in Parliament this month (July 2025). The Ministry of Science, Technology and Innovation (MOSTI) and PETRA are jointly tasked with preparing the legal and regulatory framework, which must comply with international standards before any project can proceed. Analysts at TA Securities believe MOSTI will handle the legal side while PETRA will take charge on technical integration into the energy system, as nuclear is being considered for post-2035 deployment. Analysis: Nuclear necessary to hit M'sia's energy targets The clock is ticking as Malaysia searches for clean and stable energy to replace coal, which still makes up 59 per cent of Malaysia's generation mix. Over half of Malaysia's coal-fired capacity, around 7GW, is scheduled to retire between 2029 and 2033. The remaining 5GW is set to go offline by 2044, in line with the government's long-term target to phase out coal. Furthermore, Malaysia's electricity demand is projected to increase significantly driven by expanding industrial activities, the rapid growth of energy-intensive data centres, and the rising adoption of electric vehicles. According to a Energy Watch report, 18 operational data centres in Malaysia already consume about 800MW, and this figure could surge with 81 new data centres expected by 2035. Government projections show national power demand could reach 7.7GW by 2030 and 20.9GW by 2040, mostly in Peninsular Malaysia. Malaysia is not alone in this push. Across Asean, several countries are also turning to nuclear as part of their energy strategy. Indonesia, the Philippines and Vietnam are moving ahead with plans, with an estimated 10.6GW of nuclear capacity expected to come online in Asean by 2035, and at least 30GW by 2050. Indonesia has announced plans to build 4.3GW of nuclear capacity. The Philippines is home to the region's only nuclear power plant, built in the 1980s but never operated. Globally, nuclear power has been gaining ground for decades, with Asia, North America, and Europe leading the way. In 2023, nuclear plants generated 2602 terawatt-hour (TWh) of electricity worldwide, based on International Energy Agency data. Nuclear makes up 9 per cent of global electricity generation. In advanced economies, the share is 17 per cent, while in emerging and developing countries it remains at just 5 per cent, according to TA Securities. In 2024, nuclear contributed 8 per cent of new global electricity generation. Renewable energy made up the largest share at 38 per cent, followed by gas (28 per cent), coal (15 per cent) and oil (11 per cent), according to IEA estimates. While the 2011 Fukushima disaster slowed nuclear growth as countries re-examine their policies, the tide has turned. Japan has since restarted 14 reactors, with three more approved. China, Russia and the US continue to invest, with China leading new reactor development. For Malaysia, the need is urgent. With 7GW due to be retired in the next eight years, and 5GW more between 2040 and 2044, the search for baseload alternatives is more critical than ever. Given the 10 to 15 years required to set up the legal, regulatory and technical framework for a nuclear project, groundworks must begin soon. TA Securities said while nuclear may not be ready in time to replace the first batch of expiring coal capacity between 2029 and 2033, which will likely be filled by natural gas, it can be positioned to replace the remaining coal fleet between 2040 and 2044 and serve as a clean complement to the generation mix. How does nuclear work? Nuclear energy is produced through a process called nuclear fission. This happens when the nucleus of an atom, usually uranium-235 or plutonium-239, is split by a neutron. The split releases heat and more neutrons, which then strike other fuel atoms, creating a chain reaction. This reaction is carefully controlled inside a nuclear reactor. The heat generated from fission is used to turn water into steam. The steam drives turbines that are connected to generators, which produce electricity. Because no fossil fuels are burned, nuclear power produces almost no greenhouse gas emissions during operation. The entire process is kept within secure systems to prevent radiation leaks, but safety and long-term waste management remain critical issues. Despite this, many countries continue to invest in nuclear energy due to its ability to deliver stable and low-carbon electricity. There are several types of nuclear reactors used around the world, each with different designs and functions. The most common is the pressurised water reactor (PWR), which uses water as both coolant and neutron moderator. The water is kept under high pressure to prevent it from boiling, and heat is transferred through a primary circuit to a secondary loop that produces steam to drive turbines. In Russia, similar designs are known as VVER reactors. Boiling water reactors (BWRs) work in a similar way but use only one water circuit, where the water boils inside the reactor vessel to produce steam directly. This makes them simpler than PWRs. Heavy water reactors (HWRs), such as Canada's CANDU reactors, use deuterium oxide as coolant and moderator. They produce more energy per kilogram of uranium but also generate more spent fuel. Gas-cooled reactors (GCRs) use gases like carbon dioxide or helium for cooling and graphite as a moderator, with the advanced gas-cooled reactor (AGR) being a well-known variant. Fast neutron reactors (FNRs) do not use a moderator at all and rely on fast neutrons to sustain fission, often using liquid metals like sodium as coolant. These reactors can extract far more energy from uranium compared to conventional reactors, though they require more highly enriched fuel and are more costly to build. Regardless of the difference, all nuclear reactor types aim to generate low-carbon, reliable electricity on a large scale. Inside the global race towards a nuclear future Lee (middle) alongside other panelists during the Energy Asia 2025 session entitled 'Nuclear Revival in Asia'. A shift is underway in the world of energy. For decades, nuclear power was a technology defined by public apprehension and political inertia. Today, driven by the twin crises of climate change and volatile energy markets, a new era for nuclear is dawning. Across the globe, from established industrial powers to emerging economies, governments are actively embracing nuclear energies as a cornerstone of a clean, secure energy future. This is a 'complete paradigm shift,' said King Lee, head of policy and industry engagement at the World Nuclear Association, the international body representing the sector. 'This is really driven by climate change, and more recently, energy security concerns,' he explained, pointing to the recent energy crisis that sent prices soaring and hit both consumers and industries hard. He said this during a panel session at Energy Asia 2025 titled 'Nuclear Revival in Asia'. The evidence of this change can be seen worldwide. Lee said as of early 2025, approximately 440 nuclear reactors are operating in 33 countries, while about 60 more new units are being constructed worldwide; This global momentum, however, is not evenly distributed. The majority of nuclear development centres mostly in Asia, a continent in the midst of an unprecedented energy transformation that is placing nuclear power at its very core. While the world grapples with its energy future, Asia is clear on its energy directives as the continent is already home to 30 per cent of the world's nuclear capacity, but that is just the beginning. 'Moving forward, the major growth of nuclear is in Asia,' Lee said. 'Of the nearly 70GW that's currently under construction globally, approximately 70 per cent of these are in Asia.' A look across the region reveals a breathtaking scale of ambition. According to data from the World Nuclear Association, China is an undisputed giant of this new nuclear age, operating 58 reactors and building another 27. It has plans to reach 150GW of nuclear capacity by 2035 and potentially 400GW by 2060. This would firmly establish China as the world's leading nuclear power. In a significant policy reversal, South Korea is doubling down on nuclear. Its latest energy plan calls for three new reactors by 2038, aiming for nuclear power to generate over 35 per cent of the nation's electricity. As for Japan, the nation that experienced the trauma of Fukushima is cautiously re-embracing the atom. With 14 reactors now restarted out of 33 operable ones, Japan's goal is to generate 20 per cent of its electricity from nuclear by 2040, a target that will require restarting most of its existing fleet and building new plants. Over in India, with its long-term vision to achieve net-zero emissions by 2070, India has announced a massive nuclear expansion, targeting 100 gigawatts of capacity by 2047 and opening the door to both state-led and private investment. This wave of development is now spilling over into Southeast Asia, a region on the cusp of its own nuclear dawn. Bangladesh is set to commission its first reactor in late 2025. Vietnam has revived its nuclear programme, aiming for its first plant by the mid-2030s. The Philippines is debating the revival of its mothballed Bataan plant, while Indonesia and Malaysia have officially included nuclear power in their long-term energy roadmaps. SMRs: Revolutionising the future of reactors This file photo on August 10, 2023 shows the assembly site of the core module of the world's first commercial small modular reactor, Linglong One, in Changjiang Li Autonomous County, south China's Hainan Province. — XInhua photo This nuclear renaissance is not simply about building more of the same. A key driver of this new momentum is a technological evolution: the Small Modular Reactor, or SMR. These are not the sprawling, gigawatt-scale plants of the 20th century. Instead, they represent a fundamental rethinking of nuclear design, safety, and deployment. 'I believe large reactors and SMRs have different features and therefore serve different markets,' explained Masanori Ijichi, division director at Japan's IHI Corporation, which invested in SMR developer NuScale in 2021. While large reactors are a good fit for established grids with massive electricity demand, like in Japan, SMRs offer a different value proposition. 'SMRs have other features, such as advanced safety, a variety of sizes, and flexibility,' Ijichi says. This means they can be adapted for smaller grids, remote communities, or to replace decommissioned coal plants. Their key innovation lies in modularity. 'Most of the work is done in a fabrication shop, which simplifies construction work at the site,' he notes, a crucial advantage given the cost and schedule overruns that have plagued some large-scale nuclear projects. Jon Guidroz, senior vice president at Aalo Atomics from the US, takes this concept a step further. He argued that for the revolution to be real, SMRs must move from being 'construction projects' to 'mass-manufactured products.' 'One of the challenges I see when I look across the SMR landscape is that many of them are neither small nor modular,' he said during the Energy Asia panel session. 'Aalo Atomics is betting on a different model. We are building a factory in Austin, Texas, with the goal of mass-producing 50MW reactors that can be shipped for assembly on-site. 'The idea is to move from construction projects, which have very low predictability on schedule and are prone to cost overruns… to factory-based, mass-manufactured products,' Guidroz said. 'This approach is the key to unlocking nuclear power for a new and unexpected customer: Big Tech.' Malaysia has been studying SMRs since last year. MOSTI has confirmed that it has conducted benchmarking visits to Russia to explore floating power unit SMRs, nuclear energy cycles, and related safety guidelines. (Source: Malaysia Nuclear Association) It said these efforts are aligned with global trends, as SMRs are gaining traction for their enhanced safety features, scalability, and suitability for smaller grids or remote areas. Large nuclear reactors require huge capital outlay and pose financial risks, especially for a first-time nuclear country like Malaysia. Hence, SMRs, by comparison, offer a more practical alternative. It is defined by the International Atomic Energy Agency (IAEA) as advanced fission reactors of up to 300MW per unit. They are also smaller and modular (hence their name) and their can be prefabricated, shipped and installed on-site that help cut both costs and delays. SMRs also offer more deployment flexibility. They can be scaled up over time, easing financing pressures and helping replace ageing fossil fuel plants. Beyond power generation, some SMR designs can support industrial needs like hydrogen production, desalination and district heating. There is growing interest in using SMRs to meet electricity demand from data centres and AI systems. Their stable, carbon-free output and small footprint make them attractive for operators with decarbonisation targets. As of end-2024, around 25GW of SMR capacity has been proposed for data centre use globally, mostly in the US. China's first SMR, the ACP100 or Linglong One, is expected to be completed by 2026 and was the first design to pass the IAEA safety review. The US leads in SMR innovation, with federal support and the first projects expected online by the early 2030s. In Europe, the EU SMR Industrial Alliance is driving deployment plans across the bloc. Countries like France, the Czech Republic, Finland and Sweden are also exploring SMR use, with total capacity targets ranging from 3GW to 10GW. Globally, the IEA projects a US$670 billion market for SMRs by 2050, with over 1,000 units expected across 30 countries. However, TA Securities noted SMR costs remain uncertain until more units are commercialised, as most designs are still new and have yet to prove cost advantages at scale. Additionally, it believes that SMR is a strong contender for Malaysia's first nuclear project due to their smaller size and easier deployment. 'However, in balancing the energy trilemma, we believe the government will also take into consideration the high costs associated with nuclear energy and its impact on consumer tariffs – hence, any potential induction of nuclear energy is likely to be gradual. 'We also acknowledge competing technologies such as energy storage, which can address solar intermittence, gas with CCS (carbon capture & storage), as well as hydrogen, although the latter is still technically and commercially challenging,' it said. This file photo on August 10, 2023 shows the construction site of Linglong One, in Changjiang Li Autonomous County, south China's Hainan Province. — Xinhua photo The path forward for the new era Despite the technological advancements and growing political will, the road to a nuclear-powered future is not without its hurdles. Turning ambition into reality will require overcoming significant challenges in finance, regulation, and public trust. For nuclear power to truly enter a new era, it must overcome the lingering shadow of past accidents, most notably Chernobyl. Addressing this public perception challenge is paramount. 'When we talk about safety, it's not a binary question of 'is it safe or isn't it safe?'' asked Professor Michael Short of MIT's Department of Nuclear Science and Engineering. 'Every technology has a risk. And the biggest risk I think we could take is to do nothing.' Short argued for a data-driven perspective. When comparing deaths per unit of electricity produced, 'nuclear, wind, and solar are nearly indistinguishable from each other.' He likens the perception of nuclear risk to the fear of flying versus driving. Crucially, he said, today's technology is not the technology of the 1980s. 'The flawed design of the Chernobyl plant, which lacked a containment dome, would not be licensed today. Modern reactors, and especially SMRs, are built with 'safety by design.' 'There are multiple inherent layers of safety,' Short explained, 'from the fuel rods that contain the fuel, to the vessel that surrounds it, to the safety systems that surround that, and to the containment dome that surrounds all of it.' Meanwhile, Masanori added that the smaller size of SMRs allows for 'passive safety' systems that rely on natural forces like gravity and convection to cool the reactor, rather than active systems that require pumps and motors. 'Because an SMR is small, passive safety can be realised, which means the possibility of an accident is significantly lower,' he says. This enhanced safety profile allows for smaller emergency planning zones, making it feasible to co-locate SMRs with industrial facilities or closer to population centers. Guidroz emphasised the need to build a robust global ecosystem of partners, from uranium suppliers to construction firms. But perhaps the most critical components are human: public acceptance and international collaboration. 'You cannot push a string; one must pull a string,' says Professor Short, arguing that the best way to build public trust is not to force a solution, but to make information freely and widely available, allowing people to 'verify for yourself.' This spirit of openness extends to regulation. Panelists unanimously called for greater international cooperation. King Lee highlights the inefficiency of the current system, where reactor designs must be re-certified and altered for each country. He advocates for a common regulatory framework to streamline deployment. Professor Short adds a crucial caveat: these regulatory bodies must be fiercely independent and shielded from political interference. Ultimately, the message from across the industry is one of partnership. From Japanese and American firms collaborating on new designs to the call for a unified approach among ASEAN nations, the path forward is collective. 'We need an ecosystem of partners,' Guidroz concluded. 'None of this stuff works unless we have fuel. So we need a robust supply chain, partnerships for global deployment to be in the remit.'
Daily Express
18 hours ago
- Daily Express
Oil and gas: Bigger Sabah participation, Sabah can unlock its true potential in the industry.
Published on: Sunday, July 13, 2025 Published on: Sun, Jul 13, 2025 By: Datuk Roger Chin Text Size: THE Commercial Collaboration Agreement (CCA) between Sabah and Petronas marks a significant milestone. It empowers Sabah to exercise greater control over its oil and gas resources, paving the way for a period of renewed growth and development within the state. This positive outlook is further bolstered by the success of SMJ Energy, a Sabahan oil and gas company that has achieved remarkable financial standing, boasting a coveted triple-A bond rating and substantial assets and profitability as demonstrated by its RM50 million maiden dividend to the State Govt in 2023. However, a crucial question remains – how can Sabah leverage these developments to create a truly inclusive oil and gas ecosystem that empowers its local population? Moving Beyond Resource Extraction - A Collaborative Approach While the CCA and SMJ Energy's success are positive indicators, a strategic shift is necessary to translate these developments into tangible benefits for Sabahans. The focus should extend beyond mere resource extraction. Petronas, as the national oil company, has a unique opportunity to foster a collaborative environment. This can be achieved by actively supporting and nurturing the growth of Sabahan companies, enabling them to become key players across various segments of the oil and gas value chain. Moving away from the narrative of a skills gap, Petronas can play a pivotal role in bridging this gap by investing in targeted training programs and mentorship initiatives. Equipping Sabahans with the necessary expertise will unlock their potential to contribute meaningfully across the upstream, midstream, and downstream sectors of the industry. Transparency - Building a Ladder of Opportunity Transparency is paramount in ensuring equitable participation. Demystifying the entire oil and gas value chain – from upstream exploration and production to downstream activities like logistics, maintenance, and even catering services – is crucial. This information, readily available and presented in a clear and concise format, will empower aspiring entrepreneurs and business owners to identify suitable entry points for participation. Imagine a comprehensive breakdown of the different stages within the industry, along with clear outlines of the qualifications and resources needed for participation at each level. This will empower Sabahans, from established businesses to individuals with entrepreneurial ambitions, to identify their ideal entry points. Think of it as a carefully constructed ladder. A local catering company, for example, can begin by providing food services to offshore platforms. As their expertise and capacity grow, they can climb the ladder, potentially securing larger contracts or even expanding into other segments like equipment maintenance or specialized transport. This fosters a dynamic environment where local businesses can continuously improve and evolve alongside the industry. Additional Crucial Measures for Empowering Local Participation Infrastructure Development: Investing in Sabah's transportation networks, communication systems, and power grids will create a more attractive environment for businesses and incentivize further participation. Improved infrastructure will not only reduce operational costs but also enhance productivity and efficiency. Education and Training Alignment: Aligning Sabah's education and training curriculum with the specific needs of the oil and gas industry will ensure a readily available pool of qualified local talent. This includes incorporating relevant technical skills training alongside soft skills development programs to nurture well-rounded professionals. Local Content Requirements: Establishing clear and measurable local content requirements will incentivize contractors and operators to utilize Sabah-based services and workforce. This can be implemented through a tiered system that offers preference to companies demonstrating a commitment to local hiring and procurement. Financial Support Mechanisms: Providing access to financing for Sabahan businesses, particularly SMEs, is crucial for contract competition and joint venture participation. Loan guarantees, tax breaks, and subsidies can level the playing field. Grant programs specifically targeted towards innovation and technological development in the oil and gas sector can further empower local companies. Encouraging Innovation and Entrepreneurship: Fostering a culture of innovation and entrepreneurship will be critical to drive local participation beyond traditional service provision. Supporting the development of homegrown oil and gas technology and service companies will ensure Sabah has a stake in the entire value chain. This can involve establishing business incubators, providing mentorship programs, and organizing innovation challenges focused on addressing industry-specific problems. A Shared Journey Towards Prosperity By fostering an inclusive and transparent environment, Sabah can unlock its true potential in the oil and gas sector. Empowering Sabahans to participate meaningfully will not only contribute to their own economic well-being but also fuel the state's growth and development. The future is bright, and by equipping Sabahans with the right tools and knowledge, we can ensure they are well-positioned to navigate this exciting new chapter and become active participants in the state's oil and gas renaissance. The views expressed here are the views of the writer and do not necessarily reflect those of the Daily Express. If you have something to share, write to us at: [email protected]
