Latest news with #USD3.1
Daily Express
19-07-2025
- Business
- Daily Express
Sabah lays foundation for long-term economic growth
Published on: Saturday, July 19, 2025 Published on: Sat, Jul 19, 2025 Text Size: Masidi receives the award from Azman, while others look on. – Pic by CMD Kota Kinabalu: The State Government has laid a solid foundation for long-term economic development, said Chief Minister Datuk Seri Hajiji Noor at the IBR Asean Awards here on Saturday. He highlighted that Sabah's rich resources – ranging from minerals and petroleum to seafood and renewable energy – offer wide-ranging opportunities for sustainable progress. Advertisement His speech was delivered by State Finance Minister Datuk Seri Masidi Manjun. Hajiji said Sabah's collaboration with Petronas has yielded significant equity gains in oil and gas projects, including the recent 25 per cent stake in the USD3.1 billion PFLNG 3 project in Sipitang. Since September 2020, Sabah has secured RM17.41 billion in approved manufacturing investments, with 52 companies already operating and creating over 3,600 jobs. New investment proposals between 2022 and 2024 total RM42.3 billion, projected to generate nearly 33,000 additional jobs for Sabahans. To meet investor demand, new industrial parks have been approved in Kota Belud, Beaufort, and Kudat, along with improved connectivity such as the new Kota Kinabalu–Taipei–Fukuoka route. The State is also positioning itself as a regional leader in the Blue Economy and green energy, including Otec power plants and hydropower projects to support future energy and water needs. Meanwhile, Sabah was named Malaysia's Most Outstanding State for 2024 at the awards show. Masidi accepted the award on behalf of the Chief Minister from the award's chief judge, Datuk Seri Azman Ujang. The recognition was based on assessments by a panel of professionals from various fields, supported by comprehensive data reviewed by expert advisers. * 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
Daily Express
17-07-2025
- Business
- Daily Express
Sabah gets 25pc stake in Floating Liquefied Natural Gas
Published on: Friday, July 18, 2025 Published on: Fri, Jul 18, 2025 Text Size: Hajiji and Tengku Muhammad Taufik witness the document exchange between Petronas LNG and SMJ Energy during the signing ceremony at MPC. Kuala Lumpur: The Sabah Government, through SMJ Energy (SMJE), will acquire a 25 per cent stake in the USD3.1 billion Floating Liquefied Natural Gas (ZLNG) facility in Sipitang, following the signing of the Head of Agreement (HOA) with Petronas at the Malaysia Petroleum Club (MPC), here, Wednesday. 'This partnership marks another significant milestone to ensure Sabah's long-term development goals, promoting industrial growth and energy security and creating new opportunities to drive Sabah's progress. Advertisement 'Through strategic investments like ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people,' said Chief Minister Datuk Seri Hajiji Noor, who witnessed the signing. The ZLNG facility, with a capacity of 2 million tonnes per annum (MTPA), represents a significant addition to Malaysia's LNG landscape. Positioned nearshore in Sipitang, the facility is currently under construction and is expected to commence operations in the second half of 2027. This project complements Sabah's growing LNG footprint, alongside two other floating LNG facilities, PFLNG1 (1.2 MTPA) and PFLNG2 (1.5 MTPA), currently operating in Sabah waters. The State Government also announced its intention to acquire a 40 per cent participating interest in PFLNG1 through SMJ Energy, with due diligence scheduled to begin in the second half of 2025. Since signing the Commercial Collaboration Agreement (CCA) with Petronas in December 2021, SMJ Energy has experienced rapid growth. The company now holds 50 per cent equity in the Samarang PSC oil production asset, 10 per cent equity in LNG9, 25 per cent equity in the Samur petrochemical complex and full ownership of Sabah International Petroleum (SIP) which operates both FPSO and FSO assets. In exploration, SMJ Energy also holds free carry and back-in rights in the following blocks SB409 (20%), SB403 (20%), SB306A (15%) and SB306B (15%). 'We are a prudent financial investor with a disciplined approach to portfolio building. 'Our entry into ZLNG is part of our strategic plan to further diversify and strengthen our position in the upstream, LNG, and petrochemical sectors. 'This opportunity aligns with our mandate to generate long-term, stable cash flows from high-quality, cash-generating assets,' said SMJ Energy Chief Executive Officer Datuk Dr Dionysia Kibat. Sabah's downstream ambitions are also advancing rapidly. Sabah Energy Corporation (SEC), the state's gas aggregator and distributor, plays a key role in ensuring a stable domestic gas supply for local industries. Among its landmark projects is the supply of gas to E-Steel's RM31 billion green steel plant at the Sipitang Oil and Gas Industrial Park (Sogip), a key investment supporting Sabah's push for industrial diversification. Also present were State Finance Minister & Chairman of SMJE Datuk Seri Masidi Manjun, State Secretary Datuk Seri Safar Untong and State Attorney General (AG) Datuk Brenndon Soh. * 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
New Straits Times
17-07-2025
- Business
- New Straits Times
Sabah to acquire 25pct stake in ZLNG facility
KUALA LUMPUR: The Sabah government, through SMJ Energy (SMJE), will be acquiring a 25 per cent equity stake in the USD3.1 billion nearshore floating liquefied natural gas (ZLNG) facility in Sipitang. The state-owned company signed the Head of Agreement (HOA) with Petronas at the Malaysia Petroleum Club (MPC) today. "This partnership marks another significant milestone in ensuring Sabah's long-term development goals, promoting industrial growth, energy security, and creating new opportunities to drive the state's progress. "Through strategic investments like ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people," Chief Minister Datuk Seri Hajiji Noor said in a statement after witnessing the HOA signing. The ZLNG facility, with a capacity of two million tonnes per annum (MTPA), represents a major addition to Malaysia's LNG landscape. Positioned nearshore in Sipitang, the ZLNG facility is currently under construction and is expected to commence operations in the second half of 2027. This project complements Sabah's growing LNG portfolio, alongside two other floating LNG facilities, PFLNG1 (1.2 MTPA) and PFLNG2 (1.5 MTPA), currently operating in Sabah waters. The state government also announced its intention to acquire a 40 per cent participating interest in PFLNG1 through SMJ Energy, with due diligence expected to begin in the second half of 2025. SMJ Energy's growth trajectory since the signing of the Commercial Collaboration Agreement (CCA) with Petronas in December 2021 has been rapid. The company now holds 50 per cent equity in the Samarang PSC oil production asset, 10 per cent equity in LNG9, 25 per cent equity in the SAMUR petrochemical complex, and full ownership of Sabah International Petroleum (SIP), which operates both FPSO and FSO assets. SMJ Energy also holds free-carry and back-in rights in the following exploration blocks: SB409 (20 per cent), SB403 (20 per cent), SB306A (15 per cent), and SB306B (15 per cent). "We are a prudent financial investor with a disciplined approach to portfolio building. Our entry into ZLNG is part of our strategic plan to further diversify and strengthen our position in the upstream, LNG, and petrochemical sectors," the company said.
Borneo Post
17-07-2025
- Business
- Borneo Post
Sabah to acquire 25 per cent equity in Petronas ZNLG facility
Hajiji, together with Petronas Group President and Chief Executive Officer, Tan Sri Tengku Muhammad Taufik, witnessing the exchange of documents between Petronas LNG Sdn Bhd (represented by Vice President, LNG Marketing & Trading – Petronas Gas & Maritime, Shamsairi Mohd Ibrahim) and SMJ Energy Sdn Bhd (Datuk Dr Dionysia Kibat) at the signing ceremony of the Heads of Agreement at the Malaysian Petroleum Club (MPC) in Kuala Lumpur on Thursday. KUALA LUMPUR (July 17): The Sabah Government, through SMJ Energy (SMJE) will be acquiring 25 per cent equity in the USD3.1 billion nearshore floating liquefied natural gas (ZLNG) facility in Sipitang following the signing of the Head of Agreement (HOA) with Petronas at the Malaysian Petroleum Club (MPC) here on Thursday. 'This partnership marks another significant milestone to ensure Sabah's long-term development goals, promoting industrial growth and energy security and creating new opportunities to drive Sabah's progress. 'Through strategic investments like ZLNG, we will strengthen the state's economic resilience while ensuring that the benefits of Sabah's natural resources directly contribute to the well-being of our people,' said Chief Minister Datuk Seri Panglima Hajiji Noor after witnessing the HOA signing. The ZLNG facility with a capacity of two million tonnes per annum (MTPA) represents a significant addition to Malaysia's LNG landscape. Positioned nearshore in Sipitang, ZLNG is currently under construction and is expected to commence operations in the second half of 2027. This project complements Sabah's growing LNG footprint, in addition to two other floating LNG facilities, PFLNG1 (1.2 MTPA) and PFLNG2 (1.5 MTPA), currently operating in Sabah waters. The State Government also announced its intention to acquire a 40 per cent participating interest in PFLNG1 through SMJ Energy, with due diligence targeted to begin in the second half of 2025. SMJ Energy's growth trajectory since the signing of the Commercial Collaboration Agreement (CCA) with Petronas in December 2021 has been rapid. The company now holds 50 per cent equity in the Samarang PSC oil production asset, 10 per cent equity in LNG9, 25 per cent equity in the SAMUR petrochemical complex and full ownership of Sabah International Petroleum (SIP), which operates both FPSO and FSO assets. SMJ Energy also holds free carry and back-in rights in exploration blocks SB409 (20%), SB403 (20%), SB306A (15%) and SB306B (15%) 'We are a prudent financial investor with a disciplined approach to portfolio building. Our entry into ZLNG is part of our strategic plan to further diversify and strengthen our position in the upstream, LNG, and petrochemical sectors. 'This opportunity aligns with our mandate to generate long-term, stable cash flows from high-quality, cash-generating assets,' said SMJ Energy Chief Executive Officer Datuk Dr Dionysia Kibat. Sabah's downstream ambitions are also advancing rapidly. Sabah Energy Corporation (SEC), the state's gas aggregator and distributor, plays a crucial role in ensuring a stable domestic gas supply for Sabah's industries. One of its landmark projects includes supplying gas to E-Steel's RM31 billion green steel plant at the Sipitang Oil and Gas Industrial Park (SOGIP), a key investment supporting Sabah's move toward industrial diversification. Also present at the signing ceremony were Sabah Finance Minister an SMJE chairman Datuk Seri Masidi Manjun, State Secretary Datuk Seri Safar Untung and State Attorney General Datuk Brenndon Soh.
Daily Express
17-07-2025
- Business
- Daily Express
Sabah to acquire 25pc stake in USD3.1b LNG project
Published on: Thursday, July 17, 2025 Published on: Thu, Jul 17, 2025 Text Size: Hajiji with Petronas President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik, witnessing the signing of the HOA between Petronas LNG Sdn Bhd, represented by Vice President of LNG Marketing and Trading – Gas and Maritime, Shamsair Mohd Ibrahim, and Dionysia. – Pic by CMD Kuala Lumpur: The Sabah Government, through SMJ Energy (SMJE), will acquire a 25 per cent equity in the USD3.1 billion nearshore floating liquefied natural gas (ZLNG) facility in Sipitang following the signing of a Head of Agreement (HOA) with Petronas. Chief Minister Datuk Seri Hajiji Noor, who witnessed the signing at the Malaysia Petroleum Club, said the deal supports Sabah's long-term development goals and ensures the State's resources benefit its people. Advertisement ZLNG, currently under construction and due to begin operations in the second half of 2027, will have a processing capacity of 2 million tonnes per annum. The facility will add to Sabah's LNG portfolio alongside PFLNG1 and PFLNG2, which are already operating in the State's waters. Sabah also aims to acquire a 40 per cent stake in PFLNG1, with due diligence expected to begin in the second half of 2025. Since inking a Commercial Collaboration Agreement with Petronas in 2021, SMJ Energy has expanded rapidly, holding stakes in several key oil, gas, and petrochemical assets. SMJE CEO Datuk Dionysia Kibat said the company's entry into ZLNG is part of its plan to secure long-term, stable returns from quality energy investments. * 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
