Malaysia seeks clearer Brics membership path as Anwar meets Putin for key talks
MOSCOW, May 14 — The meeting between Prime Minister Datuk Seri Anwar Ibrahim and President Vladimir Putin will help Malaysia gain a clearer understanding of how it can transition from being a partner country to a full member of BRICS.
This insight comes from Malaysia's Ambassador to Russia, Datuk Cheong Loon Lai, on Monday.
He stated that although Malaysia was accepted into the bloc as a partner country on January 1 of this year, the organisation has not yet clearly defined the process by which a partner country can eventually become a full member.
Cheong said that Malaysia's status in BRICS could be among the key topics to be discussed between Anwar and President Vladimir Putin during their meeting scheduled for tomorrow (Tuesday) evening.
'That has been one of the promises (made) whereby we will eventually move from the status of a partner country to be a full member,' he told the Malaysian media covering Anwar's official visit to Russia beginning today.
'As of now, I was told that there is still nothing defined in terms of the mechanism, or how they are going to go about it.
'There remains no clear framework of what the status entails or how it might lead to full membership. This is something that needs to be sorted out by the BRICS members themselves,' he said.
Nevertheless, Cheong said Putrajaya deeply appreciates BRIC's acceptance of Malaysia as a partner country.
Malaysia officially became a BRICS partner country on Jan 1, 2025, following the 16th BRICS Summit held in Kazan in October 2024, when Russia was chairing the group.
BRICS is made up of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
Anwar's official visit to Russia started in Moscow today until May 16.
The Prime Minister is scheduled to meet Russia's Prime Minister, Mikhail Mishustin, tomorrow.
On May 15, he heads to Kazan, Republic of Tatarstan, to attend the 16th International Economic Forum 'Russia-Islamic World: KazanForum'. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysiakini
35 minutes ago
- Malaysiakini
Pay cuts for all GLCs too, not only Petronas
YOURSAY | 'Have you talked to PMX about the bloated civil service?' Harapan Youth demands pay slash for Petronas top brass Anonymous_3f4b: Pakatan Harapan Youth should direct their calls to the politicians in power first to reduce their obscene perks, allowances, and gratuities, besides eliminating pensions, which cause a dent in the national coffers. After all, these politicians say their duty is to serve the public, not serve themselves. Next, Harapan Youth must target all GLCs (government-linked companies) and state subsidiaries and demand that highly inflated salaries, allowances, and perks be reviewed, not only Petronas. Petronas knows that the oil and gas industry is going south and they are overstaffed. The same goes for the GLCs and state subsidiaries, which treat public taxpayers' money as their piggy bank without accountability and with no positive tangible results shown other than losing money and then getting bailed out again with public money. BlueCougar1744: Has Harapan Youth conducted the analysis on Petronas to retrench 10 percent of its workforce? It is a business decision. Our challenge to Harapan Youth is for you to tell Prime Minister Anwar Ibrahim that we indeed have a bloated civil service. Have you done that? Being affiliated with any political party, it is your duty and role to ensure checks and balances. Have you demanded that all MPs and assemblypersons be allowed only EPF (Employees Provident Fund) schemes and not pensions? With the bloated civil service and the never-ending pension saga, what are your resolutions to move forward? The top brass in Petronas and all GLCs require a haircut. Do not just target Petronas because the company decided to remove 10 percent of its workforce. Harapan Youth is just trying to shift the blame. It does not work this way, and do not think the rakyat are equally complacent like you. Meerkat: Good points have been raised in this article. Why does Petronas need sponsorship anyway? It has no competition. It's just another way of giving perks to the top brass, who benefit from the reflected effects. A real pity was that Petronas was used as a piggy bank to bail out underperforming assets at the height of its prosperity. If the funds were used judiciously, the country would be basking in prosperity now. Instead, it's lagging way behind the little red dot, which has barely any natural resources. Steven Ong: GLCs are a good example that CEO pay should be according to the company's performance. A good PM would demand that the salaries of CEOs of GLCs losing money be cut in half and further reduced if there is no improvement, and replaced after the third year. The curse on Malaysia is that the government and PM are unethical and unwise to allow the CEOs of GLCs, which incur losses, to be bailed out year after year, to continue receiving unacceptable salaries. If immorality and unethical acts continue to go on, more curses and unfortunate disasters may happen in Malaysia. Chiaberliao88: This should be the humane approach when times are bad. The top executives who have been enjoying high pay, perks, and allowances should volunteer for pay cuts. Retrenchment of full-time, contract, or other workers should be the last resort. The government should go for this approach instead of laying off or retrenching contract workers. Contract workers have families to support, too. Falcon: In Malaysia, GLCs are companies where the government has a direct controlling stake. These companies play a significant role in the Malaysian economy, often operating in key sectors like banking, telecommunications, as well as oil and gas. If there are administrative or financial issues, the call to slash the perks and wages of the top management team is both right and justified before addressing layoffs or retrenchments! Undecided: Following Petronas' announcement of a 10 percent workforce reduction, Harapan Youth has called for the national oil company's leadership to share the burden. This is a good call by Harapan Youth. If the CEO of Petronas had good leadership qualities, this call would not have been necessary. A Better Msia: Harapan is out of touch. This should be asked of all GLICs and GLCs too, as their performance is weak with a lack of dividend growth for shareholders of Perbadanan Nasional Berhad - established on March 17, 1978, as part of Malaysia's New Economic Policy - and EPF. In addition, why not ask for a pension review of politicians, who drain the country's coffers merely for filling up a seat in Parliament and being in 'cari makan' mode? What a cost all these are to the rakyat? FairMinded: This should absolutely be carried out, and every employee from the top to bottom should have the word 'frugal' imprinted on their forehead. Their posh offices with lavish decorations, imported flowers, and fruits, among others, should be minimised. All perks should be downsized, and no overexpenditure on the budget. The good days of mimicking the oil-rich Arabs are over. Electric vehicles powered by green energy generated from solar and hydro, wind and hydrogen, are displacing oil and gas. Wake up, guys, and turun padang. The above is a selection of comments posted by Malaysiakini subscribers. Only paying subscribers can post comments. In the past year, Malaysiakinians have posted over 100,000 comments. Join the Malaysiakini community and help set the news agenda. Subscribe now. These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.
New Straits Times
an hour ago
- New Straits Times
Analysts tie Stonepeak's Yinson interest to FPSO boom
KUALA LUMPUR: Stonepeak Partners' interest in Yinson Holdings Bhd may stem from surging global demand for floating production storage and offloading (FPSO) vessels, which, according to Energy Maritime Associates, is projected to top US$88 billion over five years, analysts said. The New York-based infrastructure investor is reportedly in exclusive talks to acquire Yinson, potentially valuing the Malaysian energy infrastructure firm at up to RM9 billion, making it one of the country's largest deals this year. On June 6, reports emerged that Stonepeak is in exclusive discussions to buy out Yinson, citing sources familiar with the matter. The deal involves collaboration with the Lim family, Yinson's founder and largest shareholder, which held a 26.6 per cent stake as of May 30, aiming to take the energy infrastructure firm private. Analysts see the deal as a strategic fit. Stonepeak's focus on infrastructure-backed, cash-generating assets aligns with Yinson's core FPSO business, which includes long-term contracts across Africa, Asia, and South America. The acquisition would also expand Stonepeak's presence in Asia-Pacific energy infrastructure, an analyst told Business Times on condition of anonymity. However, Yinson has clarified that it is not in discussions with any third party in respect of a buyout exercise. Executive chairman Lim Han Weng said the company is currently engaged in exploratory talks with various parties on potential corporate proposals related to its shareholding. "However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson," it said in a filing to Bursa Malaysia on Monday. Crown jewel The FPSO business is the crown jewel of the Lim family empire. Yinson, controlled by founder Lim Han Weng and son Lim Chern Yuan, is currently the second-largest FPSO operator globally. "The Lims have built Yinson into a well-oiled money machine. They have transformed Yinson into a highly efficient and profitable operation, making it an attractive takeover candidate," the analyst said. Lim (Chern Yuan) revealed in an April Forbes interview that Yinson plans to bid for three mega-FPSO projects, worth at least US$1.5 billion each in that period. While he did not disclose details of the bid, Maybank Investment Bank analyst Jeremie Yap believed they could be in Ghana, Ivory Coast and Malaysia. Yap wrote in a March research note that given Yinson's track record, it is well positioned to win future projects and could be a preferred choice for the bids. Meanwhile, CIMB Research Sdn Bhd said that the RM9 billion valuation translates to RM3.23 per share, a 38 per cent premium over Yinson's last close of RM2.34 and 10.2 per cent above the research firm's target price of RM2.93. If confirmed, this could pave the way for a privatisation offer, the firm said in a note. Yinson's shares have declined 23 per cent over the past year, partly due to the post-tariff market downturn. Following news of the potential buyout, Yinson's share price jumped 13.8 per cent on June 6, its largest single-day gain since 2019, narrowing year-to-date losses from 33.7 per cent to 11.4 per cent and lifting its market capitalisation to RM6.5 billion. CIMB highlighted that the exclusive negotiations indicate advanced discussions involving the Lim family. Stonepeak's interest aligns with its strategy to invest in infrastructure-based, cash-generating assets with long-term contracts, characteristics exemplified by Yinson's FPSO business. "This deal would also help Stonepeak increase its exposure in Asia Pacific energy infrastructure, where Yinson has already established a solid and growing footprint. However, Yinson has declined to comment, stating that the information remains unverified," CIMB said. Yinson's portfolio includes a solid project backlog valued at US$20.5 billion and eight active FPSO contracts. Its growing footprint in emerging markets, along with energy transition initiatives such as solar and battery storage, supports the premium valuation. Stonepeak would gain deeper access to the Asia-Pacific energy infrastructure sector through this acquisition. CIMB noted that Yinson's FY24 price-to-earnings (P/E.) ratio of 9.5x, though higher than the industry average of 8.2x, is justified by its scale, strong project pipeline, and exposure to energy transition. For comparison, peers SBM Offshore and Modec trade at 4.8x and 11.6x, respectively. Stonepeak is expected to value Yinson's strategic growth in FPSO contracts, especially after Yinson's recent efforts to strengthen its financial position, including raising US$1 billion in January 2025 from a consortium of institutional investors, and growth in its renewable energy segments, CIMB said. The US$1 billion funding round included top investors such as Abu Dhabi Investment Authority, British Columbia Investment Management, and RRJ Capital, supporting both FPSO expansion and the renewable energy portfolio. Despite a 22 per cent drop in net profit to RM752 million for FY2025, due to higher financing costs and lower engineering revenue, CIMB forecasts stronger results ahead, particularly with the Agogo FPSO expected to start production by September. CIMB maintains its Buy rating on Yinson, with a target price of RM2.93 and earnings estimates for FY2026–2028. Potential catalysts for re-rating include contributions from FPSO projects Maria Quiteria, Atlanta, and Agogo, alongside possible asset monetisation and privatisation. Risks remain, including possible delays or cost overruns in FPSO projects and ongoing losses in the green technology segment.
![Western media struggles to grasp Malaysia's complexities, says BBC man [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2F02bbc100625sp_NSTfield_image_socialmedia.var_1749513621.jpg&w=3840&q=100)
New Straits Times
an hour ago
- New Straits Times
Western media struggles to grasp Malaysia's complexities, says BBC man [WATCH]
KUALA LUMPUR: Western audiences and media often struggle to grasp Malaysia's complexities due to geographical distance and a lack of awareness of its political and historical context, says BBC journalist Jonny Dymond. Speaking exclusively to the New Straits Times ahead of the BBC World Service's World Questions debate in Kuala Lumpur, Dymond said ignorance remains one of the biggest barriers to covering countries like Malaysia, whose realities are shaped by colonial legacies and modern geopolitical pressures. "Most people don't even scratch the surface of what countries like Malaysia are dealing with," he said. "Everything from colonial inheritance to current day tensions. The challenges of geopolitics around here are formidable. You know? "And people, I think, on the other side of the world simply don't understand the balancing act that countries like Malaysia, the Philippines, and other nations in the region simply have to perform all the time. "When countries are told they have to choose between global powers, it's a strange demand to make from 3,000 miles away." Dymond also said the positioning of countries like Malaysia on issues such as the war in Gaza reflects a new divide in global politics. While critical of the term "the global south", which he said oversimplifies diverse countries and perspectives, Dymond acknowledged growing divergence in views between regions. "It's a sign of, a kind of a new division, a different division in the world. I mean, the phrase 'the global south' is a horrible one. "It suggests that there's one lump here and another lump there — but let's use it for the moment." He noted that on issues such as the Russia-Ukraine war and the conflict in Gaza, there was initially a sharp divide between how the West and other parts of the world viewed the situation. "It's worth pointing out, you know, there is a shift also in the West as this war has continued, and more and more people feel uncomfortable, and upset about what has happened. "Again, not my place to judge it, but it is interesting that Malaysia has been so forthright. And, obviously, I think there is a reflection in the government as to what people feel within Malaysia about what's happening in Gaza. "And Malaysia and Malaysia's leadership has made its position very, very clear on Israel and the Palestinians and seems to walk in step with its population there — it seems to speak for many, many Malaysians in their unhappiness at what Israel is doing in Gaza." He also urged Western observers to develop a deeper understanding of Southeast Asia, particularly in light of growing US-China tensions. "It's up to the West to know a lot more about places like Malaysia before it judges them." The BBC World Questions debate series invites members of the public to pose questions directly to politicians and public figures on current political, economic, and social issues. Tonight's debate, which will be broadcast at a later date, will focus on the government's fuel subsidy rationalisation, corruption cases, freedom of speech, and institutional reform. It will also examine Malaysia's foreign policy, especially its efforts to balance ties with the United States and China. Among the panellists are Domestic Trade and Cost of Living Deputy Minister Datuk Fuziah Salleh and Bersatu Youth chief Wan Ahmad Fayhsal Wan Ahmad Kamal.
