Premier: Sarawak, Indonesia to jointly develop Kayan River hydropower projects
KUCHING (July 30): Sarawak, through its utility company Sarawak Energy Berhad, has entered into an agreement with PT Adaro Energy Indonesia to jointly develop hydropower projects along the Kayan River in Indonesia's North Kalimantan province, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He said the collaboration was formalised during his official working visit to Jakarta on Tuesday, where he accompanied Prime Minister Datuk Seri Anwar Ibrahim for the 13th Malaysia-Indonesia Annual Consultation.
Highlighting the significance of the cross-border cooperation, Abang Johari stressed the need for Sarawakian engineers to work closely with their Indonesian counterparts.
'Sarawak needs more engineers there to collaborate with engineers from Indonesia. This means we will be working beyond Sarawak's borders,' he said during the launch of the Special Financial Aid (BKK) for Sarawakian tertiary students in Kuala Lumpur today.
He also revealed that Japanese firm Sumitomo has expressed strong interest in participating in Sarawak's hydrogen energy industry.
According to him, this reflects Sarawak's growing prominence in strategic green energy sectors.
He called on Sarawakian youths to prepare for global opportunities in the emerging green economy, particularly in areas such as renewable energy and hydrogen. Abang Johari hydropower projects indonesia Kayan River
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
11 hours ago
- The Star
Ringgit strengthens on weak US jobs report
KUALA LUMPUR: The ringgit closed stronger against the US dollar on Monday following a softer-than-expected United States (US) jobs report that significantly altered market expectations on the Federal Reserve (Fed) policy, said an analyst. At 6 pm, the local note rose to 4.2350/2385 versus the US dollar from Friday's close of 4.2750/2815. SPI Asset Management managing director Stephen Innes said that last Friday's nonfarm payrolls data showed a marked slowdown in US job creation, prompting traders to sharply increase bets on monetary easing. "Market-implied expectations for Fed rate cuts this year jumped to 64 basis points, up from 33 basis points prior to the release. The probability of a September rate cut surged above 90 per cent, while October is now fully priced for the first move," he told Bernama. Innes said the shift triggered a widespread sell-off in the US dollar and US government bonds, boosting demand for emerging market currencies including the ringgit, as sentiment pivoted towards a more dovish Fed outlook. Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to exhibit a positive trend as Bank Negara Malaysia is expected to maintain its current overnight policy rate (OPR) stance. "This would mean that the interest differentials between the Fed Fund Rate and the OPR would narrow in the months to come,' he said. Meanwhile, at the close, the ringgit ended lower against major currencies. It fell against the Japanese yen to 2.8652/8677 from 2.8407/8452 at the close on Friday, depreciated versus the British pound to 5.6296/6342 from 5.6208/6293, and declined against the euro to 4.8978/9018 from 4.8752/8826 previously. The ringgit was mixed against regional peers. It improved against the Singapore dollar to 3.2878/2908 from 3.2907/2960 and edged higher against the Indonesian rupiah to 258.2/258.5 from 258.8/259.4 at Friday's closing. However, it inched down versus the Thai baht to 13.0452/0616 from 13.0058/0319 and weakened against the Philippine peso to 7.38/7.39 from 7.35/7.36 previously. - Bernama
New Straits Times
11 hours ago
- New Straits Times
Ringgit strengthens on weak US jobs report
KUALA LUMPUR: The ringgit closed stronger against the US dollar on Monday following a softer-than-expected United States (US) jobs report that significantly altered market expectations on the Federal Reserve (Fed) policy, said an analyst. At 6pm, the local note rose to 4.2350/2385 versus the US dollar from Friday's close of 4.2750/2815. SPI Asset Management managing director Stephen Innes said that last Friday's nonfarm payrolls data showed a marked slowdown in US job creation, prompting traders to sharply increase bets on monetary easing. "Market-implied expectations for Fed rate cuts this year jumped to 64 basis points, up from 33 basis points prior to the release. The probability of a September rate cut surged above 90 per cent, while October is now fully priced for the first move," he told Bernama. Innes said the shift triggered a widespread sell-off in the US dollar and US government bonds, boosting demand for emerging market currencies including the ringgit, as sentiment pivoted towards a more dovish Fed outlook. Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to exhibit a positive trend as Bank Negara Malaysia is expected to maintain its current overnight policy rate (OPR) stance. "This would mean that the interest differentials between the Fed Fund Rate and the OPR would narrow in the months to come," he said. Meanwhile, at the close, the ringgit ended lower against major currencies. It fell against the Japanese yen to 2.8652/8677 from 2.8407/8452 at the close on Friday, depreciated versus the British pound to 5.6296/6342 from 5.6208/6293, and declined against the euro to 4.8978/9018 from 4.8752/8826 previously. The ringgit was mixed against regional peers. It improved against the Singapore dollar to 3.2878/2908 from 3.2907/2960 and edged higher against the Indonesian rupiah to 258.2/258.5 from 258.8/259.4 at Friday's closing. However, it inched down versus the Thai baht to 13.0452/0616 from 13.0058/0319 and weakened against the Philippine peso to 7.38/7.39 from 7.35/7.36 previously
The Star
14 hours ago
- The Star
Palm oil reserves in Malaysia seen surging to 19-month high
Palm oil inventories in Malaysia climbed to the highest level since December 2023 as production in the world's second-biggest grower rebounded, according to a Bloomberg survey. Prices in Kuala Lumpur declined. Stockpiles surged almost 10% from a month earlier to 2.23 million tons in July, a fifth month of gains, the median of 12 estimates in the poll of plantation executives, traders and analysts showed. Estimates of higher supplies in the Southeast Asian nation, coupled with sluggish demand from overseas buyers, could weigh on benchmark prices at a time of the high production cycle, which typically peaks in October. Still, a brighter outlook for purchases from top buyer India ahead of local festivals, as well as robust biodiesel consumption in Indonesia, has cushioned prices recently. Benchmark palm oil futures fell 1.7% to 4,175 ringgit a ton by the midday break on Monday, the lowest intraday level in more than two weeks. That followed an increase of more than 6% in July - the biggest monthly jump since February. Crude palm oil production last month rose 8.3% to 1.83 million tons, the highest level in 11 months, the survey showed. That compared with a decline of 4.5% in June. Exports increased 3.2%, according to the poll. The Malaysian Palm Oil Board will publish its monthly data on August 11. Stockpiles are expected to rise due to a jump in Malaysian production and lower domestic consumption in July, said Anilkumar Bagani, head of research at Mumbai-based Sunvin Group. Still, a level above 2 million tons during the peak production season may not be too "burdensome to prices,' especially when Indonesian palm oil supplies are tight because of high blending rates with petroleum, he said. - Bloomberg
