Latest news with #Petronas
The Star
9 hours ago
- Sport
- The Star
Keep LTdL on the pedal please but drop tax on bikes, for Pete's sake!
A RECENT workshop organised by the National Sports Council (NSC) to discuss the future direction of Le Tour de Langkawi (LTdL) has raised fears that the long running cycling race may not survive beyond this year. This is because, this year may be the last year that Petronas will be the title sponsors. 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
New Straits Times
19 hours ago
- Business
- New Straits Times
Sabah's SMJ Energy now worth RM5b after three years of operation
PUTATAN: Sabah's state-owned oil and gas company, SMJ Energy Sdn Bhd, is estimated to be worth RM5 billion based on its current asset value after operating for just three years. Sabah Finance Minister Datuk Seri Masidi Manjun said this was a significant achievement for a company that began with only RM50 million in capital from a state government injection when it was founded three years ago. He said the success was due to SMJ Energy's investments in Petroliam Nasional Bhd (Petronas)-owned companies. "As many are aware, and as we have explained and announced on several occasions, SMJ Energy was established following the signing of the Commercial Collaboration Agreement (CCA) with Petronas three years ago. "The state government provided us with RM50 million in seed capital, and from that, we went on to invest in Petronas-linked companies. "According to the latest valuation, this RM50 million company is now worth RM5 billion, with a sizeable portfolio of assets," he told reporters after launching Petagas Gabungan Rakyat Sabah (GRS) annual general assembly here today. Masidi, who is also chairman of SMJ Energy, was commenting on the current performance of the Sabah government-linked company (GLC). He said the achievement was the result of the hard work of professionals hired to manage and operate the company, without political interference. "Our operations at SMJ Energy are fully commercial; that's the key factor behind the company's strong performance. "In fact, last year alone we recorded a profit of RM350 million, managed by a team of just 30 professional staff," he said. Masidi said SMJ Energy now also holds a 50 per cent stake in a Petronas oil field through the Samarang Production Sharing Contract (PSC).
Zawya
a day ago
- Business
- Zawya
TotalEnergies buys 25% stake in offshore Suriname from Moeve
PARIS - TotalEnergies has acquired a 25% stake in Block 53 offshore Suriname from Spanish company Moeve, it said on Friday without giving financial details. The block is adjacent to the $10.5 billion Gran Morgu development, on which Total took a final investment decision in October and which is estimated to hold more than 700 million barrels of recoverable resources. The South American country has yet to produce hydrocarbons, but has ambitions to emulate neighbouring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas. Total said Block 53 contains an oil and gas discovery drilled near the border of Gran Morgu, and will allow for project expansion. Spain's second largest oil company Moeve, formerly known as CEPSA, has sold 70% of its oil production assets since 2022 as part of an 8-billion-euro $9.4 billion) plan to pivot toward low carbon businesses. Houston-based APA, which operates Block 53, holds a 45% stake, while Petronas owns 30%. ($1 = 0.8537 euros)
New Straits Times
2 days ago
- Business
- New Straits Times
Enproserve launches IPO at 24 sen a share to raise RM50.4mil
KUALA LUMPUR: Enproserve Group Bhd has launched its initial public offering (IPO) at 24 sen per share, aiming to raise RM50.4 million to boost its capacity in mechanical and civil engineering services for the oil and gas, and petrochemical industries. The company's IPO, which opened for applications today and closes on July 8, involves the issuance of 315 million shares, representing 30 per cent of its enlarged share capital of 1.05 billion shares. Of the RM50.4 million proceeds raised from the new share issuance, Enproserve plans to allocate RM33.7 million or 66.9 per cent for capital and operational expenditure, including the purchase of heavy-lifting equipment, facility upgrades and expansion of its plant maintenance and turnaround services. Group managing director Azman Yusof said the listing marks a pivotal step in the group's next growth phase, especially as it prepares to meet surging demand under long-term contracts with industry giants like Petronas and PRefChem. "We are gearing up for Malaysia's largest-ever plant turnaround exercise at a petrochemical facility in Johor. This IPO allows us to invest in equipment and improve internal capabilities to support large-scale projects," he said in a statement. Azman added that the group is also constructing a new crane depot and expanding its asset rental operations to create a steady secondary revenue stream and improve operational efficiency. Enproserve recorded its best-ever financial performance in FY2024, with revenue rising 21 per cent year-on-year to RM198.4 million and net profit surging 71 per cent to RM21.1 million. Of the 210 million new shares, 139.18 million will be placed out to selected investors, 52.5 million will be offered to the Malaysian public via balloting, and 18.32 million reserved for eligible directors, staff and contributors. The 105 million offer-for-sale shares will be allocated via private placement. KAF Investment Bank is the principal adviser, sponsor, sole placement agent, and underwriter for the IPO. Enproserve is scheduled to list on the ACE Market of Bursa Malaysia on July 18. Founded in 2001, Enproserve is a long-standing engineering service provider to Petronas and PRefChem, with operations spanning Johor, Melaka, Terengganu, and Putrajaya.
Express Tribune
2 days ago
- Business
- Express Tribune
Can our oil and gas sector keep pace with climate demands?
The writer is an Islamabad-based researcher and climate policy expert. He can be reached at khalidmayo@ Listen to article As nations accelerate their shift to cleaner energy, Pakistan's continued dependence on fossil fuels, accounting for over 85% of its energy mix, presents both a challenge and an opportunity. The oil and gas sector — long central to powering homes, industries and transport — must now adapt to a shifting global landscape. Pakistan remains one of the ten most climate-vulnerable countries. The 2022 floods, which inflicted over 30 billion dollars in damages and displaced millions, were a tragic reminder of this vulnerability. Worsening air quality, volatile energy prices and increasingly frequent climate-related disasters highlight the unsustainable nature of current energy practices. Globally, the energy sector is undergoing transformation. British Petroleum has committed to cutting oil production by 40% while investing 5 billion dollars annually in low-carbon technologies. Shell is rapidly scaling up hydrogen and electric mobility infrastructure. In Southeast Asia, Malaysia's Petronas is diversifying through climate bonds and renewable energy initiatives. These companies are not just reacting; they are redefining their role in a low-carbon economy. Pakistani firms must learn from these transitions. Some positive developments are emerging locally. Mari Petroleum, now Mari Energies Limited, has joined the Oil and Gas Decarbonization Charter and issued its first integrated sustainability report — complete with a net-zero policy and a pilot carbon capture initiative that aims to store 1.6 million tonnes of carbon annually. OGDC and PPL have also joined the charter, indicating a shared commitment to decarbonization. PSO, meanwhile, is advancing its clean-energy journey through steps like energy-audits and renewables planning, although it has not yet signed the charter. As a next step, all these companies can demonstrate leadership and enhance credibility in the global transition. What is needed is not just technical upgrades but a mindset shift across the sector. Energy companies must integrate sustainability into all aspects of operations - from investment planning to workforce development. This includes setting verifiable emissions reduction targets, investing in carbon capture technologies, piloting renewable energy projects and ensuring transparent environmental reporting. Equally important is building internal climate literacy so that employees, leadership and stakeholders understand the long-term implications of their actions. Collaborations with international energy companies can further facilitate the transfer of green technologies and practices suited to Pakistan's conditions. Policy support will play a crucial role in this transition. Regulators must enforce existing environmental standards, introduce practical incentives for clean energy and mandate public disclosure of emissions. Meanwhile, solar and wind energy — despite their abundance — remain underexploited and skeptical among the masses. Reducing import duties on renewable energy equipment, encouraging local manufacturing and simplifying project approvals could significantly scale up adoption. Thar's lignite coal reserves, while offering short-term energy relief, present a long-term environmental conundrum. Continued reliance on coal undermines Pakistan's international climate commitments. A more balanced path involves deploying cleaner coal technologies, tightening environmental oversight and concurrently expanding renewables to gradually displace coal's role in middle timeframe. Looking ahead, the upcoming COP30 summit in Brazil offers a timely opportunity. In preparation, a national roundtable titled 'Road to COP30' brought together stakeholders, including regional ministers, policy experts and professionals. The discussion emphasized strengthening regional cooperation, aligning domestic energy goals with climate resilience and fostering inclusive policymaking. These ideas now need to be translated into actionable strategies. Pakistan must reform outdated practices, invest in clean technologies and embrace a future where environment sustainability and economic development go hand in hand. As the world moves toward a carbon-neutral future, Pakistan must not only follow — but lead. COP30 offers a moment not just to reflect, but to act.
