Latest news with #Petroliam Nasional Bhd
Malay Mail
4 days ago
- Business
- Malay Mail
Federal government keeps Petronas, but states to see bigger share through new deals, says Azalina
KUALA LUMPUR, Aug 14 — The ownership of Petroliam Nasional Bhd (Petronas) remains with the federal government, although steps were taken to enhance the participation of states through strategic collaboration platforms, joint project implementation, and involvement in the value chain, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. Azalina said the federal government's approach is aligned with an inclusive federal structure and ensures sustained benefits for all parties. The minister said that the federal government is currently the sole owner of Petronas, which is incorporated under the Companies Act 1965 as the national oil and gas company. 'The Petroleum Development Act 1974 (Act 144) entrusts Petronas with ownership of petroleum, along with the exclusive rights, powers, freedoms, and privileges to explore, manage, and develop the country's petroleum resources, whether onshore, offshore, or in Malaysian waters,' she said in a response posted on the Parliament's website today. Azalina was responding to Datuk Seri Dr Jeffrey Kitingan (GRS-Keningau), who asked whether the government could consider distributing 50 per cent shares in Petronas to oil- and gas-producing territories and states, namely Sarawak, Sabah, Terengganu, and Kelantan. According to Jeffrey, the distribution is a fundamental step to strengthen the Malaysian Federation moving forward, while easing politicisation and dissatisfaction over oil and gas rights. Azalina said that although the ownership of Petronas is under the federal government, the current approach allows producing states to receive direct benefits from the petroleum industry through cash payments and various forms of commercial cooperation. 'At the same time, overall revenues from the sector are fairly distributed across the country in line with national development needs,' she added. — Bernama
Bloomberg
7 days ago
- Business
- Bloomberg
Petronas to Expand LNG Exports Despite Rising Domestic Demand
Petroliam Nasional Bhd. is seeking to expand its liquefied natural gas exports to growing Asian markets while also supporting Malaysia's rising energy needs, which are partly driven by a data-center boom. The state-owned company's diversified portfolio — which includes a newly operational export plant in Canada — will enable it to meet overseas demand for gas, said Adif Zulkifli, chief executive officer of Petronas' gas and maritime business. The firm plans to expand beyond its traditional markets — Japan, China and South Korea — to countries in Southeast Asia, including Vietnam and the Philippines, he said in an interview.
