Latest news with #SMJEnergy
Daily Express
5 days ago
- Business
- Daily Express
SMJ Energy secures RM94 million from its latest crude oil sale
Published on: Friday, July 25, 2025 Published on: Fri, Jul 25, 2025 Text Size: SMJ Energy's operations are aligned with the Sabah State Government's vision to promote economic growth, expand local participation in the energy industry, and transition towards a sustainable energy future. Kota Kinabalu: Sabah Maju Jaya (SMJ) Energy continues to deliver strong returns for Sabah, recording RM94 million from its 10th crude oil sale under the Samarang Production Sharing Contract (PSC), bringing its total estimated revenue to RM1.9 billion since acquiring a stake in the offshore asset. The State-owned energy company secured a 50 per cent participating interest in the Samarang PSC on May 31, 2023, and has since recorded consistent gains, including RM397 million in 2025 alone through strategic sales of crude oil and gas. Located offshore Sabah, the Samarang PSC not only contributes significantly to the state's income but also plays a vital role in supplying gas to the Kota Kinabalu Industrial Park (KKIP) and three nearby gas-powered plants. In a statement Thursday, SMJ Energy said the successful series of sales reinforces its role as a key driver of Sabah's energy sector and economic development. 'The continuous revenue stream from Samarang reflects our long-term commitment to delivering sustainable value to the State,' it said. SMJ Energy's operations are aligned with the Sabah State Government's vision to promote economic growth, expand local participation in the energy industry, and transition towards a sustainable energy future. * 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
Borneo Post
5 days ago
- Business
- Borneo Post
SMJ Energy secures RM 94 million in revenue from crude oil sale
KOTA KINABALU (July 24): SMJ Energy on Thursday announced the successful 10th sale of its crude oil from its Samarang Production Sharing Contract (PSC), generating an estimated RM 94 million in revenue. This latest transaction further solidifies the company's commitment to generating long-term, sustainable value from its operations. Since acquiring a 50% participating interest in the Samarang PSC on May 31, 2023, SMJ Energy's robust performance in the market continues to yield impressive results. Cumulatively, the company has generated an estimated RM1.9 billion in revenue to date, or RM397 million since early 2025 through strategic sales of its crude oil and gas from Samarang PSC. Samarang PSC, located offshore Sabah, is expected to provide continuous and significant revenue streams to SMJ Energy. Samarang PSC also produces and supply gas to Kota Kinabalu Industrial Park (KKIP) and three gas power plants in and around Kota Kinabalu, Sabah. The sale of crude oil from the Samarang PSC reinforces SMJ Energy's position as a key player in Sabah's energy sector. The company's operations support the Sabah State Government's goals of driving economic growth, strengthening local content development, and advancing a sustainable energy future.
Daily Express
5 days ago
- Business
- Daily Express
SMJ Energy earns RM94m from tenth Samarang oil sale
Published on: Thursday, July 24, 2025 Published on: Thu, Jul 24, 2025 Text Size: KOTA KINABALU: SMJ Energy has recorded an estimated RM94 million in revenue from its tenth crude oil sale under the Samarang Production Sharing Contract (PSC). The latest sale brings the company's total cumulative revenue from the Samarang PSC to around RM1.9 billion since its 50 per cent acquisition in May 2023. Of the total, approximately RM397 million was generated this year alone through its crude oil and gas sales. Located offshore Sabah, the Samarang PSC also supplies gas to the Kota Kinabalu Industrial Park and three nearby power plants. SMJ Energy said its continued operations align with the State Government's goal of promoting economic growth and a sustainable energy future. * 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
Fibre2Fashion
21-07-2025
- Business
- Fibre2Fashion
Petronas, SMJ Energy partner on Sabah LNG facility
Petroliam Nasional Berhad (PETRONAS), through its subsidiary PETRONAS LNG Sdn. Bhd. (PLSB), signed a Heads of Agreement (HoA) with SMJ Energy Sdn. Bhd (SMJ Energy) to formalise the terms for a 25% equity participation of SMJ Energy in PFLNG 3 Sdn. Bhd. Petronas, through its unit Petronas LNG Sdn Bhd, signed a Heads of Agreement with SMJ Energy for a 25 per cent equity stake in PFLNG 3 Sdn Bhd, the company developing a shore-based floating LNG facility at Sabah's Sipitang Oil & Gas Industrial Park. The deal strengthens Petronas' partnership with the Sabah government. Definitive agreements will follow the HoA. This marks a significant step forward in strengthening PETRONAS' long-standing partnership with the Sabah State Government and the responsible development of resources in the state. The agreement was signed by SMJ Energy CEO Datuk Dr. Dionysia Aloysius Kibat and PLSB CEO Shamsairi M Ibrahim, in the presence of Sabah Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik. PFLNG 3 Sdn. Bhd. is the project company developing the upcoming shore-based floating liquefied natural gas (LNG) facility, which will be located in Sipitang Oil & Gas Industrial Park (SOGIP), Sabah. The proposed equity acquisition will be implemented via definitive agreements to be finalised following the HoA. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. ALCHEMPro News Desk (HU)
Yahoo
19-07-2025
- Business
- Yahoo
Petronas formalises 25% equity participation with SMJ Energy for PFLNG 3 project
Petroliam Nasional Berhad (Petronas), through its subsidiary Petronas LNG (PLSB), has formalised a significant equity participation agreement with SMJ Energy. The deal involves a 25% equity share for SMJ Energy in PFLNG 3, a project company involved in the upcoming shore-based liquefied natural gas (LNG) facility known as the ZLNG project, which will be situated in the Sipitang Oil & Gas Industrial Park (SOGIP). The heads of agreement (HoA) was signed by SMJ Energy CEO Datuk Dr. Dionysia Aloysius Kibat and PLSB CEO Shamsairi M Ibrahim. The signing ceremony was attended by Sabah Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor and Petronas president and group CEO Tan Sri Tengku Muhammad Taufik. The equity acquisition by SMJ Energy will proceed through definitive agreements following the HoA. The agreement is set to enhance Petronas' partnership with the Sabah State Government and contribute to the responsible development of the state's resources. This follows a memorandum of understanding signed in 2022 between Petronas and Sabah Oil & Gas Development Corporation (SOGDC) for the ZLNG project's construction, with SOGDC aiding in securing approvals and utilities as the SOGIP developer. The new facility is expected to generate multiple benefits for Sabah, including potential future businesses, regional distribution, bunkering and an expanded LNG virtual pipeline system (VPS) in the state. The LNG VPS will facilitate the extension of gas availability, particularly in Sabah's east coast region. In a related development, Eni and PETRONAS have signed a framework agreement to create a new company that will manage their combined assets in Malaysia and Indonesia. The agreement establishes this entity as a financially independent joint venture with equal 50:50 ownership after asset-level valuations. "Petronas formalises 25% equity participation with SMJ Energy for PFLNG 3 project" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
