Latest news with #WanAhmadKamal
Free Malaysia Today
02-05-2025
- Business
- Free Malaysia Today
Weaker Petronas undermines Malaysia's geoeconomic strength, says Wan Fayshal
Petronas, one of the world's leading oil companies, operates in over 50 countries, with major oil, gas and LNG projects across Africa, South America, Canada and the Asia-Pacific. (Reuters pic) PETALING JAYA : While the Petroleum Development Act 1974 (PDA) has provided a solid foundation for generating revenue to support national development, emerging geoeconomic challenges—including Donald Trump's trade war—necessitate its further strengthening, says an opposition leader. Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal said Petronas, as Malaysia's leading geoeconomic institution, requires strong backing to sustain its pivotal role as a long-term global player, over and above its role in contributing to the treasury. 'Petronas doesn't just generate revenue for the country, it has also developed talent, expertise, and strong diplomatic channels for Malaysia to expand abroad. Wan Ahmad Fayhsal Wan Ahmad Kamal. 'It is the only homegrown multinational corporation (MNC) to have grown into a transnational corporation, with operations in more than 50 countries, and is one of the most important sources of revenue for our country,' he told FMT. He said Petronas has also created numerous opportunities for other Malaysian businesses by introducing them to new markets. 'Petronas is not content with just being a local player as they have proven their worth in playing in bigger fields outside, such as Africa and South America. 'Whenever Petronas expands abroad, it also opens doors for our SMEs to penetrate those markets because we have a national champion acting as our 'battering ram', pushing Malaysia's interests aggressively overseas,' he said. Petronas operates in over 50 countries, with major oil, gas and LNG projects across Africa, South America, Canada and the Asia-Pacific, cementing its reputation as one of the world's leading national oil companies. Its extensive network of businesses and continued growth, coupled with a strict adherence to corporate governance requirements, has put it at No.167 on the Global Fortune 500 list, the only Malaysian company to make the cut. Regional significance Wan Fayhsal said the appreciation for Petronas's geoeconomic value extends beyond Malaysia to other Asean nations. 'As a former Petronas staff member, I know that when Indonesia faced the 1998 financial crisis, Petronas was one of the institutions that stepped in to help. 'The country (Indonesia) was hit hard, and Dr Mahathir Mohamad, (the late) Daim Zainuddin, and other Cabinet members (at the time) leveraged Petronas's resources to assist, including through the purchase of food supplies for our Indonesian neighbours,' he said. Wan Fayhsal said this was one example of how Petronas's contributions have gone beyond Malaysia's borders to benefit the wider region. He said the success of Petronas abroad has also enhanced Asean's reputation globally. 'When foreign businesses become familiar with Malaysian companies like Petronas, they are also more likely to engage with (our) Asean counterparts,' he said. Wan Fayhsal said Petronas has set a strong standard and model for Asean companies, demonstrating the region's potential to compete on the global stage.
Free Malaysia Today
01-05-2025
- Business
- Free Malaysia Today
Opposition ready to strengthen PDA, defend Petronas, says Wan Fayhsal
Wan Ahmad Fayhsal Wan Ahmad Kamal says he is looking to pursue 'creative solutions' to oil royalty disputes for the benefit of his home state, Kelantan. (AFP pic) PETALING JAYA : An opposition politician says Perikatan Nasional is ready to support efforts to strengthen the Petroleum Development Act 1974 (PDA) to ensure Petronas remains a pillar of national development. Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal warned against any move that could weaken the national oil corporation, citing its vital role in Malaysia's economic growth. 'If the prime minister requires Petronas to be strengthened in terms of governance and independence, the opposition will support that call to ensure that the PDA remains intact and effective for Petronas to deliver benefits to the rakyat. Wan Fayhsal Kamal. 'Petronas is a geoeconomic institution. It not only generates cash for the country but also develops talent, builds expertise, and serves as a diplomatic channel for Malaysia to venture abroad. 'Why kill our best player on the team when you can't produce the same kind of player in the next 10 or 20 years? As a politician who thinks about the future of our country, I would defend Petronas to the last mile,' he told FMT in an exclusive interview. The PDA vests Petronas with ownership in, and control over, all upstream and downstream oil and gas activities in Malaysia. Currently, Petronas and Sarawak's state-owned oil company, Petroleum Sarawak Berhad (Petros), are negotiating a new arrangement over gas rights in the state. Sarawak has recently claimed it is entitled to exploit oil and gas reserves in and around the state, despite the PDA assigning exclusive rights to Petronas. Wan Fayhsal acknowledged the grievances of states like Sarawak and Kelantan over oil revenue distribution but insisted that any solution reached must not come at the expense of Petronas's strength. 'Whatever the issues may be, they must be discussed at the negotiating table. The solution must be a win-win proposal and must not weaken Petronas at any cost. 'If the issue concerns royalties, then we need to find ways for Petronas to increase its revenue and profits so that it can contribute more to states like Sarawak, Sabah, Terengganu and Kelantan,' he said. He also cautioned against political interference in the matter, citing the example of Indonesia's state-owned oil giant Pertamina, which was crippled by decades of political meddling and corruption, including a US$11.9 billion fraud scandal involving rigged oil contracts. Justice for Kelantan Wan Fayhsal also reaffirmed the opposition's commitment to securing oil royalties for Kelantan but stressed the need for creative solutions beyond just cash payments. 'The Kelantan state government has never wavered in its quest to seek justice over the oil royalties that have been denied to the Kelantanese people for years. This demand will continue to be pursued by all Kelantanese politicians, including myself. 'At the same time, we understand that this must be done carefully and not at the expense of Petronas' growth. There are various ways to address this, not just through hard cash. 'For example, if Petronas and the federal government can provide more jobs for Kelantanese in lieu of oil royalties, that could be a potential solution,' he said. He also suggested that dissatisfaction in Sarawak could be alleviated by the federal government addressing basic infrastructure issues more seriously. 'Maybe (Sarawak) believes that controlling their oil and gas resources would help them solve these problems better than relying on federal projects. 'If the federal government shows sincerity and resolves state-level issues properly, I don't think the state government would be as concerned about fiscal decentralisation,' he said. Sarawak currently receives a 5% oil royalty from Petronas. Kelantan, on the other hand, does not qualify for royalties based on the federal government's interpretation of offshore boundaries, which is premised on the Territorial Sea Act 2012. Instead, Kelantan receives discretionary 'wang ehsan' (courtesy) payments from the federal government for petroleum extracted beyond the state's territorial waters.
Malay Mail
01-05-2025
- Business
- Malay Mail
Bersatu MP warns unclear petrol subsidy, electricity hike plans hurting business, investors
KUALA LUMPUR, May 1 — Opposition MP Wan Ahmad Fayhsal Wan Ahmad Kamal has urged the government to act decisively on the planned targeted RON95 petrol subsidy, saying unclear policies could harm investor confidence. The Machang MP and a Bersatu supreme council member said the delay in subsidy rationalisation and vague policy communication were affecting both foreign and domestic investment. 'If (rationalising RON95 petrol subsidies) needs to be done because of a shortfall in the nation's revenue, it has to be done properly. No flip-flop announcements,' he was quoted as saying in an interview with news portal Free Malaysia Today published today. 'If the government wants to do unpopular things, just do it. Bite the bullet. March ahead and rally the people because this way, the rakyat can at least be prepared to face the challenges ahead.' A former deputy minister, Wan Ahmad Fayhsal said the recent 26-week net foreign outflow from Bursa Malaysia showed weakening investor confidence. He warned that this could negatively affect small and medium enterprises across the country. He added that many of Prime Minister Datuk Seri Anwar Ibrahim's policy frameworks were not being clearly explained or implemented. 'The execution is not properly done and lacks clarity, and that's why the money (foreign investment) is not here. When you do not communicate your policy well, investors will hesitate to invest for the long run,' he told the news portal. He also noted that Malaysia's strength in semiconductor manufacturing came from earlier administrations. 'We are ahead of our neighbouring countries when it comes to manufacturing semiconductors, but this is a historical legacy that was not born under Anwar's government,' he was quoted as saying. The RON95 subsidy cut, initially planned for 2024, has now been pushed to mid-2025. Economy Minister Rafizi Ramli previously acknowledged the move could trigger public backlash. Last month, the Petrol Dealers Association of Malaysia called for clearer details on the plan, including who qualifies, whether MyKad will be used to identify recipients, and the overall cost and impact. In March, Rafizi said the Cabinet had reviewed four proposals but had yet to decide on the eligibility criteria. The government is also reportedly reworking the current income classification for the top 15 per cent of income earners, better known as T15. Wan Fayhsal also criticised the government for ignoring feedback on a proposed electricity tariff hike. 'Trade associations complained to the prime minister and urged him not to raise the tariff yet because they are not ready for it, saying its implementation will impact their operations. I believe it fell on deaf ears,' he was quoted as saying. Tenaga Nasional Bhd has proposed a new base rate of 45.62 sen per kilowatt-hour for peninsular Malaysia, up from the current 39.95 sen/kWh, starting July 1, 2025. The Malaysia Shopping Malls Association warned the increase would burden both operators and consumers, especially with other rising costs. Several industry groups, including the Malaysian Iron and Steel Industry Federation, Malaysian Plastics Manufacturers Association, and the Federation of Malaysian Manufacturers, have also appealed for the government to reconsider.
Free Malaysia Today
30-04-2025
- Business
- Free Malaysia Today
Malaysia can be ‘Asian Tiger' with visionary leadership, says Wan Fayhsal
Wan Ahmad Fayhsal Wan Ahmad Kamal says the government must correct the education system's entire value chain to promote science, technology, engineering and mathematics. PETALING JAYA : Malaysia can still achieve 'Asian Tiger' status if led by a visionary prime minister who can unite Malaysians across all racial and religious divides, says an opposition MP. In an exclusive interview with FMT, Bersatu's Wan Ahmad Fayhsal Wan Ahmad Kamal said the country must recalibrate its policies and shift its value systems to achieve this vision. 'I believe such a vision still holds water for our future generations. What we need now is a recalibration of our focus areas to better position ourselves for success. 'We should aspire to claim that title over the next 50 years,' he said. The term 'Asian Tigers' was popularly used in the 1980s and 1990s to describe the fast-growing economies of Taiwan, South Korea, Singapore and Hong Kong — all of which have since achieved high-income status. Malaysia was tipped to be the fifth 'Asian Tiger', but its economic growth was derailed by the 1997 Asian financial crisis. The Bersatu Supreme Council member said Malaysia checks all the boxes to achieve high income status. He pointed to the country's strategic location at the heart of Asean, its relative immunity to major natural disasters, and the rich tapestry of diverse cultures and traditions present. 'All these 'ingredients' must be 'cooked' by a prime minister who has the vision to rally all Malaysians transcending race and religion. 'We have multilingual talents. We are proficient in English, and that would easily attract investment, compared to our neighbouring countries,' he said. Wan Fayhsal also said the nation's leaders would need to be committed to a reform agenda that prioritises long-term progress over political expediency. 'The agenda has to be democratically inclusive, and it has to involve everyone, not just the royalties and politicians, but also every single rakyat who pays tax in the country,' he said. Education reform Another crucial step for Malaysia to achieve high-income status, he said, is to reform the education system with a stronger emphasis on fostering interest in science, technology, engineering and mathematics (STEM). Wan Fayhsal said the government's lack of promotion in these areas has resulted in a shortage of role models for the younger generation. 'We all know very well that the youth are currently not interested in venturing into hard sciences or technical sciences. 'That is why the entire value chain of the education system must be corrected and reformed with the right model and syllabus,' he said. However, Wan Fayshal also urged educators not to overlook liberal arts subjects that nurture imagination and creativity, noting that some of the most innovative technologies on the market have come about by blending together humanities and engineering.
