Latest news with #RM171
The Sun
18 hours ago
- Business
- The Sun
Sabah Carbon Governance Enactment boosts investment opportunities
KOTA KINABALU: The passing of the Climate Change and Carbon Governance Enactment 2025 at the Sabah State Assembly sitting on July 8 has opened up opportunities for Sabah to attract investors in the carbon market, said Chief Minister Datuk Seri Hajiji Noor. He said the enactment has led to the establishment of the Sabah Climate Action Council, a Climate Fund, a state-level emissions inventory, and a framework for benefit-sharing, particularly with indigenous communities, while legally affirming carbon rights as belonging to the state government. 'This legal foundation gives investors the certainty they need. But the bigger opportunity lies in ASEAN cooperation. To grow this space, we need a functioning regional carbon market with common standards, regulatory alignment, and mutual recognition of credits across borders. 'Sabah is ready to work with other ASEAN countries to push this agenda forward,' he said in a speech read by Sabah Finance Minister Datuk Seri Masidi Manjun at the ASEAN Sustainable Forestry Summit 2025 here today. Hajiji highlighted that Sabah is now a net sink jurisdiction -- absorbing more carbon than it emits --contributing approximately 36 per cent of Malaysia's total carbon sequestration, which he described as 'a strategic economic asset' in a carbon-constrained world. Sabah introduced the Forest Plantation Development Action Plan in 2022, a 15-year blueprint to rehabilitate 400,000 hectares of degraded forest, which is projected to contribute more than RM11 billion to Sabah's gross domestic product (GDP) and create 40,000 jobs across the value chain once fully realised. The Chief Minister also noted that timber remains a strategic sector for Sabah, with timber royalties rising to RM171 million in 2024, marking an increase of RM16 million from the previous year, while export volumes have grown steadily, especially to Japan, the United States and Taiwan. As the largest producer of crude palm oil (CPO) in Malaysia, accounting for over 25 per cent of the national output, he said Sabah is advancing its leadership in the palm oil industry by attracting investments in downstream processing, biofuels, and palm-based innovation. 'Forestry and climate are now at the core of economic strategy for Sabah, for Malaysia and ASEAN. We are no longer treating sustainability as optional. It is part of how we create jobs, attract investment, and strengthen resilience,' said Hajiji. The ASEAN Sustainable Forestry Summit, jointly organised by the KSI Strategic Institute for Asia Pacific and the ASEAN Economic Club, brings together policymakers, business leaders and environmental experts from across Southeast Asia to address the urgent need for sustainable forestry and climate resilience. - Bernama
The Sun
11-07-2025
- The Sun
Pahang KPDN seizes 1,100 illegal LPG tanks worth RM171,687
KUANTAN: The Ministry of Domestic Trade and Cost of Living (KPDN) in Pahang seized more than 1,100 tanks of liquefied petroleum gas (LPG) worth RM171,687 during a raid in Jalan Manchis, Bentong. The operation, codenamed Ops Gasak, was conducted by seven enforcement officers following a month-long surveillance. Pahang KPDN director Jezlily Jamaluddin stated that the premises was suspected of conducting wholesale LPG sales without a valid licence. 'Based on the documents presented, the premises owner's LPG wholesale licence had expired,' he said in a statement. Further investigations revealed that the LPG was meant to be delivered to a location in Mentakab but was redirected to an address not matching the invoice. Authorities also confiscated three lorries valued at RM450,200, believed to be used for storage and delivery, along with related documents. - BERNAMA
New Straits Times
11-07-2025
- Business
- New Straits Times
Unlicensed LPG wholesaler raided, RM621,887 in goods seized
KUANTAN: The Domestic Trade and Cost of Living Ministry in Pahang raided a business premises here for allegedly selling liquefied petroleum gas (LPG) in bulk without a valid licence, seizing goods worth RM621,887. Director Jezlily Jamaluddin said the enforcement was carried out under Ops Gasak 2025 at a premises in Jalan Manchis following a month-long intelligence operation. "A total of 1,105 LPG cylinders were seized, consisting of 12kg, 14kg and 50kg tanks, with an estimated value of RM171,687. Three lorries were also confiscated, worth about RM450,200," she said in a statement. Jezlily said the outlet's wholesale LPG licence had expired. Preliminary investigations also found that the LPG cargo, which was supposed to be delivered to another premises in Mentakab, Temerloh, was diverted elsewhere, in breach of the invoice route.
New Straits Times
16-06-2025
- Business
- New Straits Times
Malaysian palm oil futures ends higher on Chicago soyoil gains
JAKARTA: Malaysian palm oil futures closed higher for the third straight session on Monday, tracking gains in Chicago soyoil after the US proposed higher biofuels blending volumes, and elevated crude oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained RM171, or 4.36 per cent, to RM4,093 (US$965.79) a metric ton at the close. US President Donald Trump's administration on Friday proposed increasing the amount of biofuels that oil refiners must blend into the nation's fuel mix over the next two years, driven by a surge in biomass-based diesel mandates. It pushed Chicago soyoil futures to their highest level in nearly 18 months on Monday, after rising more than 6.0 per cent on Friday. Soyoil on the Chicago Board of Trade (CBOT) gained 5.39 per cent. Dalian's most-active soyoil contract was up 2.45 per cent, while its palm oil contract rose 3.76 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Darren Lim, commodities strategist at Singapore-based brokerage Phillip Nova, said the edible oils market tracked gains in crude oil since Friday when Israel bombed Iran. "Supply disruption fears lead to heightened risk premiums," said Lim. Higher energy prices increase both palm oil production costs and potential demand for biofuels. The biofuel sector acts as an alternative energy source to crude oil-derived fuels, Lim added. Oil prices edged 0.7 per cent lower on Monday after a seven per cent surge on Friday, as renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected. Stronger crude oil futures make palm oil a more attractive option for biodiesel feedstock. Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for June 1–15 rose 26.3 per cent compared to May 1–15, while according to independent inspection company AmSpec Agri Malaysia it rose 17.8 per cent.
Daily Express
12-05-2025
- Business
- Daily Express
Sabah's timber revenue RM171 million last year
Published on: Monday, May 12, 2025 Published on: Mon, May 12, 2025 Text Size: Safar (right) receiving the SFD 2024 Annual Report from Frederick. Kota Kinabalu: Sabah retained 63 per cent of its landmass as forested areas, with 27 per cent designated as Totally Protected Areas, according to Chief Conservator of Forests Datuk Frederick Kugan. The department also reported a revenue increase of RM16 million from timber royalties, totalling RM171 million in 2024. This is stated in the Forestry Department's 2024 annual report presented at State's Forestry Appreciation Ceremony on Friday. The 288-page report was presented State Secretary Datuk Seri Safar Untong representing Chief Minister Datuk Seri Hajiji Noor. 'Through teamwork and stakeholder partnerships, we are committed to sustainable forest management for Sabah's future,' said Frederick, expressing confidence in SFD's continued success. Notable events during the year included hosting the 20th Malaysian Forestry Conference, where the Sabah Mangrove Action Plan was launched and participating in international forums like the Asean Sustainable Agriculture and Food Security Forum and the Asia-Pacific Regional Conference on Forest Landscape Restoration. Under the Greening Malaysia Campaign, Sabah planted 23 million trees, reinforcing its commitment to reforestation. The department also introduced carbon as a forest produce under the Forest Enactment 1968, aligning with global climate goals. To enhance transparency and market access, the Sabah Timber Legality Assurance System (TLAS) is being revised to meet European Union regulations. Additionally, the Sabah Jurisdictional Certified Sustainable Palm Oil (JCSPO) Initiative was launched to support smallholders through cost-effective group certification. The department also implemented digital tools like the Aplikasi Kutipan Cukai for timber royalty assessment and the E-Ladang Hutan (Geoforest System) to improve forest management. Forest protection efforts included training Honorary Forest Rangers and conducting Ops Khazanah operations. The SFD was also appointed to the National Anti-Financial Crime Council (NFCC) to ensure integrity in its operations. With 20 active Memoranda of Understanding and over 112 research publications, the department emphasised collaboration and innovation in sustainable forestry. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
