Latest news with #PETRONAS
The Star
4 hours ago
- Business
- The Star
PETRONAS to explore sale of Canadian business
A transaction could value the Canadian business at US$6bil to US$7bil. — Bloomberg KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) is considering options for its Canadian company formerly known as Progress Energy Resources Corp, including a sale, according to people familiar with the matter. PETRONAS is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at US$6bil to US$7bil, they said. PETRONAS may also consider selling a minority stake in the business, depending on valuation, the people said. The company has started sounding out preliminary interest from prospective buyers, they said. Considerations are ongoing and no final decisions have been made, they added. A representative for PETRONAS couldn't immediately respond to a request seeking comment. PETRONAS bought Progress Energy for about US$5.3bil in 2012, boosting the Kuala Lumpur-based firm's shale-gas assets and gas supplies. PETRONAS also holds a 25% stake in the LNG Canada project, a joint venture for liquefied natural gas in which Shell Plc, PetroChina Co Ltd, Mitsubishi Corp and Korea Gas Corp also participate. Lower oil prices have hit PETRONAS, which reported a slide of more than 30% in net income in 2024 and announced job cuts that will start taking place this year. PETRONAS Canada operates in the North Montney basin in northeast British Columbia and, together with joint venture partners, owns more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources, its website shows. — Bloomberg
The Star
15 hours ago
- Business
- The Star
Focus on subsidised LPG smuggling, large-scale abuse not petty traders, hawkers, says Dr Wee
PETALING JAYA: Enforcement against subsidised liquefied petroleum gas (LPG) gas abuse under Ops Gasak should focus on large-scale operations and at the borders and not on petty traders and hawkers, says Datuk Seri Dr Wee Ka Siong. "The issue at hand is the smuggling activities at the border and abuse of targeted subsidies. It should not be to punish small traders who are trying to earn a living. "The PETRONAS directive on April 30, which references the Domestic Trade and Cost of Living Ministry, clearly shows the effects of enforcement action against small traders," the Ayer Hitam MP said in a video posted to TikTok. "The official letter by PETRONAS directed all gas dealers to stop selling 12kg and 14kg subsidised LPG gas cylinders to commercial premises, including restaurants, hawkers stalls and mamak shops," he said. The MCA president said this directive created confusion and fear among thousands of small traders who were now worried about action being taken against them although they were using small cylinders. "The videos and complaints on raids from small traders showed that action was taken not only on big businesses, as alleged. "If petty traders are allowed to use subsidised gas, bring the proposal to Cabinet and make a final decision that from now, all petty traders can use subsidised LPG gas," Dr Wee added. On Sunday (June 1), Dr Wee had asked the government to give hawkers a clear assurance that they can continue using subsidised LPG so that food prices would not be raised. He said this in response to concerns raised by hawkers and consumers nationwide, following the possible hike in prices due to Ops Gasak. 'If it is true that hawkers and small traders are still allowed to use the subsidised LPG, do not beat around the bush. 'Give the people a clear answer in black and white,' he said after opening the Ayer Hitam MCA division annual general meeting here on Sunday. As of May 1, eateries, including hawker stalls, are required to use the 14kg purple-coloured commercial gas cylinders priced at RM70. The Domestic Trade and Cost of Living Ministry launched Ops Gasak, taking place from May 1 to Oct 31, to look into the misuse of subsidised LPG.
The Star
3 days ago
- Business
- The Star
Stop the blame game, focus on Ops Gasak enforcement issue, Dr Wee tells ministry
JOHOR BARU: The Domestic Trade and Cost of Living Ministry should focus on the real issue regarding the enforcement of Ops Gasak instead of blaming the previous government, says Datuk Seri Dr Wee Ka Siong. The MCA president said this in response to its Minister Datuk Armizan Mohd Ali, who reportedly claimed that the law behind the enforcement, where eateries are required to use 14kg commercial liquefied petroleum gas (LPG) cylinders, was passed when Dr Wee was in the Cabinet. 'The core issue is not about who passed the amendments to the Control of Supplies Regulations in 2021, but how it is being enforced today. 'Yes, the amendment in 2021 was passed while I was part of the Cabinet. "However, up until 2024, there were no large-scale enforcement operations like Ops Gasak that aggressively targeted night markets, stalls, small vendors and food hawkers as it has been done since May 2025,' he said in a statement on Sunday (June 1). Dr Wee added that even the previous Pakatan Harapan government had backtracked on its plan to enforce the law after considering its consequences. 'The Pakatan Harapan 1.0 government in 2019 also attempted to enforce the use of commercial liquefied petroleum gas (LPG) in restaurants and eateries, but they halted the move after realising the burden it placed on the public. 'The existence of a law does not mean enforcement must be harsh or sudden. "Many laws have existed for years, but enforcement is often carried out based on the government's discretion and necessity,' he said. Dr Wee cited the Stamp Act 1949 as an example of such a law, saying that while it has been in force for decades, widespread enforcement on employment agreement stamping only ramped up in 2025. 'Likewise, Ops Gasak, this large-scale enforcement is an administrative decision made by the Madani government in 2025, not a directive from the Cabinet when the 2021 amendment was passed,' he said. Dr Wee, who is also Ayer Hitam MP, said the enforcement burdens small traders at a time when the public is already under pressure. 'The Sales and Service Tax (SST) hike and the expansion of its scope will begin in June, electricity tariffs will increase in July, RON95 subsidies are being retargeted, and the minimum wage has increased to RM1,700. 'All these add to the operating costs of small traders, and Ops Gasak, which targets small traders using only 12kg and 14kg LPG cylinders, further worsens the pressure on the rakyat,' he said. He added that a PETRONAS directive, which quoted the Ministry many times, revealed the real impact of Ops Gasak on small traders. 'In a letter dated April 30, 2025, PETRONAS instructed all gas distributors to stop selling subsidised LPG (12kg and 14kg cylinders) to all commercial premises, including restaurants, food stalls and warung. 'This directive has directly caused confusion, anxiety and hardship to thousands of small traders who now fear enforcement action even though they have only ever used small cylinders. 'On the ground, we continue to see many videos and complaints of inspections on small traders, which contradict the narrative that only large industries are being targeted,' he said. Dr Wee added that Malaysians deserve to benefit from being among the largest gas producers in the world and that LPG subsidies are also not a major financial burden to the country. As of May 1, eateries, including hawker stalls, will be required to use the 14kg purple-coloured commercial gas cylinders priced at RM70.
The Sun
4 days ago
- Entertainment
- The Sun
PETRONAS presents ‘Marked' this Gawai as a tribute to inner strength and cultural pride
KUCHING: In celebrating this year's Gawai festivities, PETRONAS proudly presents 'Marked' or 'Tanda Kasih', a touching story that explores the power of personal resilience, the strength of family bonds, and the beauty of cultural pride. In a statement, PETRONAS said the film, which premiered today across their official YouTube and Facebook channels, follows Melia, a young Iban girl, as she undergoes an emotional journey of self-acceptance, confronting the challenges of growing up with a prominent birthmark on her forehead. As Gawai approaches, Melia is asked to wear the sugu tinggi, a traditional Iban woman's headdress that symbolises dignity and cultural heritage. However, doubt lingers in her heart as she wonders if she is truly worthy of bearing such a significant piece of tradition. 'Her silent struggles go largely unnoticed by her family, except for her grandmother, whose loving presence and gentle encouragement become a source of strength and guidance. 'More than a story of self-acceptance, 'Marked' celebrates the ties that unite us, family, and community, and reminds us that strength grows through connection and shared heritage,' the statement read. PETRONAS Vice President of Group Strategic Relations and Communications, Norafizal Mat Saad said 'Marked' is a tribute to the strength within communities in Malaysia and the richness of the Iban tradition. 'At PETRONAS, we believe in the power of storytelling to celebrate the diversity and beauty of our people and cultures. It also reflects the values of unity and shared purpose, reminding us that when we stand together and support one another, we create space for everyone to belong and thrive,' he was quoted as saying. Norafizal hoped that the story would encourage Malaysians to embrace their identity with pride and support each other in the journey of self-discovery. In the spirit of the harvest season, PETRONAS also presents 'Crown of Love' or 'Mahkota Teristimewa', a Kaamatan story that celebrates community strength and the meaning of love. 'Though from different cultures, both films share a message of embracing diversity and being true to ourselves, reflecting a Malaysia where differences connect, not divide,' the statement added.
The Sun
4 days ago
- Entertainment
- The Sun
PETRONAS debuts ‘Marked' for Gawai to honour strength, culture
KUCHING: In celebrating this year's Gawai festivities, PETRONAS proudly presents 'Marked' or 'Tanda Kasih', a touching story that explores the power of personal resilience, the strength of family bonds, and the beauty of cultural pride. In a statement, PETRONAS said the film, which premiered today across their official YouTube and Facebook channels, follows Melia, a young Iban girl, as she undergoes an emotional journey of self-acceptance, confronting the challenges of growing up with a prominent birthmark on her forehead. As Gawai approaches, Melia is asked to wear the sugu tinggi, a traditional Iban woman's headdress that symbolises dignity and cultural heritage. However, doubt lingers in her heart as she wonders if she is truly worthy of bearing such a significant piece of tradition. 'Her silent struggles go largely unnoticed by her family, except for her grandmother, whose loving presence and gentle encouragement become a source of strength and guidance. 'More than a story of self-acceptance, 'Marked' celebrates the ties that unite us, family, and community, and reminds us that strength grows through connection and shared heritage,' the statement read. PETRONAS Vice President of Group Strategic Relations and Communications, Norafizal Mat Saad said 'Marked' is a tribute to the strength within communities in Malaysia and the richness of the Iban tradition. 'At PETRONAS, we believe in the power of storytelling to celebrate the diversity and beauty of our people and cultures. It also reflects the values of unity and shared purpose, reminding us that when we stand together and support one another, we create space for everyone to belong and thrive,' he was quoted as saying. Norafizal hoped that the story would encourage Malaysians to embrace their identity with pride and support each other in the journey of self-discovery. In the spirit of the harvest season, PETRONAS also presents 'Crown of Love' or 'Mahkota Teristimewa', a Kaamatan story that celebrates community strength and the meaning of love. 'Though from different cultures, both films share a message of embracing diversity and being true to ourselves, reflecting a Malaysia where differences connect, not divide,' the statement added.
