Latest news with #RM4.23
Barnama
2 days ago
- Business
- Barnama
Petronas To Cut 10 Pct Of Its Workforce
REGION - CENTRAL > NEWS KUALA LUMPUR, June 6 (Bernama) -- Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified in stages next year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here yesterday. bootstrap slideshow He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this — those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state.
Borneo Post
2 days ago
- Business
- Borneo Post
Petronas to cut 10 pct of its workforce, says Tengku Muhammad Taufik
The number of staff involved in the right-sizing process for Petronas currently stands at around 5,000. – AFP photo KUALA LUMPUR (June 6): Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified in stages next year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here yesterday. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this — those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. – Bernama downsized Petronas Tengku Muhammad Taufik workforce
The Sun
3 days ago
- Business
- The Sun
Petronas to cut 10% of its workforce
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified by the end of this year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here today. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this—those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik voiced concern over the uncertainty surrounding a deal between the two parties, adding that Petronas remains open to further negotiations on its role in the state. 'I'm concerned that if the deal is delayed—or unduly delayed—it will have an impact,' he added. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. ALSO READ: Petronas not exiting Canada, says group CEO
Barnama
29-05-2025
- Business
- Barnama
ASEAN Green Initiatives Can Generate Additional US$300 Bln By 2030
BUSINESS Malaysian Investment Development Authority (MIDA) Chief Executive Officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid delivers his keynote address during the ASEAN Business Forum 2025 held at a hotel here today. --fotoBERNAMA (2025) COPYRIGHT RESERVED KUALA LUMPUR, May 29 (Bernama) -- ASEAN could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. "We are pushing for key frameworks and regulatory provisions to put our green ambition into action. 'These include the ASEAN Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the ASEAN Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the ASEAN strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. 'Perhaps, the most transformative is the ASEAN power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for ASEAN's sustainable energy transition," he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally.
![[UPDATED] Asean green initiatives can generate additional US$300bil by 2030: Tengku Zafrul](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ250525ES063_1748496857.jpg&w=3840&q=100)
![[UPDATED] Asean green initiatives can generate additional US$300bil by 2030: Tengku Zafrul](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
29-05-2025
- Business
- New Straits Times
[UPDATED] Asean green initiatives can generate additional US$300bil by 2030: Tengku Zafrul
KUALA LUMPUR: Asean could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. "We are pushing for key frameworks and regulatory provisions to put our green ambition into action. "These include the Asean Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the Asean Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the Asean strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. "Perhaps, the most transformative is the Asean power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for Asean's sustainable energy transition," he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring Asean centrality and regional autonomy. Aside from that, Tengku Zafrul said the Asean Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double Asean's digital economy to US$2 trillion by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that Asean's digital sector saw profits triple to US$11 billion and attracted over US$30 billion in new data centre investments. "This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. "For example, unlocking the potential of our 334 million women, roughly half of Asean's population, could add up to US$2.3 trillion to regional GDP," he added.
