Strait Of Hormuz A Concern, But Oil Industry Remains Stable
BUSINESS
KUALA LUMPUR, June 16 -- The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim.
He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today. 'Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,' he said.
When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region.
At the same time, Anwar also announced major investments by Total, Italy-based ENI, and Saudi Aramco, which he said reflected confidence in Petronas' capabilities. 'Several key agreements related to investments in Malaysia will be signed at the Energy Asia 2025 Conference, which will be held over three days,' he added.
Also taking place at Energy Asia is a closed-door session involving global chief executive officers and top-level leaders from key sectors such as oil and gas, energy, technology, finance, and professional services.
This aims to chart a collective path to stimulate investment, enhance coordination, and accelerate the adoption of technology to drive Asia's energy transition.
The Energy Asia 2025 Conference, themed 'Delivering Asia's Energy,' and being held from June 16–18, serves as a timely platform for Malaysia and the region to assess progress toward energy transition goals and reinforce national commitments toward achieving net-zero carbon emissions.
The event is also seen as highly relevant amid the intersection of economic diversification and sustainable development, as countries shift from oil to renewable energy (RE) and adopt new technologies such as hydrogen and carbon capture.
Earlier, Anwar delivered the keynote address and officiated the event, which will feature 180 prominent speakers from around the world and attract more than 4,000 delegates, including policymakers, energy professionals, and industry leaders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
24 minutes ago
- The Star
DR Congo extends suspension of cobalt exports by three months
KINSHASA, June 21 (Xinhua) -- The Democratic Republic of the Congo (DRC) has extended its temporary suspension of cobalt exports for an additional three months, citing persistently high inventory levels in both domestic and international markets. The move follows a four-month export halt announced in February. The extension was announced on Saturday by the DRC's Regulatory and Oversight Authority for Strategic Mineral Substances Markets (ARECOMS), the national body responsible for regulating the trade of critical mineral substances. Established in 2019, ARECOMS oversees the regulation of strategic minerals such as coltan, cobalt and germanium. Its mandate includes stabilizing markets, formalizing the artisanal sector, and ensuring compliance with international anti-money laundering and counter-terrorism financing regulations. According to an official statement, the extended ban covers all cobalt extracted from industrial, semi-industrial, small-scale and artisanal mining operations, and takes effect immediately from the date of signature, June 21. ARECOMS said that a new decision will be issued before the end of the suspension period, which may either modify, extend, or lift the current export ban, depending on market developments. According to London-based data analytics and consulting firm GlobalData, the DRC's cobalt production is projected to reach 244 kilotonnes in 2024. The country is the world's largest cobalt producer, supplying over 80 percent of global output. Cobalt is a critical raw material used across various industries, particularly in the production of rechargeable batteries for electric vehicles, smartphones, and other electronic devices. The DRC's cobalt mining industry is primarily concentrated in the Katanga region, where both industrial and artisanal operations are prevalent.
Barnama
3 hours ago
- Barnama
Palestine Embassy Condemns Gaza Humanitarian Foundation
KUALA LUMPUR, June 21 (Bernama) -- The Palestine Embassy in Malaysia has condemned the Gaza Humanitarian Foundation (GHF), describing the aid distribution initiative as a veiled operation that further endangered innocent aid seekers in the enclave. First Secretary of Embassy Amjad Khamaysa said the US and Israel-backed entity undermined genuine humanitarian efforts and worsen the oppression of Palestinians suffering under the regime's brutality. "They (Israel) don't allow humanitarian access to Gaza and they are establishing this Gaza Humanitarian institution. Unfortunately, these distribution centres are used to hunt Palestinians. bootstrap slideshow 'They (Palestinians) come to get aid and they are killed (by Israel) there,' he told Bernama at the 'More Than A War, It's Genocide' forum, organised by Universiti Kebangsaan Malaysia (UKM) here, Saturday. He also condemned the regime's banning of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from carrying out its humanitarian mission in Gaza. Since May 7, Israel has been bypassing UN and international relief organisations by distributing limited aid through the GHF, which was rejected by the UN. According to Anadolu Ajansi, Palestinians seeking aid through this mechanism have become daily targets of Israeli fire, resulting in many casualties. Amjad said the embassy will continue to engage with the public to raise awareness and solidarity against the regime's ongoing genocide on Palestine and its people through various channels, including through cooperation with Malaysian civil societies and the digital sphere. Over 55,000 people in Gaza – mostly women and children – have been killed since Israel launched its aggression on October 7, 2023.
New Straits Times
4 hours ago
- New Straits Times
Palestine Embassy condemns Gaza Humanitarian Foundation
KUALA LUMPUR: The Palestine Embassy in Malaysia has condemned the Gaza Humanitarian Foundation (GHF), describing the aid distribution initiative as a veiled operation that further endangered innocent aid seekers in the enclave. First Secretary of Embassy Amjad Khamaysa said the US and Israel-backed entity undermined genuine humanitarian efforts and worsen the oppression of Palestinians suffering under the regime's brutality. "They (Israel) don't allow humanitarian access to Gaza and they are establishing this Gaza Humanitarian institution. Unfortunately, these distribution centres are used to hunt Palestinians. "They (Palestinians) come to get aid and they are killed (by Israel) there," he told Bernama at the "More Than A War, It's Genocide" forum, organised by Universiti Kebangsaan Malaysia (UKM) here, Saturday. He also condemned the regime's banning of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from carrying out its humanitarian mission in Gaza. Since May 7, Israel has been bypassing UN and international relief organisations by distributing limited aid through the GHF, which was rejected by the UN. According to Anadolu Ajansi, Palestinians seeking aid through this mechanism have become daily targets of Israeli fire, resulting in many casualties. Amjad said the embassy will continue to engage with the public to raise awareness and solidarity against the regime's ongoing genocide on Palestine and its people through various channels, including through cooperation with Malaysian civil societies and the digital sphere. Over 55,000 people in Gaza – mostly women and children – have been killed since Israel launched its aggression on October 7, 2023. The regime imposed total blockade since last March, further aggravating the already severe humanitarian crisis in the enclave.
