Latest news with #EnergyAsia2025Conference
Saudi Gazette
6 hours ago
- Business
- Saudi Gazette
Aramco Chief: Global energy security is threatened amid escalating tensions
Saudi Gazette report RIYADH — Saudi Aramco President and CEO Amin Nasser emphasized on Monday that the importance of oil and gas cannot be underestimated, especially during times of conflict. "We are witnessing this now, as threats to energy security continue to cause global concern. This fact is clearly evident in the current global situation," he said while underlining the need to adopt a more realistic and pragmatic approach to the global energy transition. Nasser made the remarks in his speech delivered on Monday via video conference at the Energy Asia 2025 Conference. Kuala Lumpur is hosting the three-day conference with the theme of "Delivering Asia's energy transition." The conference focuses on driving a fair and sustainable energy transition in Asia, addressing issues of energy security and climate action. The Aramco chief emphasized that historical facts have demonstrated the importance of crude oil and gas in times of conflict. "History tells us that new energy sources do not replace traditional sources, but rather add to the energy mix," he said. Nasser stated that the transition plan had been overestimated and under-implemented in large parts of the world, particularly in Asia. "Some believed the transition would be quick and straightforward, ending with the deplete of traditional energy sources. However, oil demand continues to exceed 100 million barrels per day, with no sign of a decline," he said. The Aramco chief emphasized that the challenges posed by reality have revealed profound technical, economic, political, and social flaws in the popular narrative surrounding the energy transition. "On the one hand, this transition is extremely costly as the cost of achieving net-zero emissions could reach $200 trillion. On the other hand, reality proves that renewable energy sources, despite their importance and growth, have not reached a sufficient level of reliability to bear the existing burdens and risks," he a result, Nasser emphasized, achieving energy security and affordable access are essential requirements, along with sustainability, as central goals of the transformation process. "Realism and pragmatism are beginning to replace idealism. This is a good thing, especially for Asia," he noted that Asia, the world's largest energy-consuming region, accounts for nearly half of global demand. "Without attention to Asia's needs and resources, the transition will not have a real impact, as we recognize the Asian continent's need for diverse energy sources that no single source can meet," he Aramco chief pointed out that wind, solar, and electric vehicles do not meet current or future demand needs. He emphasized that crude oil and gas will remain a key part of the energy mix. "The long-term goal is not to abandon traditional energy, but rather to improve it, while expanding at a realistic pace into new solutions. Each country must have a flexible, tailored energy strategy to implement it," he stressed that countries must cooperate more than ever in this respect. "Governments, the energy sector, and innovators need to extend cooperation each according to their role in the field of new and traditional energy sources," he added.
The Sun
12 hours ago
- Business
- The Sun
ASEAN Power Grid's enhanced MoU to focus on regulations, technical requirements
KUALA LUMPUR: ASEAN Power Grid's (APG) enhanced memorandum of understanding (MoU), projected to be finalised by the end of this year, will focus on standardising rules and regulations, aligning technical requirements and establishing a financial model. Deputy Prime Minister Datuk Seri Fadillah Yusof said the enhanced MoU would pave the way for implementation under the Philippines' chairmanship next year. 'So, these are the areas that we need to focus on. And if we can come to an agreement on the three principal issues, then hopefully by next year, it can be translated into action,' he said during the Ministerial Plenary session titled 'Enabling Asia's Future Energy Ecosystem' at the Energy Asia 2025 Conference today. The APG, introduced in 1997, is a region-wide initiative to interconnect the electricity infrastructure among the bloc's 10 member countries, aiming to achieve fully integrated grid operation by 2045. Fadillah, who is also the Energy Transition and Water Transformation Minister, said Malaysia, as the ASEAN chair in 2025, is committed to enhancing regional energy connectivity and accelerating the development of the APG. 'Vietnam, Cambodia and Laos have hydropower and wind. Malaysia has solar, and Indonesia has ocean energy. 'If all ASEAN countries work together with our big population and mix of energy sources, we could become one of the world's top renewable energy suppliers,' he said. Besides, he said ASEAN is considering the need for a regional regulator to streamline development and ensure standardised rules across member states. 'One of the ideas that we are looking at right now is (whether) we need what we call the ASEAN regulator so that we have one entity that looks at it from the viewpoint of all ASEAN members,' he said. Meanwhile, he noted that the 43rd ASEAN Senior Officials' Meeting on Energy, beginning today, aims to align regional energy strategies and strengthen cooperation on shared priorities. The three-day meeting will focus on two key priorities, mainly renewing the APG MoU and establishing a framework for subsea power cable projects. According to the Ministry of Energy Transition and Water Transformation (PETRA) secretary-general Mad Zaidi Mohd Karli, the updated APG MoU is key to improving cross-border electricity connectivity and boosting regional energy security. The meeting will also discuss draft guidelines for subsea cable projects, including plans to export hydropower from Sarawak to high-demand areas in Southeast Asia.
The Sun
13 hours ago
- Business
- The Sun
Strait of Hormuz a concern, but oil industry remains stable
KUALA LUMPUR: The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim. He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,' he said. When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region. At the same time, Anwar also announced major investments by Total, Italy-based ENI, and Saudi Aramco, which he said reflected confidence in Petronas' capabilities. 'Several key agreements related to investments in Malaysia will be signed at the Energy Asia 2025 Conference, which will be held over three days,' he added. Also taking place at Energy Asia is a closed-door session involving global chief executive officers and top-level leaders from key sectors such as oil and gas, energy, technology, finance, and professional services. This aims to chart a collective path to stimulate investment, enhance coordination, and accelerate the adoption of technology to drive Asia's energy transition. The Energy Asia 2025 Conference, themed 'Delivering Asia's Energy,' and being held from June 16–18, serves as a timely platform for Malaysia and the region to assess progress toward energy transition goals and reinforce national commitments toward achieving net-zero carbon emissions. The event is also seen as highly relevant amid the intersection of economic diversification and sustainable development, as countries shift from oil to renewable energy (RE) and adopt new technologies such as hydrogen and carbon capture. Earlier, Anwar delivered the keynote address and officiated the event, which will feature 180 prominent speakers from around the world and attract more than 4,000 delegates, including policymakers, energy professionals, and industry leaders. Among the main agenda items of the conference are a plenary session titled 'Energy Present, Energy Future: Pathways for Asia's Just Transition,' followed by a leadership dialogue - 'Energy at the Crossroads: Policies, Technologies and Investments.'
Barnama
13 hours ago
- Business
- Barnama
Strait Of Hormuz A Concern, But Oil Industry Remains Stable
BUSINESS KUALA LUMPUR, June 16 -- The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim. He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,' he said. When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region. At the same time, Anwar also announced major investments by Total, Italy-based ENI, and Saudi Aramco, which he said reflected confidence in Petronas' capabilities. 'Several key agreements related to investments in Malaysia will be signed at the Energy Asia 2025 Conference, which will be held over three days,' he added. Also taking place at Energy Asia is a closed-door session involving global chief executive officers and top-level leaders from key sectors such as oil and gas, energy, technology, finance, and professional services. This aims to chart a collective path to stimulate investment, enhance coordination, and accelerate the adoption of technology to drive Asia's energy transition. The Energy Asia 2025 Conference, themed 'Delivering Asia's Energy,' and being held from June 16–18, serves as a timely platform for Malaysia and the region to assess progress toward energy transition goals and reinforce national commitments toward achieving net-zero carbon emissions. The event is also seen as highly relevant amid the intersection of economic diversification and sustainable development, as countries shift from oil to renewable energy (RE) and adopt new technologies such as hydrogen and carbon capture. Earlier, Anwar delivered the keynote address and officiated the event, which will feature 180 prominent speakers from around the world and attract more than 4,000 delegates, including policymakers, energy professionals, and industry leaders.
