Masiung urges govt intervention over Petronas job cuts
Published on: Tuesday, June 10, 2025
Published on: Tue, Jun 10, 2025 Text Size: SANDAKAN: Gagasan Rakyat vice-president Datuk Masiung Banah has urged the federal government to intervene over Petronas' move to retrench over 5,000 contract workers, mostly Bumiputera from Sabah and Sarawak. He called for an engagement session between the government, Petronas, and workers' unions to ensure decisions aren't made unilaterally.
Advertisement 'This isn't a small issue, it affects thousands of families,' said Masiung after officiating the party's Karamunting division AGM. The Kuamut assemblyman questioned the rationale behind such large-scale cuts despite oil prices remaining stable at USD65 per barrel, noting that in 2016, when prices fell to USD44, only 1,000 workers were let go. 'If profits are still dropping, then something is clearly wrong with governance in Petronas,' he said, urging the Sabah and Sarawak governments to protect local workers who are key contributors to the national oil and gas sector. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * 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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
5 hours ago
- The Star
PETRONAS sets stage for event, highlights Asia's energy transition path
KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) gathered nearly 100 media and communications professionals from over 30 organisations for a lunch talk titled 'Road to Energy Asia 2025', aiming to build momentum ahead of its flagship energy conference next month. The session offered a preview of the upcoming Energy Asia 2025, set to take place from June 16-18 June at the Kuala Lumpur Convention Centre. Organised by PETRONAS in partnership with CERAWeek by S&P Global, the event will convene policymakers, business leaders and energy experts to explore Asia-led strategies for accelerating the global energy transition. PETRONAS senior general manager of strategic communications Siti Azlina A Latif emphasised the importance of multi-stakeholder engagement in transforming the energy landscape. 'The energy transition cannot be achieved in isolation. Public and private sector collaborations as well as public education is key to driving the transformation of the energy landscape and supporting ecosystems,' she said in a statement. Energy Asia 2025 will feature more than 180 global speakers and is expected to draw over 4,000 delegates from 50 countries. Its programme includes over 50 strategic dialogues under themes such as energy policy, markets, innovation, capital, sustainability, and talent development. With the theme 'Delivering Asia's Energy Transition', the conference will highlight collaborative solutions to drive energy security, scale renewable energy, and deploy decarbonisation technologies across the region. Separately, the Energy Park, a core component of the event, will serve as a hub for technology showcases and innovation dialogues. It will bring together startups, technologists, investors and policymakers to highlight breakthroughs in areas such as artificial intelligence, low-carbon fuels, mobility, and the circular economy. PETRONAS aims for Energy Asia 2025 to be a platform that not only sparks discourse but also delivers actionable solutions that can support a just, inclusive and practical energy transition for the region.
The Star
5 hours ago
- The Star
Energy Asia 2025 to attract 4,000 global delegates
KUALA LUMPUR: Energy Asia 2025 is set to attract more than 4,000 international delegates when it returns for its second edition from June 16 to 18, at the Kuala Lumpur Convention Centre. Themed 'Delivering Asia's Energy Transition', the conference will bring together policymakers, industry leaders and energy professionals to explore practical solutions that balance the urgency of accelerating climate action with the need to safeguard economic resilience. Hosted by Petronas, with CERAWeek by S&P Global as knowledge partner, the conference will feature more than 180 globally recognised speakers and is backed by 52 corporate sponsors, highlighting the industry's broad support for a just and orderly energy transition. In a statement, the host said prominent figures slated to attend include Organization of the Petroleum Exporting Countries secretary general Haitham Al Ghais; Saudi Aramco president and CEO Amin Nasser; PETRONAS president and group CEO Tan Sri Tengku Muhammad Taufik; and CNPC Economics & Technology Research Institute president Dr Lu Ruquan. They will be joined by Woodside Energy CEO and managing director Meg O'Neill; TotalEnergies chairman and CEO Patrick Pouyanné; Eneos Xplora chairman Toshiya Nakahara; Mercedes-AMG Petronas F1 Team team principal and CEO Toto Wolff; and Shell CEO Wael Sawan. Petronas senior general manager, Energy Asia and strategy, planning and governance Arni Laily Anwarrudin said the company aims to establish the region's foremost platform for thought leadership on the energy transition. "Through Energy Asia, our ambition is to establish the region's foremost platform for thought leadership on the energy transition, a space that not only showcases bold ideas and innovation, but also drives meaningful, tangible action.' "We also aim to bridge the gap between emerging and developed economies by fostering cross-sector and cross-border collaboration. Only through inclusive and equitable dialogue can we unlock the full potential of Asia's diverse energy landscape and ensure that no one is left behind,' she added. A new feature this year is the Energy Asia Global Leadership Executive Forum, a closed-door session for C-suite leaders from energy, finance, technology and professional services. The forum will aim to align investment strategies and scale up technology deployment. Two additional initiatives will make their debut: the Energy Asia Awards, recognising leadership in energy transition, and Future Energy Leaders, spotlighting emerging talent across the region. Prime Minister Datuk Seri Anwar Ibrahim is expected to officiate and deliver the keynote address. More information is available at - Bernama
The Sun
6 hours ago
- The Sun
Paradigm REIT has three hotels and one commercial gateway on its acquisition radar
KUALA LUMPUR: Paradigm Real Estate Investment Trust (Paradigm REIT) has three hotels and a commercial gateway in its acquisition pipeline for the next three years. The assets are Hyatt Place Johor Bahru Paradigm Mall, Le Méridien Petaling Jaya, Premier Hotel Klang and Gateway@Kuala Lumpur International Airport (KLIA) Terminal 2. Paradigm REIT Management Sdn Bhd's investment, finance and accounts director, Chong Kian Fah, told reporters after the company's listing on the Main Market of Bursa Malaysia today that the proposed acquisition would be funded with a 50:50 combination of cash and newly issued REIT units. 'We plan to raise the cash portion through medium-term notes. Our proposal is to pay the vendor half in cash and half in new REIT units,' he said. The hotels, which are currently owned by Paradigm REIT's sponsor, WCT Holdings Bhd, are in the vicinity of its mall assets in the trust. Paradigm REIT is looking to do this as early as 2026 to inject the three hotels and then potentially 2027 or 2028 for the commercial gateway asset which the company is looking into besides eyeing other potential acquisition targets. Asked if there are any plans to acquire new malls following the listing, Paradigm REIT executive director and CEO Selena Chua Kah Noi said the company is open to it but it would depend on several key factors. 'We have to look at a few key things, including location, type of tenants, the mall surrounding, catchment and other factors,' she added. Chua said the company is looking to leverage on Visit Malaysia 2026 and is working closely with Tourism Malaysia on the programme. She said Paradigm Mall Johor will benefit the most out of the programme as many Singaporeans will be excited to come visit the country and spend their time shopping. 'Last year, we did a midnight sale in Johor Bahru which was very well received and the tourists from Singapore came in and shopped and we had a lot of activities lined up.' Paradigm REIT made a flat debut on Bursa Malaysia, opening at RM1 per share, unchanged from its initial public offering (IPO) price, on volume of 1.73 million units. It traded within a narrow range and closed at RM1, with 44.58 million shares traded. In May, Paradigm REIT's IPO garnered strong investor interest, with the public tranche oversubscribed by 1.49 times. The non-Bumiputera portion saw an oversubscription rate of 3.7 times. Paradigm REIT's IPO involved no issuance of new units, meaning the trust itself did not receive any proceeds. The entire RM560 million raised from the IPO went to WCT Holdings. Paradigm REIT chairman and independent non-executive director Tan Sri Shahril Ridza Ridzuan said the listing of Paradigm REIT marks a proud milestone for their team and for Malaysia's REIT landscape. 'While we opened flat at RM1, we view this as a stable and encouraging start – especially in a market where volatility has become the norm. 'The strong support from both institutional and retail investors affirms confidence in our portfolio and long-term strategy. We remain focused on delivering consistent value to our unit holders and executing our strategy in making our assets more value-accretive.' Paradigm REIT's current portfolio comprises three shopping centres – Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, and Bukit Tinggi Shopping Centre – collectively valued at RM2.4 billion and strategically located in high-traffic, high-growth urban areas. Managed by Paradigm REIT Management and sponsored by WCT Holdings, Paradigm REIT aims to maintain a disciplined acquisition strategy while leveraging on WCT Holdings' development expertise and network to unlock future growth opportunities. Paradigm REIT is expected to deliver an attractive distribution yield, backed by stable cash flows from its diversified and well-tenanted retail assets. It has committed to distributing at least 90% of its distributable income on a half-yearly basis.
