Latest news with #MasidiManjun
Borneo Post
3 days ago
- Business
- Borneo Post
Sabah receives the Most Outstanding State award
Datuk Masidi Manjun (centre), flanked by Minister of Tourism, Culture and Environment Datuk Seri Christina Liew (on his right) and Group Managing Director, The IBR Asia Group, Dato' Beatrice Nirmala, at the International Business Review (IBR) ASEAN Awards 2025 event held at the Sabah International Convention Centre on Saturday night. KOTA KINABALU (July 20): Sabah was conferred the Most Outstanding State in Malaysia for the Year 2024 award during the International Business Review (IBR) Asean Awards here on Saturday. The award is a recognition of Chief Minister Datuk Seri Hajiji Noor's exemplary leadership, as the state has made marked improvements across the board through his comprehensive Sabah Maju Jaya (SMJ) roadmap. Positive and impactful changes have been made economically, in championing the state's and her people's rights, in infrastructural improvements, and so forth, under his administration. It was also under this administration that many historic firsts have been successfully achieved, as Sabah's landscape transforms for the better. State Finance Minister Datuk Seri Manjun who received the award, expressed gratitude from the state government. He described the prestigious conferment as a sign that Sabah has achieved a higher level that it could not reach before. Sabah was one of nine recipients for awards in various categories during the ceremony. Negeri Sembilan was awarded the Most Progressive State in Malaysia for 2024. It is a recognition of Menteri Besar Dato Seri Utama Aminuddin Harun for ensuring the ambituous Rancangan Struktur Negeri Sembulan (RSNS) 2045 roadmap remains futureproof. In reworking the Malaysia Vision Valley plan into its 2.0 iteratuon, he has set a clear path for Negeri Sembilan's rapid industrialisation and development. Another recipient was Sabah Ports Sdn Bhd, who was named the winner for the Corporate Excellence in the Logistics Sector for Port Management. Sabah Ports, as a wholly owned subsidiary of Suria Capital Holdings Berhad, manages Sabah's port operations. Through their eight ports, they provide berthing, handling and cargo facilities for port customers. In September 2024, they signed a partnership with DP World to manage Sepanggar Bay Container Port, with a goal of making it a key regional port for BIMP-EAGA. The other winners are National Heart Institute for the Corporate Excellence in the Healthcare Sector for Leadership in ESG Innovations category; Clean Kinetics Pte Ltd (Corporate Excellence in the Renewable Energy Sector for Sustainable Energy). Millenium Minerals Ltd (Corporate Excellence in the Mining Industry for Ethical Mining); AiRTS Pte Ltd (Innovative Technology in the Artificial Intelligence Sector for Enhancing Workplace Efficiency). Alpine Integrated Solution Sdn Bhd (Corporate Excellence in the Event Management Sector for Mega Government Projects); Education Malahsia Global Services (Corporate Excellence in the Education Sector for Strengthening Malaysia's Position as a Global Education Hub). Hosted by the state government and organised by IBR Asia Group, the IBR Business Review Asean Awards 2025 highlights significant achievements in various industries, also providing winners with comprehensive publicity.
The Star
12-07-2025
- Business
- The Star
Former top state oil official disputes Masidi's claims on SMJ Energy's role
KOTA KINABALU: An ex-top Sabah oil and gas official has disputed claims by state Finance Minister Datuk Seri Masidi Manjun ( pic ) about the state's petroleum development timeline, calling them 'misleading' and lacking historical context. Former Sabah Oil & Gas Development Corporation Sdn Bhd (SOGDC) chief executive officer Abdul Kadir Abdullah Damsal said it was inaccurate to suggest that Sabah's oil and gas industry only began to evolve with the establishment of SMJ Energy (SMJE) in 2021. He highlighted that several government-linked companies (GLCs), including Sabah Energy Corporation (SEC), Sabah International Petroleum (SIP), Yayasan Sabah subsidiaries and SOGDC itself, were actively involved in the sector well before SMJE was formed. Abdul Kadir, who is also a practising lawyer, credited past progress to the previous Barisan Nasional government, saying that PETRONAS launched the Sabah Integrated Oil and Gas Project (SIOGP) in 2014 during a time of political stability, with investments totalling nearly RM54bil. 'These projects laid the foundation for Sabah's current oil and gas infrastructure, creating thousands of jobs and supporting local engineering and service firms,' he said in a statement on Saturday (July 12). He also mentioned the establishment of the Joint Working Committee between Sabah and PETRONAS, which he said led to more gas being allocated to the state and efforts to build local capacity, such as appointing a Sabahan as the chief executive officer of the PETRONAS' SAMUR plant. 'Contrary to recent claims, the industry was not dormant before SMJE. Sabahans have long played important roles in oil and gas operations, without needing to apply political pressure to so-called 'Sabahan entities' like SAMUR,' he added. Abdul Kadir further questioned recent statements that Sabah-based oil and gas firms received RM2bil worth of PETRONAS contracts in 2024. He said this figure could be misleading without a proper breakdown and called for clarity on how much was actually awarded to locally owned Sabah firms. On SMJE's reported RM362mil profit in 2024, he claimed this was a group figure, and not solely due to SMJE's upstream involvement in Samarang. Instead, he said much of the profit came from SIP's 10% equity in LNG Train 9 in Bintulu, a deal initiated under the Barisan administration and signed during Parti Warisan's time in power. He also said that other state-owned companies such as Suria Capital, Sawit Kinabalu and Qhazanah Sabah have long operated as billion-ringgit asset-backed firms, and urged that SMJE's growth not be portrayed as a standalone success story. Abdul Kadir also called on the state government to provide a more accurate narrative to the public. 'Sabahans deserve the truth, not exaggerated claims or selective retelling of the state's economic development,' he said.
Borneo Post
09-07-2025
- Business
- Borneo Post
SMJ Energy defends strategy, avoids high-risk oil & gas bids due to financial concerns
KOTA KINABALU (July 9): State-owned SMJ Energy has clarified its decision not to bid for high-investment oil and gas blocks, citing significant financial risks. The company emphasized a cautious approach, opting to secure free carry or back-in rights in exploration projects to mitigate potential losses. Under back-in rights, SMJ Energy only participates after successful exploration, avoiding upfront costs and shielding itself from expensive failures. The statement follows remarks by State Finance Minister Datuk Masidi Manjun, who acknowledged that SMJ Energy and Sabah International Petroleum (SIP) lacked the technical expertise and capital to bid for blocks like the Mutiara Cluster, recently awarded to Dialog Group Berhad's subsidiary. SMJ Energy explained that the Mutiara Cluster falls under Discovered Resource Opportunities (DROs), requiring heavy investment with no guaranteed success. 'These prospects are not a current priority,' the company said in a statement on Wednesday. Instead, its focus remains on securing greater revenue sharing and participation in Sabah's oil and gas sector through its Commercial Collaboration Agreement (CCA) with Petronas. The deal allows SMJ Energy to acquire developed DRO assets from Petronas post-successful exploration. SMJ Energy highlighted its RM5 billion portfolio, including stakes in Samarang PSC (50%), LNG9 (10%) and SAMUR Petrochemical Plant (25%), all generating strong cash flows. Since its inception, SMJ Energy has declared RM160 million in dividends in under three years. 'Oil and gas is high-risk, high-reward — exploration failures can lead to losses in the billions,' the company stated, defending its prudent financial strategy of acquiring profitable, producing assets with reputable operators. Earlier, Parti Warisan information chief Datuk Mohd Azis Jamman criticized the state government for relying on subcontracting instead of direct bidding. SMJ Energy, however, maintains its strategy ensures sustainable growth while minimizing exposure to volatile exploration risks. The company plans to announce further strategic acquisitions aligned with its risk-managed approach. Azis called Masidi's statement that Sabah is 'not ready' to directly participate in bidding for oil blocks an excuse that exposes the real problem with how the state's resources have been managed. 'With due respect, Datuk Seri, your statement that Sabah is 'not ready' reveals more about how our resources have been handled so far: distributing concessions to cronies and sub-contractors, letting others do the work, while the government merely collects 'percent-percent',' he said in a statement. Azis argued that if the state genuinely lacks technical expertise, there should be no excuse not to recruit the right people. 'If we claim we lack expertise, why not recruit and appoint true experts? Find and hire qualified professionals, not political loyalists whose only skill is 'samun dan jilat',' he said, adding that Sabah must start somewhere if it ever hopes to gain experience. 'Every million always starts with number one. Waiting forever keeps Sabah permanently at the margins of its own wealth,' he stressed. Addressing concerns over funding, Azis pointed out that the state government had previously issued almost RM1 billion in SUKUK to settle legacy debts, including buying vessels worth hundreds of millions, the whereabouts of which, he claimed, remain unknown. 'So don't tell us it's impossible to raise funds for SMJ Energy to participate upstream and downstream in Sabah's resource-rich waters,' he said, adding that smart partnerships with credible investors could also be pursued, but with Sabah retaining control over management and its natural resources. Azis also questioned how much experience Petronas contractors had when they first ventured into upstream and downstream operations. 'If those companies were 'ready' back then, why can't Sabah — or SMJ Energy — also be ready now?' he asked. Taking aim at Masidi's oft-cited mantra of 'kerja diam-diam tapi hasil ada' (quiet work, but results are there), Azis countered that the reality on the ground tells a different story. 'It's ironic to hear about 'kerja diam-diam tapi hasil ada' when in reality, Sabah's oil wealth still leaves our shores, and our people see so little,' he said. For Azis, the real issue is not Sabah's readiness but whether its leaders are truly prepared to prioritize the people's interest over political convenience and the sub-contracting of opportunities to cronies. 'True leadership doesn't wait for perfect conditions. True leadership means starting now — building expertise, controlling our resources, and ensuring Sabah finally benefits directly from the wealth beneath our own soil and sea,' he said.
The Star
09-07-2025
- Business
- The Star
High financial risk factors caused SMJ Energy to refrain from Mutiara Cluster bid
Datuk Masidi Manjun.-filepic KOTA KINABALU: State-owned SMJ Energy has admitted that it didn't go into the bidding for high-investment oil and gas blocks due to the high financial risk factors. The company stated that in cases of exploration prospects, SMJ Energy mitigates significant exploration investment risks by securing free carry or back-in rights. Back-in right means that SMJ Energy would only consider participation after exploration success. This approach allows it to avoid committing to major exploration expenses upfront and take no risks in the event of expensive exploration failures, it said. The company's statement on Wednesday (July 9) comes following state Finance Minister Datuk Masidi Manjun's statement at the state assembly on Tuesday (July 8) that Sabah International Petroleum (SIP) and SMJ Energy were not bidding for oil and gas blocks due to a lack of technical expertise and capital. Masidi was referring to the Mutiara Cluster project off the coast of Sandakan, which was recently awarded to Dialog Resources Sdn Bhd, a wholly owned subsidiary of Dialog Group Berhad — a company based in Peninsular Malaysia. SMJ Energy said that the Mutiara Cluster were a Discovered Resource Opportunities (DROs) requiring extensive exploration and development appraisals with major investments, and success was not guaranteed. "These prospects are therefore not a priority for SMJ Energy at present," the company said. According to the company, its key priority for the Sabah government was to secure greater revenue sharing and greater say and participation in oil and gas developments in Sabah through the Commercial Collaboration Agreement (CCA) signed with PETRONAS. Under the CCA, SMJ Energy has the right to acquire DRO assets from PETRONAS when such prospects have been successfully developed. The overall approach explains that SMJ Energy's strategic risk management is responsible for growing a profitable and balanced oil and gas portfolio in upstream oil and gas, LNG and Petchem, taking into account Sabah state's broader financial priorities. SMJ Energy expects to announce more strategic developments and acquisitions in due course in line with the above strategy. Since its establishment, SMJ Energy has grown into a company valued at RM5bil with significant stakes in key assets. It holds 50% equity in Samarang Production Sharing Contract (PSC), 10% in LNG9 and 25% in SAMUR Petrochemical Plant, the company said, adding that there were profitable assets that generated strong cash flows. "As a young startup, SMJ Energy has declared RM160mil in dividends within less than three years. "Oil and gas is a high-investment, high-risk business. Exploration failures can lead to losses amounting to hundreds of millions or even billions," the company said. SMJ Energy practised prudent financial investment, focusing on the acquisition of profitable producing assets generating strong cash flow and operated by reputable operators with proven Environmental, Social & Governance (ESG) track records, the statement said. Earlier Wednesday (July 10), opposition Parti Warisan's information chief criticised the state government for its continued reliance on sub-contracting and concession distribution of its oil and gas instead of taking a more direct role in bidding for oil block exploration.
Daily Express
09-07-2025
- Business
- Daily Express
Sabah not ready to bid for major oil block yet: Masidi
Published on: Wednesday, July 09, 2025 Published on: Wed, Jul 09, 2025 By: Abbey Junior Text Size: State Finance Minister Datuk Seri Masidi Manjun said both SMJ Energy and Sabah International Petroleum (SIP) did not submit bids for the Mutiara Cluster production-sharing contract (PSC), which Petronas recently awarded to Peninsular Malaysia-based Dialog Group Berhad. Kota Kinabalu: Sabah's state-owned energy firms were not involved in the bidding for a lucrative oil block off the east coast because they still lack the expertise and capital needed to compete in large-scale exploration projects, the State Assembly was told. State Finance Minister Datuk Seri Masidi Manjun said both SMJ Energy and Sabah International Petroleum (SIP) did not submit bids for the Mutiara Cluster production-sharing contract (PSC), which Petronas recently awarded to Peninsular Malaysia-based Dialog Group Berhad. 'Exploration requires billions in capital. At this point, SIP and SMJ are not yet qualified to take on such bidding because we lack the technical expertise,' he said during the question-and-answer session. He was responding to a supplementary question from opposition leader Datuk Seri Mohd Shafie Apdal (Warisan-Senallang), who raised concerns about Sabah firms being sidelined in the management of its own oil and gas resources. 'This isn't about politics. It's about protecting what belongs to Sabah,' said Shafie. 'Why weren't SMJ or SIP even involved, when the block is right off our coast?' Masidi explained that the Mutiara Cluster contract was part of an international bid under the Malaysia Bid Round 2025, and it is still at the exploration stage. 'No oil has been extracted yet. But trust me — SMJ has its own involvement, which we will announce later,' he said. He also stressed that Sabah's role in the sector is protected under the Commercial Collaboration Agreement (CCA) signed with Petronas, which includes a joint committee to determine the extent of the State's participation. 'So far, there is nothing Petronas has given to Sarawak that it won't also give to Sabah,' he said. Masidi added that while Sarawak had a 100-year head-start in the oil and gas industry, Sabah was only now beginning to catch up. 'We are just starting out — we're crawling while they are already running,' he said. Despite Shafie's call for firmer policies to secure Sabah's natural resources, Masidi said the State Government believes in quiet but consistent action. 'We work quietly - and we see results. Others may talk, but have no outcomes,' he said. Earlier, Daily Express reported that Dialog Group Berhad, a Peninsular Malaysia-based company listed on Bursa Malaysia, was awarded a 14-year production-sharing contract by Petronas on June 13 for the Mutiara Cluster Small Field Asset through its wholly owned unit, Dialog Resources Sdn Bhd. The cluster comprises five marginal fields — Nymphe, Nymphe North, Kuda Terbang, Benrinnes and Mutiara Hitam — located in the Sandakan Basin. It marks the first time commercially viable oil and gas reserves have been confirmed off Sabah's east coast in the Sulu Sea, with first gas targeted before the first quarter of 2029. To accelerate the project, Dialog also signed a one-year, non-binding memorandum of understanding (MOU) with Petronas to explore cost reductions and fast-track production. The two parties will share technical data and collaborate on field development and abandonment plans. Founded in 1984 and led by Tan Sri Dr Ngau Boon Keat, Dialog has grown through partnerships with global technology providers. It is a constituent of the FTSE4Good Bursa Malaysia and FBM Mid 70 Index, with a market capitalisation of RM9.3 billion. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
