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Borneo Post
19-05-2025
- Business
- Borneo Post
Abg Jo: No new Petros-Petronas update as PM still preoccupied with other matters
Abang Johari enters the DUN Complex. – Photo by Mohd Faisal Ahmad KUCHING (May 19): There is no new update on the agreement between Petroleum Sarawak Berhad (Petros) and Petronas Petroliam Nasional Bhd (Petronas) as Prime Minister Datuk Seri Anwar Ibrahim is still preoccupied with other matters, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg. 'Nya gik gago. Kelak madah (He is still busy. I'll update later.),' Abang Johari told reporters after the commencement of the first meeting of the fourth term of the 19th State Legislative Assembly (DUN) here today. The Premier had been asked about his disclosure during the International Construction Week (ICW) Borneo on May 13 that an imminent agreement involving Petros and Petronas would be announced within the coming days. He had indicated that the agreement would involve mutual recognition of federal and state laws, the recognition of Petros as the sole aggregator, and an increased Sarawak stake in liquefied natural gas (LNG) through a commercial arrangement. The deal follows a meeting on May 9 in Putrajaya, chaired by Anwar Ibrahim and Abang Johari, alongside top leadership from both Petronas and Petros. According to a statement from the Prime Minister's Office, both the federal and Sarawak governments had agreed to finalise key principles to smoothen negotiations between the two energy entities. The statement described the meeting as cordial and rooted in the spirit of federalism. It added that the collaboration would unlock significant potential, including the fast-tracking of commercial energy supply to Asean markets. Both leaders also agreed to resolve all outstanding issues through negotiations. This comes after the Sarawak government issued a letter of demand to Petronas Carigali Sdn Bhd (PCSB), a Petronas subsidiary, over alleged violations of the Distribution of Gas Ordinance (DGO) 2016. The state claimed PCSB had been operating a facility in Miri without a valid permit under state law. abang johari anwar ibrahim lead Petros-Petronas
The Sun
14-05-2025
- Business
- The Sun
Steel Hawk's Q1 FY25 net profit surges 126%, hits RM8.17m
KUALA LUMPUR: Oil and gas services and equipment provider, Steel Hawk Bhd achieved more than 2-fold increase in net profit to RM8.17 million for the first quarter (Q1) ended March 31, 2025 (FY25) from RM3.23 million posted in Q1 FY24. This strong performance was underpinned by a significant surge in revenue, which rose to RM52.48 million in Q1 FY25, compared to RM19.74 million in Q1 FY24. The notable improvement in the group's financial results was driven by the robust performance of its core engineering, procurement, construction, and commissioning (EPCC) division, supported by new work orders secured from Petroliam Nasional Bhd (Petronas) and its group of companies. The EPCC division generated a substantial RM50.58 million in revenue during Q1 FY25, accounting for 96.38% of total revenue, compared to RM15.89 million, or 80.50%, in Q1 FY24. The remaining contribution came from the Installation and Maintenance (I&M) segment at RM1.56 million, or 2.97%, and the Supply of Oilfield Equipment (SOFE) segment at RM0.34 million, or 0.65%. Deputy chairman and executive director Datuk Sharman K Michael said while the company has seen strong momentum in the past, this quarter marks Steel Hawk's most substantial leap forward to date - both in scale and pace - underscoring the resilience of its business and the positive trajectory it continues to build on. 'In less than a year, we have successfully secured seven contracts in total - an achievement that reflects the significant progress we have made and one that we take great pride in. 'Among our key wins are our appointments as a panel contractor for the construction and modification works of 27 downstream operating plants and for EPCC services for remote operations - both awarded by Petronas Carigali Sdn Bhd (PCSB). 'Additionally, our contract for onshore facilities maintenance, construction, and modification services has been extended by PCSB for another year beyond its original expiry on December 31, 2024. 'Most recently, PCSB awarded us the contract for splash zone structural repair and maintenance services. These significant wins are generating a substantial flow of work and reinforcing our market position. With 14 active contracts to date, we are well-positioned with a steady project flow secured through to 2030. 'As we look ahead to the upcoming quarters, our strategy remains anchored on three core priorities: securing new contract wins, executing projects with the highest standards of efficiency, and maintaining a disciplined approach to cost management. 'Despite ongoing concerns over oil price fluctuations, our performance demonstrates the strength of our business model. It is important to emphasise that Steel Hawk primarily operates in the operating expenditure (Opex) segment rather than the capital expenditure (Capex) segment. 'This strategic focus is a key factor supporting the resilience and sustainability of our operations,' Sharman said. Steel Hawk maintained a healthy balance sheet with a manageable net gearing of 0.50 times as of March 31, 2025. Additionally, the company's net assets per share increased to 11.13 sen from 9.46 sen recorded as of December 31, 2024.
The Star
13-05-2025
- Business
- The Star
PETRONAS-Petros deal to be inked shortly, says Abang Jo
KUCHING: The Sarawak and Federal governments are set to sign an agreement on the issues involving PETRONAS and Petros, says Tan Sri Abang Johari Openg. The Sarawak Premier said this was expected to take place soon. "Just wait in the next two days, there will be a document on the agreement between me and the Prime Minister (Datuk Seri Anwar Ibrahim)," he told reporters after launching the International Construction Week Borneo conference here on Tuesday (May 13). ALSO READ: Federal Govt and Sarawak reach consensus on PETRONAS and Petros issues Abang Johari said the agreement would include recognising both Federal and state laws besides acknowledging Petros as the sole gas aggregator in Sarawak. "There will also be a commercial agreement which includes increasing our stake in LNG (liquefied natural gas)," he said. Abang Johari was asked to comment on his meeting with Anwar on Friday (May 9). In a statement, the Prime Minister's Office (PMO) said the Federal and Sarawak governments had reached a consensus on all issues involving PETRONAS and Petros through negotiations during the meeting, which included top officials from both petroleum companies. The statement also said Anwar and Abang Johari agreed to finalise issues based on previously agreed principles to facilitate negotiations between PETRONAS and Petros. ALSO READ: Sarawak to seek amiable solution on PETRONAS with federal govt, says Abang Johari This will ensure that any potential identified from a PETRONAS-Petros collaboration can be fully explored and implemented effectively, it said. Previously, PETRONAS confirmed that its subsidiary Petronas Carigali Sdn Bhd (PCSB) had received notices on April 30 from the Sarawak Utility and Telecommunication Ministry concerning gas processing and distribution. The national oil firm told Bernama that PCSB is statutorily authorised under the Petroleum Development Act 1974 to undertake the company's activities and comply with all applicable laws in doing so. The two firms, as well as the Federal and state governments, have been engaged in negotiations over Petros' role as Sarawak's gas aggregator.
The Sun
11-05-2025
- Business
- The Sun
Petronas-Petros issues to be ironed out
PETALING JAYA: The federal government and the Sarawak administration have agreed to iron out all lingering issues between national oil giant Petronas and Sarawak's state-owned energy company Petroleum Sarawak Bhd (Petros) through direct negotiations. The breakthrough came during a high-level meeting chaired by Prime Minister Datuk Seri Anwar Ibrahim on Thursday at Perdana Putra, during which he met Sarawak Premier Tan Sri Abang Johari Abang Openg. Senior representatives from both Petronas and Petros were also present. In a statement, the Prime Minister's Office said both parties agreed to swiftly finalise a set of guiding principles aimed at fostering clearer coordination and paving the way for more effective collaboration between the two energy firms. The move is expected to unlock untapped potential in Malaysia's energy sector, particularly in bolstering the country's capacity to supply commercial energy to Asean markets. This aligns with both Putrajaya's and Sarawak's broader goals to position Malaysia as a key regional energy hub. The meeting was described as 'cordial and harmonious', with discussions rooted firmly in the spirit of federalism and mutual respect. Both Anwar and Abang Johari reaffirmed their shared commitment to resolving outstanding issues through dialogue. On April 30, Petronas confirmed that its subsidiary, Petronas Carigali Sdn Bhd (PCSB), received a notice from the Sarawak Utility and Telecommunication Ministry on gas processing and distribution activities. The notice pertained specifically to operations at the Miri Crude Oil Terminal, which the state alleges are being conducted without the requisite licence under the Distribution of Gas Ordinance (DGO) 2016. The notice stipulates that PCSB had 21 days from the date of issuance to obtain the necessary licence, and failure to comply could result in financial penalties under Section 21A of DGO 2016. Additionally, PCSB is accused of violating Section 7(e) of DGO 2016, which mandates that any entity constructing, managing or maintaining gas pipelines and related infrastructure must secure a licence. DGO 2016, with effect from July 1, 2018, has designated Petros as the state's sole gas aggregator. The role entails the procurement, distribution and maintenance of the gas supply network in Sarawak. The appointment of Petros as the sole aggregator is part of Sarawak's broader initiative to assert greater control over its natural resources. In response to the notice, Petronas has stated that its subsidiary operates under federal law and complies with all applicable regulations. The company has expressed its commitment to constructive engagement with both federal and state governments to ensure regulatory clarity and operational continuity. Petros was established on Aug 7, 2017 as a wholly state-owned oil and gas company. The initiative formed part of Sarawak's strategy to enhance control of its resources, drawing upon its constitutional rights under the State List of the Ninth Schedule of the Federal Constitution. Sarawak's stance is also shaped by the Malaysia Agreement 1963 (MA63). The state government contends that certain rights enshrined in MA63, particularly those relating to natural resource management, have been eroded over time and is seeking their restoration. Should the negotiations prove successful, the Petronas–Petros collaboration could become a pivotal force in unlocking Sarawak's energy potential, while also strengthening federal-state cooperation.
Malaysian Reserve
06-05-2025
- Politics
- Malaysian Reserve
Federal Govt, Sarawak seek amicable solution to Petronas-Petros dispute
THE Federal Government and the Sarawak state government are working to resolve matters involving Petroliam Nasional Bhd (Petronas) and Petroleum Sarawak Bhd (Petros) without amending the Federal Constitution or existing laws. Utusan Malaysia reported Deputy Prime Minister Datuk Seri Fadillah Yusof said the negotiations involve the Attorney General, Sarawak State Attorney-General, Petronas, Petros, Prime Minister Datuk Seri Anwar Ibrahim, and Sarawak Premier Tan Sri Abang Johari Tun Openg. 'These talks are ongoing and do not involve any constitutional or legal amendments,' he said as qouted by the Malay daily. Fadillah, who is also the Minister of Energy Transition and Water Transformation, said the aim is to find a solution acceptable to all parties rather than going through the courts. 'If legal matters are involved, they can only be resolved through court. But we want to find a solution that works for everyone,' he said. He said the roles of both the Attorney General and the State Attorney-General are part of the discussions. Commenting on a lawyer's suggestion that the two legal offices advise the government on legal and constitutional matters, Fadillah said their roles are already being taken into account. Earlier, several media reported that the Sarawak government had sent a letter of demand to Petronas Carigali Sdn Bhd (PCSB) for allegedly breaching Section 7(e) of the Gas Distribution Ordinance 2016. The Ministry of Utility and Telecommunication Sarawak said PCSB's Miri Crude Oil Terminal was operating without a valid permit for gas pipeline and equipment works. Petronas confirmed that PCSB received the notice from the ministry on April 30 regarding gas processing and distribution. Fadillah also said the issue between Petronas and Petros is separate from the Malaysia Agreement 1963 (MA63) discussions. 'The Petronas-Petros matter is separate. MA63 talks are ongoing and many issues have been or are being resolved in stages,' he added. — TMR
