Malaysia's Petronas to boost international portfolio to 60% over next decade
The firm will build on its current international portfolio, which now accounts for around 40 per cent to 50 per cent of its investments, by integrating its domestic expertise with global partnerships, it said in a fact sheet shared with Reuters.
In a volatile market, Petronas is upgrading its upstream operation portfolio to focus on high-quality assets while at the same time ensuring that energy supplies for Malaysia remain reliable, the company added.
"Malaysia remains a core part of our investment portfolio, and we are committed to this market," executive vice president and chief executive officer of upstream business Mohd Jukris Abdul Wahab said in the fact sheet.
Malaysian state news agency Bernama reported that Mohd Jukris saying Petronas would review its operations including maintenance, field operations and others in order to mitigate the impact of lower crude oil prices.
Crude oil prices are currently trading at US$66.68 per barrel as of 1006 GMT.
Mohd Jukris said Petronas would consider partnering with other firms to reduce its risk exposure, especially for projects requiring high capital investment.
He added that Petronas is also considering expanding its presence in Canada, given that the country has now become one of its major liquefied natural gas suppliers, Bernama reported.
In July, Petronas delivered its first LNG Canada cargo to Japan from its newly operational LNG facility in Kitimat.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
M1's journey: From its bright beginnings to delisting and its proposed sale
SINGAPORE: When M1 launched in 1997, the telco's popularity grew quickly – within a month, it had captured 10 per cent of the market share, or 35,000 subscribers. The company, which started life as MobileOne – a consortium formed by Keppel, Singapore Press Holdings (SPH), Cable & Wireless and Hong Kong Telecom – was the second telco in Singapore. Its market share ballooned to a third in the next five years, with about 1 million subscribers. It launched an initial public offering and became a publicly listed company on the Singapore Exchange (SGX) in 2002. The company was valued at between S$1.2 billion and S$1.5 billion then, making it the biggest share offering since 1999. But it has not always been smooth sailing for M1, as it struggled with increased competition. On Monday (Aug 11), Keppel announced that it would sell M1's telecom operations to Simba Telecom for an enterprise value of S$1.43 billion (US$1.11 billion). M1 currently has 13.5 per cent of Singapore's prepaid mobile market, 23.9 per cent of the postpaid mobile market and 15 per cent of the broadband market, according to a regulatory filing on the Australian Securities Exchange by Simba's owner, Australian-listed Tuas. The company made significant inroads in its first two decades of service. In 2005, M1 launched consumer 3G services – the first operator in Singapore to do so. That same year, Malaysian telecommunications conglomerate Axiata bought a 12.1 per cent stake in the company for S$260.8 million. Over the next few years, it became the first in Singapore to launch an islandwide wireless broadband service as well as Southeast Asia's first 4G network. M1 shares hit a high of S$3.99 in March 2015, but competition was never far away. StarHub entered the market in 2000 as Singapore's third telco, followed in 2016 by TPG Telecom, which would become Simba. The country also opened up to mobile virtual network operators (MVNOs), and contestation grew. The competition took its toll, and a year later, M1 shares had almost halved in value. Reuters reported that M1's shareholders – SPH, Keppel and Axiata – had approached China Mobile to sell their majority stake. More reports emerged that Chinese companies Shanxi Meijin Energy and China Broadband Capital were preparing to make separate bids for M1. None of those deals materialised. BUYOUT AND DELISTING By September 2018, M1's share price had dropped by almost 60 per cent since its high in 2015. That same month, Keppel and SPH offered to buy shares they did not already own in M1. The companies said then the move was to 'arrest the decline in M1 shareholder value through a combination of transformational efforts which are expected to take several years'. The deal would allow M1 to cooperate further with other Keppel units and allow SPH to provide digital content through M1's mobile platform, the companies said. At that point, the companies valued the telco at S$1.9 billion. In December, Keppel and SPH announced their 'firm intention' to make a voluntary general offer. By January 2019, the two companies launched an offer to buy out majority shareholder Axiata and gain control of M1. That offer was accepted the following month and it sold its 28.7 per cent stake. It meant Keppel and SPH collectively owned 90.15 per cent of M1's shares. To be listed on the stock exchange, the total number of shares in a company that is issued to the public must be at least 10 per cent. With M1 no longer meeting this requirement, it was delisted from the SGX in April 2019. In 2020, a joint venture between M1 and Starhub won the rights to build Singapore's two nationwide 5G networks. The other telco was Singtel. SALE In its announcement on Monday, Keppel said it would receive S$1 billion in cash proceeds for its stake in M1. Keppel will retain the information and communications technology business, including data centres and subsea cables. The company said it hopes to complete the proposed sale "over the next few months", adding that Simba had submitted the strongest bid among interested parties. Simba is wholly owned by Australia-listed Tuas. In a separate statement, Tuas said it is looking to raise at least A$416 million (US$271 million) through a placement and share purchase plan.
CNA
2 hours ago
- CNA
Hong Kong allowing listing applicants more privacy sparks wave of confidential filings
HONG KONG :At least two dozen Chinese companies have confidentially filed for listing in Hong Kong this year and more are preparing to do so, two industry sources said, following a new rule permitting private filings at a time of heightened market volatility. The Hong Kong exchange's rule for U.S.-style confidential filings, which allows certain companies to keep their business plans and financials under wraps in the initial stages of their stock market debut process, was implemented in May. Chinese companies, including autonomous driving firm Zelos Tech and artificial intelligence (AI) startup MiniMax, have filed confidentially in recent months to get themselves listed in the city, according to separate sources. Most filings followed the launch of the Technology Enterprises Channel (TECH) in May, allowing certain niche biotech and technology firms, including AI companies, to apply privately. Confidential filings appeal to sectors such as AI and semiconductors that are deemed sensitive due to heightened macroeconomic and geopolitical risks, advisers say. The mechanism allows firms to navigate the regulatory review process without public disclosure, offering flexibility when IPO timelines are uncertain, according to several senior bankers at global and Chinese investment banks. Previously, without getting exemptions from the Hong Kong exchange, only firms already listed on another major overseas bourse could lodge draft prospectuses confidentially ahead of launching a share sale in the Asian financial hub. The new filing mechanism is set to bolster Hong Kong as a preferred fundraising venue mainly for Chinese companies amid fierce competition with other major listing venues, notably New York, where confidential filings have been allowed for years. A record number of Chinese companies are seeking a U.S. listing this year, braving volatile Sino-U.S. relations and U.S. calls for strict oversight of Chinese firms, Reuters reported last week. Still, Hong Kong has been propelled by the influx of Chinese companies to the global top spot by listing volume of initial and second listings so far this year, overtaking its biggest rival, New York Stock Exchange, according to data from LSEG. The listing momentum is set to continue with more than 190 listing applications - approximately 45 per cent in technology and 20 per cent in healthcare, according to the exchange operator Hong Kong Exchanges and Clearing Ltd (HKEX). U.S.-listed robotaxi companies Pony AI and WeRide have also submitted confidential filings for their second listings in Hong Kong earlier this year, two sources with knowledge of the matter said. The sources declined to be named as they were not authorised to speak to the media. MiniMax, Pony AI and WeRide declined to comment. Zelos did not respond to Reuters' request for comment. HKEX declined to comment for this story or on the total number of confidential applications. REGULATORY REVIEW Other companies not covered under the newly-launched TECH initiative can request a waiver from the Hong Kong exchange to keep their listing applications private, according to capital markets bankers and lawyers. Fast-fashion retailer Shein, for example, lodged its filing for a Hong Kong IPO confidentially last month, in the most high-profile such case so far, according to two separate sources with direct knowledge of the matter. Shein did not respond to a request for comment. Confidential filings are advantageous in the innovation-driven economy. Biotech companies are particularly cautious about releasing information on their projects and research and development plans due to intense competition in the sector, according to Jean Thio, a Clifford Chance capital markets partner. "These companies have valuable IP that's being developed and they're trying to monetise that," Thio said. "If you were to put all that information out at such an early stage, there are worries that you could be leaking confidential trade secrets which your competitors could use against you." A typical IPO process in Hong Kong generally takes at least six months from filing preliminary documents to launching the book, bankers and lawyers said. "The market just shifts overnight with geopolitical or just tariff news. No one wants to be in the headline of an IPO flop after they file," said a Chinese company executive who held discussions about filing confidentially for a Hong Kong IPO.
CNA
2 hours ago
- CNA
Global-City Singapore: SG 60 And Beyond
41:29 Min Singapore Prime Minister Lawrence Wong called for a deliberate approach to AI adoption, deeper ASEAN integration, and expanded global trade. Global-City Singapore: SG 60 And Beyond About the show: Singapore Prime Minister Lawrence Wong and Singapore Deputy Prime Minister Gan Kim Yong addressed thought leaders and representatives from government, industry and business sectors at the IPS-SBF conference Global-City Singapore: SG60 and Beyond on 29 July 2025. Topics discussed include the challenges behind US tariff negotiations, investing in talent and AI technology, deeper ASEAN integration, and expanded global trade.
