Latest news with #CCUS
Borneo Post
5 days ago
- Business
- Borneo Post
Sarawak unveils ambitious Sustainability Blueprint 2030 to lead Southeast Asia's green transition
Abang Johari (centre) shows the Sustainability Blueprint 2030 booklet while others look on. KUCHING (May 29): Sarawak has positioned itself as a regional leader in climate action with the launch of its Sustainability Blueprint 2030, a comprehensive roadmap aimed at accelerating the state's transition to a low-carbon, green economy. Unveiled by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg during the Asia Carbon Conference 2025 at the Borneo Convention Centre Kuching (BCCK) today, the blueprint outlines 10 strategic thrusts, 48 strategies, and 111 actionable plans to guide the state's environmental and economic transformation. It was developed by the State Ministry of Energy and Environmental Sustainability. 'Sarawak is determined to lead Malaysia and the region in climate action and sustainable development,' Abang Johari said in his keynote address. He highlighted Sarawak's significant progress in renewable energy development, noting that hydropower now accounts for 70 per cent of the state's energy mix. This shift has enabled Sarawak to cut its grid carbon emissions by 72 per cent since 2010 – well ahead of its 2030 targets. He also pointed to the state's growing hydrogen economy and the deployment of solar and mini-hydro solutions for rural electrification, along with rising adoption of electric vehicles. He cited the Sarawak Methanol Complex, launched in 2024 and already exporting, as a key driver of green industrial growth. On carbon management, Sarawak is developing four carbon capture and storage (CCS) sites by 2030, with Petros spearheading the state's Carbon Capture, Utilisation and Storage (CCUS) strategy. The recently enacted Environment (Reduction of Greenhouse Gases Emission) Ordinance 2023, effective since March, mandates GHG reporting and lays the foundation for carbon levies and emissions trading. Additionally, Sarawak is working with the World Bank to establish a Carbon Levy framework and finalising a comprehensive Carbon Plan to support a regulated, investor-friendly carbon market. Sarawak's commitment to biodiversity was also emphasised. The state has launched a Biodiversity Masterplan, integrated conservation into development planning, and enabled biofuel production using palm oil waste. Seven forestry carbon study permits have been issued, with one nature-based carbon project licensed and six more under review. Sarawak also aims to publish a full greenhouse gas inventory by 2027 to benchmark emissions against a carbon budget. 'This is not just Sarawak's carbon journey as this is our contribution to the planet and future generations,' said Abang Johari. With Malaysia chairing Asean this year 2025, Sarawak is positioning itself as a regional model for green development. Abang Johari called on local and international partners to collaborate on sustainable projects, reaffirming Sarawak's openness to investment and cooperation. 'Sarawak is open for business, and more importantly, Sarawak is open for collaboration. 'This is not just Sarawak's carbon journey as this is our contribution to the planet and future generations,' he said. The Asia Carbon Conference (ACC), which runs from May 29-30 at the BCCK, provides a critical platform for discussions on carbon pricing, CCS, nature-based solutions, policy frameworks, and green investment opportunities. abang johari Sustainability Blueprint 2030
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Concern over Japan CO₂ storage deal
From Dr Cecilia Anthonysamy PSM expresses serious concern over a report published by FMT revealing that carbon emissions from Japanese industries are expected to be injected into depleted gas fields in Malaysian waters. The project – reportedly involving Mitsui & Co, Kansai Electric Power, and Petronas – is said to be formalised by the end of this year. However, no environmental impact assessment (EIA) or public safety documentation has been made publicly available. If such assessments exist, they must be disclosed immediately. Despite government assurances, PSM questions whether this project is truly safe. Why isn't Japan storing its carbon on its own soil? Why export its emissions to a country that contributes only 0.73% to global carbon emissions? PSM calls on the natural resources and environmental sustainability ministry, or the economy ministry, to immediately: Disclose the full EIA related to this cross-border carbon capture, utilisation, and storage (CCUS) project. Reveal who the consultants are, how they are funded, and whether they operate independently. Clarify whether independent Malaysian scientific experts are involved in reviewing the EIA. Allow public scrutiny and feedback before any final agreement is signed. In our experience, most EIAs are conducted by consultants hired by the project owners, raising serious concerns about objectivity and credibility. Without independent, peer-reviewed science, Malaysians cannot be expected to trust the claim that such projects are safe. Globally, among the 150 CCUS projects: 3 have experienced subsurface leakage (2%) 2 have suffered borehole leakage (1.3%) 1 involved direct geological leakage (0.7%) 1 case posed potential danger to human life (0.7%) (Source: Jason Eleson, Senior CCUS Geologist, 2023) While these may appear as low percentages, a single incident could have catastrophic consequences, especially in a country with limited disaster response capacity. Research findings include: First-time injections into reservoirs pose the highest risk due to geological uncertainty (Benson, 2007). Over a 10,000-year period, there's a 50% chance of measurable leakage, even under ideal conditions (Alcalde et al, 2018). Studies have flagged concerns over toxic trace elements (e.g., arsenic, selenium), the lack of long-term monitoring, and inadequate modelling under fault conditions (Gholami et al., 2021; Bin Li et al., 2025). These findings are well documented and must not be dismissed. Clear, simplified summaries should be made public, with full references available for expert review. Key logistical questions remain unanswered: How will carbon from Japan reach Malaysian waters – via undersea pipeline or pressurised shipping? Are any transit countries involved or consulted? Does the project comply with maritime and environmental regulations under UNCLOS? These are not minor details. A leak during transit could be disastrous. The public deserves clear answers. Even if Petronas stands to earn billions and generate thousands of jobs, these economic benefits do not justify: The absence of a public EIA The withholding of risk disclosures Malaysia's lack of disaster preparedness Development without safety is reckless, not progressive. If Japan's carbon is to be stored at the Kasawari or Lang Lebah fields off Sarawak's coast, PSM strongly urges civil society groups, scientists, and indigenous communities in Sarawak to demand full disclosure and consultation. The people of Sarawak must have a voice in deciding whether foreign carbon can be buried beneath their seafloor for centuries to come. PSM calls for an urgent town hall meeting hosted by the natural resources and environmental sustainability ministry or the economy ministry involving: Independent geologists and environmental scientists Civil society organisations Affected coastal communities The general public We must not base national environmental decisions on vague assurances like 'projects must align with climate goals'. What we need is action, transparency, and informed public consent, not just corporate partnerships and ministerial pledges. PSM fully supports rigorous, peer-reviewed science and is not opposed to technological innovation. But without full public disclosure, independent assessment, and transparent governance, Malaysia risks becoming a carbon dumping ground for industrialised nations. Climate justice must prioritise people over profit, sovereignty over subservience, and science over spin. The views expressed are those of the writer and do not necessarily reflect those of FMT. Dr Cecilia Anthonysamy is a member of PSM's environmental, climate crisis & indigenous peoples bureau.
Yahoo
5 days ago
- Business
- Yahoo
Eni Eyes Strategic Partnership With GIP in CCUS Business
Eni S.p.A. E has entered into exclusive negotiations with Global Infrastructure Partners ('GIP'), an investment group within BlackRock, to potentially sell a 49.99% co-control stake in its carbon capture, utilization, and storage ('CCUS') subsidiary, Eni CCUS Holding. The agreement marks a significant move in Eni's strategy to accelerate energy transition investments while unlocking value from its growing portfolio of decarbonization assets. The exclusivity period will allow both parties to complete due diligence and finalize transaction documentation. Eni CCUS Holding operates several key carbon capture initiatives, including the HyNet and Bacton projects in the UK and the L10 project in the Netherlands. It also holds future acquisition rights to the Ravenna CCS project in Italy, offering GIP a gateway to some of Europe's most critical carbon management infrastructure. Eni stated that the deal emerged from a competitive selection process with major international players, highlighting strong market interest in CCUS growth potential. In addition to acquiring a nearly 50% stake, GIP is expected to co-invest in expanding the CCUS platform. Eni views this as a validation of the value it's building within its energy transition portfolio, which includes renewable energy, sustainable mobility and low-carbon technologies. Eni recently secured financing for the Liverpool Bay CCS project, a key component of the UK's HyNet industrial cluster. The project aims to capture CO2 emissions from industrial facilities in North West England and North Wales, transporting them for permanent storage beneath the Irish Sea. Following project approval by the North Sea Transition Authority, Eni awarded major EPC contracts to Italian firms. Saipem will build a new CO2 compression station, while Rosetti Marino will deliver four offshore platforms for long-term CO2 storage. Earlier in May, Eni was among 44 oil and gas firms tasked by the EU to advance carbon storage initiatives to meet a bloc-wide goal of injecting at least 50 million tons of CO2 annually by 2030. The timing of Eni's stake sale discussions signals strong investor appetite for such infrastructure as Europe's regulatory and climate ambitions intensify. Eni's potential partnership with GIP could serve as a model for how legacy energy companies monetize transition-related assets while leveraging external capital to scale their decarbonization footprint across Europe. E currently carries a Zack Rank #4 (Sell). Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. SUBCY, Energy Transfer LP ET and RPC Inc. RES. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer's systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line. The Zacks Consensus Estimate for ET's 2025 EPS is pegged at $1.44. The company has a Value Score of A. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC's current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities. The Zacks Consensus Estimate for RES' 2025 EPS is pegged at 38 cents. The company has a Value Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
6 days ago
- Business
- Yahoo
Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business
Eni has entered into an exclusivity agreement with Global Infrastructure Partners (GIP), a global infrastructure investor and a part of BlackRock. This agreement is intended to advance the confirmatory due diligence process and finalise the documentation for the sale of a 49.99% co-control stake in Eni CCUS Holding. Eni CCUS Holding is a 'leading player' in the European carbon capture, utilisation and storage (CCUS) sector, operating projects such as Hynet and Bacton in the UK, and L10 in the Netherlands. It also holds the future right to acquire the Ravenna project in Italy, contingent upon regulatory and market developments. In the medium to long term, there is potential for expanding this platform with additional CCUS projects, according to Eni. As per the final agreement being negotiated, in addition to initially acquiring a 49.99% stake in Eni CCUS Holding, GIP will also back investments in the CCUS projects. This move is part of Eni's satellite model strategy to draw strategically aligned capital from 'valuable new partners at attractive terms'. Eni stated that this approach underscores the value it is generating in its new energy transition-related ventures and funding further growth. The agreement comes after a 'thorough' selection process that involved many international players expressing interest in the company. CCUS technology is recognised as a mature and safe method for reducing emissions, especially for industries where decarbonisation is challenging, while also being considered a crucial component of the energy transition. Last month, Eni achieved financial close with the UK's Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS (carbon capture and storage) project. This enables the project to proceed to the construction phase, stimulating local supply chain investment. Eni is also the operator of the CO₂ transport and storage system for the HyNet Industrial Cluster. "Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
6 days ago
- Business
- The Star
S'wak will ensure clear rules to help gas industry grow, says Abang Jo
KUCHING: Sarawak will ensure regulatory clarity and stability to enable the growth of the gas industry in the state, says Premier Tan Sri Abang Johari Openg. He said the state's legislative and executive authority over gas distribution had been confirmed in the joint declaration signed with the Federal Government on May 21, removing any perceived regulatory uncertainty. ALSO READ: Gas distribution, supply players in Sarawak must have state licence, says minister The joint declaration affirmed that all federal and state laws relating to gas distribution must be respected by all persons undertaking the supply and distribution of gas in Sarawak. It also acknowledged state-owned Petros as Sarawak's gas aggregator. Abang Johari said the state government planned to increase gas production for sustainable use by industries and the production of clean energy. "These efforts will provide ample investment opportunities in the upstream, midstream and downstream activities for both foreign and local investors. "Such opportunities include the development of carbon capture and storage (CCS) sites to realise the values of our huge potential gas reserves located in the waters off western Sarawak, to secure sufficient supply for the Kuching low-carbon gas hub currently being planned," he told the state assembly in his winding-up speech on Wednesday (May 28). ALSO READ: Petros gains federal nod Abang Johari said the planned projects would increase Sarawak's gross domestic product (GDP) by RM120bil and create 185,000 high-income jobs. He said Petros, as the gas aggregator and resource manager, would play a central role in upgrading and expanding gas distribution infrastructure. "This will ensure adequate gas supply for industrial and household usage, as well as developing CCS sites to support these industrial needs at the Kuching low-carbon gas hub," he added. ALSO READ: Joint declaration with Putrajaya allows Sarawak to exempt PETRONAS from licensing requirements, says Abang Johari The Premier also said Sarawak was developing a renewable energy hub, natural gas hub, hydrogen hub and carbon capture, utilisation and storage (CCUS) hub to ensure energy security for the state. He said the hubs would be supported by comprehensive policies such as the Sarawak hydrogen economy roadmap, Sarawak sustainability blueprint, Sarawak energy transition policy and Sarawak energy efficiency roadmap. "These policies are projected to unlock investment opportunities worth between RM350bil and RM430bil. "They are also estimated to create approximately 44,000 new high-value energy sector jobs for anak-anak Sarawak," he said.
