Latest news with #MuhammadTaufik
New Straits Times
18-06-2025
- Business
- New Straits Times
Australia's Woodside Energy signs 15-year LNG supply deal with Petronas
KUALA LUMPUR: Australia's Woodside Energy has entered an agreement with a unit of Malaysian state-owned oil and gas firm Petronas to supply liquefied natural gas (LNG) to Malaysia starting 2028, the two companies said on Wednesday. Under the deal, Woodside Energy, Australia's largest independent oil and gas producer, will supply one million tonnes per annum of LNG to Malaysia for a period of 15 years. The LNG will be sourced from Woodside's global portfolio, including the recently approved Louisiana LNG project in the United States. The agreement is expected to support Petronas' efforts to ensure secure and flexible LNG supply to meet growing demand in Peninsular Malaysia and the broader Asia-Pacific region, the companies said. On Tuesday, Petronas Chief Executive Tengku Muhammad Taufik said the company is planning to start importing LNG in four to five years. The companies said they are working to finalise the heads of agreement into a formal sales and purchase agreement.
CNBC
18-06-2025
- Business
- CNBC
$50 the "sweet spot" to keep energy investments flowing, says Petronas CEO
Muhammad Taufik, President & Group CEO of Petronas, shares the company's long-term goals and outlook for oil markets amid the conflict in the Middle East. He joins 'Squawk Box Asia' on the sidelines of the 2025 Energy Asia in Kuala Lumpur.
Sinar Daily
17-06-2025
- Business
- Sinar Daily
Petronas to cut 5,000 employees in major corporate overhaul
Those affected will be notified by the end of this year. 06 Jun 2025 09:07am Petronas is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Bernama FILE PIX KUALA LUMPUR - Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000 and those affected will be notified by the end of this year. "Petronas 2.0 will be run differently, organised differently, will have different work processes and to move towards that, we have to correct the work process,' he said at a media briefing here on June 5. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). "There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this-those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. "Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. Petronas is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. FILE PIX The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. - BERNAMA
The Star
08-06-2025
- Business
- The Star
‘We have to build an energy superstar'
President Group CEO Tan Sri Tengku Muhammad Taufik. PETROLIAM Nasional Bhd (PETRONAS) has swiftly denied talk that its upstream arm in Canada will be sold, emphasising the importance of such an asset as the group navigates its journey as PETRONAS 2.0. PETRONAS Energy Canada Ltd (PECL) is the operator and majority stakeholder (72%) in the North Montney Joint Venture (NMJV) project, one of Canada's largest shale gas plays – or what an industry expert describes as 'crown jewel'. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
The Sun
05-06-2025
- Business
- The Sun
Petronas to cut 10% of its workforce
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified by the end of this year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here today. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this—those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik voiced concern over the uncertainty surrounding a deal between the two parties, adding that Petronas remains open to further negotiations on its role in the state. 'I'm concerned that if the deal is delayed—or unduly delayed—it will have an impact,' he added. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. ALSO READ: Petronas not exiting Canada, says group CEO
