Latest news with #WEF
The Star
5 hours ago
- Business
- The Star
Sarawak on track to develop energy hubs
KUCHING: Sarawak is developing four strategic energy hubs which are projected to unlock investment opportunities worth between RM350bil and RM430bil, says Premier Tan Sri Abang Johari Tun Openg (pic). He said these are the renewable energy hub, natural gas hub, hydrogen hub and carbon capture, utilisation and storage (CCUS) hub. 'Each of these hubs plays a complementary role, working together towards a common and critical objective, ensuring energy security for Sarawak, today and for generations to come. 'Additionally, the Sarawak government will introduce a suite of comprehensive and forward-looking policies, including Sarawak Hydrogen Economy Roadmap, Sarawak Sustainability Blueprint, Sarawak Energy Transition Policy and Sarawak Energy Efficiency Roadmap,' added Abang Johari in the Sarawak state assembly. He expects the energy hubs to create some 44,000 new high-value jobs for Sarawakians, adding that these jobs will be generated by new industries, which can boost opportunities for local small and medium enterprises, attract domestic and foreign direct investments and strengthen Sarawak's regional and global competitiveness. Saying that Sarawak's journey towards becoming a global leader in green energy is gaining strong international momentum, Abang Johari said the recent maiden export of methanol to China from Bintulu and the launch of green methanol project by state-owned Sarawak PetChem Sdn Bhd had sent clear signals that Sarawak is moving up the clean energy value chain. 'As part of our ongoing low-carbon transition, we are also advancing infrastructure that support cleaner energy systems, including the development of hydrogen-ready technologies, such as our combined cycle gas turbine facility.' He said these initiatives aim to boost energy efficiency, strengthen power security and open potential interconnections with neighbouring regions, such as Sabah and Brunei. 'These efforts have not gone unnoticed. The World Economic Forum (WEF) has recognised Sarawak's leadership in this transition. 'Bintulu has been nominated as Malaysia's first candidate for the WEF Transitioning Industrial Cluster (TIC), a reflection of WEF's confidence in our ability to balance industrial growth with sustainability. 'As we engage key players in Bintulu and Samalaju (where energy-intensive industries are operating) to formalise our TIC Statement of Ambition, we are not just preparing for recognition in Davos early next year. 'We are laying the foundation for Sarawak to stand among global leaders in shaping the low-carbon industrial future,' he added. TIC are geographic areas where co-located businesses and industries collaborate to transition from traditional practices to cleaner, low-carbon operations aligned with net-zero goals. To-date, 35 industrial clusters have signed on to the initiative and they include Port of Rotterdam in the Netherlands, Ohio Clean Hydrogen Hub Alliance in the United States and the Kawasaki Carbon Neutral Complex in Japan. The premier has been invited to share Sarawak's green energy ambitions at the WEF annual meeting of the new champions in Tianjin, China, on June 26. Abang Johari said in view of Sarawak's growing role in the global energy sector, he had directed state-owned Sarawak Energy Bhd (SEB) to undertake a review and restructure its organisational framework. This involves the separation of power generation and distribution, where power generation will involve investments from the private sector. SEB will continue its function as the single buyer for electricity distribution in Sarawak. 'We have already seen a strong interest from private sector players in implementing large-scale solar and other renewable projects, such as bio-energy and waste-to-energy initiatives. 'The development of new renewable energy sources through the independent power producer model is central to Sarawak's ambition of achieving 10GW of total installed capacity by 2030 and 15GW by 2035. 'Under the upcoming Sarawak Energy Transition Policy, we have set a target for renewables to make up at least 60% to 70% by 2025,' he added. Abang Johari said the restructuring of the SEB is key to ensuring the utility body is fully able to drive Sarawak's vision of becoming both a 'Battery of Asean' and a renewable energy powerhouse. On the state's ambition to establish an aerospace hub, he said a Sarawak-Airbus joint task force will be set up to formulate a roadmap for the development of the state's aerospace industry, involving expertise from both parties. During his recent visit to Airbus' headquarters in France, Abang Johari said the aerospace company is supportive of Sarawak's ambitions and had proposed the Airbus-Sarawak Kenyalang Strategic Partnership Avenues, which will cover six key areas. These are paths towards sustainable aviation fuel production; human capital development; industrial ecosystem development; digital airline journey; Airbus consulting project for Air Borneo; and airspace operation. Also discussed was the development of an aerotropolis in Sarawak, which will include the new Kuching International Airport. The new airport, which is targeted to accommodate more than 15 million passengers annually, will embody modern, green architectural principles and be equipped with cutting-edge systems to ensure a seamless passenger journey, from check-in to boarding. 'The development of our new international airport and deep seaport in Kuching will involve private sector investments and not only be funded by the Sarawak government. 'There has been expression of interest by the private sector, local multi-national and international corporations to spearhead the projects,' said Abang Johari.
Arab News
2 days ago
- Business
- Arab News
In the wake of the WEF's challenges, neutrality and good governance are paramount
Geneva, Switzerland, is a hub for international cooperation. The city has provided a venue for dialogue among governments and nongovernmental organizations alike since the early 20th century, bolstered by critical aspects of the Swiss DNA: neutrality, good governance and a tradition of dialogue for impact and peace. Since its founding in 1971, the World Economic Forum, under the leadership of its founder Klaus Schwab, started as a private foundation and eventually became an official Swiss international organization guided by the mission statement: 'Committed to improving the state of the world.' The WEF and its annual gathering in Davos evolved from a European industrial conclave into the world's most influential event for brand building, networking and addressing the topics of the day among political figures, business leaders, NGOs and the social sector. The WEF today, however, is facing an impasse. As a perceived neutral platform for dialogue, for decades the WEF offered a unique value proposition geopolitically, from the Cold War period through the Middle East peace process and the end of apartheid in South Africa. This neutrality came into question in 2022 following the war in Ukraine. At that point, the WEF followed political pressure from the US, the EU and Switzerland, turning away all stakeholders, political and civilian, from Russia, thereby taking sides in the conflict and stifling dialogue. When asked directly why the Russians were excluded, one WEF representative at the time cited the excuse that 'Russia invaded a sovereign country' as a justification for the WEF's unprecedented political stand. This situation has played itself out historically with the US-UK invasion of Iraq in 2003, when moral justifications regarding human rights violations were used on a selective basis to underscore what was later revealed to be the false pretense of weapons of mass destruction. Moreover, without skipping a beat, the following January, the WEF invited the US and UK governments, their allies and other stakeholders to Davos, despite their invasion of a 'sovereign country.' As a perceived neutral platform for dialogue, for decades the WEF offered a unique value proposition geopolitically. This fault line is one, which, compared to Western countries, counterparts from the Arab Gulf to the BRICS and the Global South have addressed in a more pragmatic way. Instead of focusing solely on the Western, pro-NATO enlargement narrative, they have considered, rightly, their own business and economic interests and interlinked global geopolitics over the principles of so-called sovereignty and invasion. In terms of its own internal governance, the WEF has come under scrutiny in the past few years following a series of journalistic reports, notably from The Wall Street Journal, which started with looking into gender and inclusion policies and which ultimately led to the resignation of the founder. In the last month in particular, several alleged governance questions have emerged about Schwab, his family, the board and select members of the management team. While independent investigations are underway under the eyes of the Swiss authorities, and innocence is presumed until proven otherwise, it is important that these events not neglect a critical aspect: these issues — if true — would not have occurred had proper measures been installed to ensure good governance, checks and balances, and the proper oversight of what is today an official Swiss international organization. According to the bylaws of the WEF, Schwab has the right to appoint his own successor and either he or a member of his immediate family sits on the board of trustees. Schwab will therefore likely continue to pursue his own case and deny the allegations of wrongdoing that have been lodged to protect his own personal reputation and, even more so, his legacy. The authorities and the current board of the WEF may need to find a compromise, including naming him honorary chairman and/or meeting other demands. Serious questions must be addressed about how so many alleged internal issues were allowed to precipitate over an extended period without board members supposedly being aware. Beyond the organizational culture that was variably criticized in the media, it appears as though board members failed to ask the right questions or address issues, as did the regulators, in compliance with Swiss law, which mandates regular audit. The current circumstances should therefore give the WEF pause to pose some of the difficult values-based questions for an organization that is charged with convening the world's elite around the most pressing global challenges. Moreover, the WEF's partners, notably business and wealthy governments, finance its $500 million annual budget. If the WEF is going to continue to accept these financial contributions, it must also be held accountable. Against this backdrop, and at a moment when global leadership is under great scrutiny and redefinition, multistakeholder leaders have options to choose between myriad different events and initiatives for building their influence and collaboration, ranging from the Milken Institute to the Future Investment Initiative. Now is the time, however, for the WEF to revisit its purpose and decide if it will become one of the many hubs for corporate networking and deal-making or if it will stay true to its DNA: serving as a neutral platform, with good governance and focused on real impact. • Khalid Abdulla-Janahi, chairman of Vision3, has over 30 years of experience in banking and financial services.
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Strathcona formally launches takeover bid for oilsands peer MEG Energy
CALGARY – Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn't already own. The offer is open until Sept. 15. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist. The target company is urging shareholders to take no action until it has made a recommendation, which it expects to do within 15 days. Strathcona also announced an equity commitment letter with Waterous Energy Fund, whose CEO Adam Waterous is executive chairman of Strathcona. Monday Mornings The latest local business news and a lookahead to the coming week. The fund owns almost 80 per cent of Strathcona shares, and the new investment is worth about $662 million. 'WEF's major further investment in Strathcona reflects our view that more than eight years into building Strathcona, our best years are in front of us. As part of the offer, we are asking MEG shareholders to join us as fellow shareholders in Strathcona and trust the Strathcona team as stewards of their capital,' Waterous said in a release Friday. 'We therefore believe it is important that we eat our own cooking, ensuring no one will be more focused on increasing Strathcona's value beyond current levels than WEF. We firmly believe Strathcona represents compelling value at this price with a large margin of safety, and that we and the partners in our fund will do very well over the long run.' This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX: MEG, TSX: SCR)
Yahoo
3 days ago
- Business
- Yahoo
Strathcona formally launches takeover bid for oilsands peer MEG Energy
CALGARY — Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn't already own. The offer is open until Sept. 15. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist. The target company is urging shareholders to take no action until it has made a recommendation, which it expects to do within 15 days. Strathcona also announced an equity commitment letter with Waterous Energy Fund, whose CEO Adam Waterous is executive chairman of Strathcona. The fund owns almost 80 per cent of Strathcona shares, and the new investment is worth about $662 million. "WEF's major further investment in Strathcona reflects our view that more than eight years into building Strathcona, our best years are in front of us. As part of the offer, we are asking MEG shareholders to join us as fellow shareholders in Strathcona and trust the Strathcona team as stewards of their capital," Waterous said in a release Friday. "We therefore believe it is important that we eat our own cooking, ensuring no one will be more focused on increasing Strathcona's value beyond current levels than WEF. We firmly believe Strathcona represents compelling value at this price with a large margin of safety, and that we and the partners in our fund will do very well over the long run." This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX: MEG, TSX: SCR) The Canadian Press
Yahoo
3 days ago
- Business
- Yahoo
Strathcona's hostile bid for MEG Energy called the 'largest investment in the Canadian oilpatch in a decade'
The clock has officially started on Strathcona Resources Ltd.'s $6.7-billion hostile takeover bid for oilsands major MEG Energy Corp. Bypassing MEG's management, Strathcona has gone directly to shareholders with its cash-and-stock offer valued at $23.27 per share — representing a 9.3 per cent premium to MEG's closing price on May 15 — and they have until Sept. 15, 2025, to decide whether to accept the offer, according to a circular filed on Friday. The filing also confirmed and finalized a key element of financing for the deal, namely a $662-million equity commitment from Strathcona's controlling shareholder, Waterous Energy Fund (WEF), the Calgary-based private-equity firm founded and run by Strathcona chair and veteran oilpatch dealmaker Adam Waterous. The fund will buy 21.4 million shares at $30.92 each, providing the $662 million to fund the cash portion of the MEG offer and reduce the reliance on short-term debt. 'This is the largest single public or private-equity investment in the Canadian oil and gas patch in more than a decade,' Waterous said in an email. 'WEF backing up the truck on this acquisition is clear evidence that we believe that the creation of this new Canadian champion will provide compelling returns.' The terms of the deal are the same as a proposal that was originally made to MEG in April, which was subsequently rejected by the company's board on May 13. MEG indicated at the time that it was not interested in pursuing a combination, according to Strathcona. Some MEG shareholders have also taken the view that Strathcona's bid doesn't sufficiently recognize the quality of the oilsand firm's assets at Christina Lake, B.C., and the potential of its undeveloped holdings at the Surmont Project in Alberta and elsewhere. But Waterous may be counting on shareholders ignoring the modest premium in order to throw their support behind a private-equity player with a track record for dealmaking. Pivotal pipeline decision looms to determine fate of Canada's next big LNG terminal 'Energy is Canada's superpower,' says new minister Tim Hodgson 'WEF's major further investment in Strathcona reflects our view that more than eight years into building Strathcona, our best years are in front of us,' he said in a statement. 'We firmly believe Strathcona represents compelling value at this price with a large margin of safety, and that we and the partners in our fund will do very well over the long run.' • Email: mpotkins@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
