Latest news with #Petros
Borneo Post
18 hours ago
- Business
- Borneo Post
New milestone for Sibu with opening of first Petros Multifuel Station
Tiang and David sign the backdrop for the new Petros Multifuel Station opening. – Photo by Peter Boon SIBU (June 20): Sibu's first Petros Multifuel Station was launched at Brooke Drive today. Deputy Minister for Public Health, Housing and Local Government Datuk Michael Tiang officiated at the station run by Emparia Sdn Bhd. 'As many of you know, we are on a journey to make Sarawak a developed state by year 2030. That's not just a slogan, it's a real vision. And to make that happen, we need strong support from small and medium enterprises (SMEs),' he said. 'SMEs are the heart of our economy. You create jobs, keep the local economy moving, and help bring development to every corner of Sarawak including places like Sibu, Kapit, and Mukah, not just big cities like Kuching and Miri.' Delving on Petros, the Pelawan assemblyman said the new station is part of a bigger story about how Sarawak is starting to stand tall, taking charge of the state's own oil and gas resources. 'Petros, as many of you know, was set up not just to do business, but to protect our Sarawak rights. Sarawak has always had special powers under the Federal Constitution and the Malaysia Agreement 1963. 'And we are using those powers wisely for the interests and benefit of all Anak Sarawak. Thanks to the leadership of our Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg and Sarawak government, Sarawak now has stronger control over our oil and gas industry. That means we can decide what's best for us, make sure more value stays in the state, and more importantly – give more opportunities to our own people,' added Tiang. He said this autonomy is what allows Sarawak to build better schools and offer free tertiary education to Sarawakians next year as well as improve healthcare and infrastructure. (From sixth left) Tiang and David are seen during a photocall for the opening. – Photo by Peter Boon Emparia Sdn Bhd chief executive officer David Tiang said Petros is not just a growing international brand but a Sarawak brand created to serve Sarawakians. 'As we officially launch the Petros Multifuel Station today, we hope that when you see the Petros sign, you feel a sense of pride – knowing that this is our Sarawak brand – and you will support our business and grow this brand together,' he said. David Tiang Emparia Sdn Bhd lead Michael Tiang Petros Multifuel Station
Sinar Daily
4 days ago
- Business
- Sinar Daily
Petronas to cut 5,000 employees in major corporate overhaul
Those affected will be notified by the end of this year. 06 Jun 2025 09:07am Petronas is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Bernama FILE PIX KUALA LUMPUR - Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000 and those affected will be notified by the end of this year. "Petronas 2.0 will be run differently, organised differently, will have different work processes and to move towards that, we have to correct the work process,' he said at a media briefing here on June 5. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). "There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this-those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. "Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. Petronas is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. FILE PIX The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. - BERNAMA
Borneo Post
4 days ago
- Politics
- Borneo Post
SUPP reaffirms unwavering commitment in fighting for Sarawak's rights, autonomy
Dr Soon (fourth right, front) slices a 'nangka' (jackfruit) while (from third right, front) Chieng, Tiang, Lau, Chua and others look on. – Photo by Peter Boon SIBU (June 16): Sarawak United People's Party (SUPP) reaffirmed its commitment to fighting for Sarawak's rights and autonomy during its 66th anniversary celebration. Deputy Minister of Public Health, Housing and Local Government Datuk Michael Tiang emphasized that SUPP, along with other component parties in Gabungan Parti Sarawak (GPS), was committed to protecting and safeguarding Sarawak's rights. He recounted the party's journey since its founding in 1959, saying they had one goal — to fight for Sarawak and for Sarawakians. 'Our objective was to unite all ethnic groups under the Sarawakian identity and to make Sarawak stronger, better and become our own master. Those objectives were in 1959,' he said during the anniversary cum Father's Day celebration hosted by the SUPP Nangka branch here last Sunday. The Pelawan assemblyman also highlighted the key milestones in SUPP's political journey and recalled the formation of GPS in 2018 after Sarawak-based parties, including SUPP, left Barisan Nasional. 'Together with Parti Pesaka Bumiputera Bersatu (PBB), Parti Rakyat Sarawak (PRS) and Progressive Democratic Party (PDP), we formed GPS to put Sarawak first. GPS fights for Sarawak, only Sarawak.' He also outlined achievements that underscored GPS' and SUPP's continuous efforts in restoring Sarawak's rights. 'In 2021, the Federal Constitution was amended to restore Sabah and Sarawak's status as equal partners alongside Malaya (as enshrined in the Malaysia Agreement 1963). 'That same year, Sarawak amended its state constitution to replace the title of Chief Minister with Premier, reflecting its elevated constitutional status. 'In 2021, we also fought for Sarawak's right to define our own indigenous people without interference from the federal government. We define our indigenous people as native,' he said. He further mentioned that since 2019 until now, Sarawak continues to fight for its regulatory rights over oil and gas. 'We even formed Petros to be the sole aggregator for our gas distribution, and last month (May), our Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg signed a joint declaration, recognising Sarawak gas distribution ordinance and our right over our gas, (with) Petros as the sole aggregator. 'All these achievements, we make Sarawak strong again — just through our petroleum product sales tax, we also generated a lot of revenues. From 2019 to 2023, we have generated RM16 billion in revenue. These accomplishments, achieved alongside SUPP, mark significant milestones for Sarawak,' he said. 'When we come to crossroads, SUPP was there together with other component parties (in GPS). So, we are there to defend Sarawak, safeguard Sarawak (rights),' he said. Regarding the celebration of Father's Day, he said it was important for fathers to pay attention to their children's feelings and ideas. 'In today's world, children encounter numerous challenges, particularly online, such as bullying and similar issues. 'It is the responsibility of parents to ensure the well-being of their children. Instead of constantly insisting on obedience from children, consider other approaches,' he advised. Among those speaking at the event were Bukit Assek assemblyman Joseph Chieng, SUPP Dudong branch chairman Wong Ching Yong and SUPP Nangka chairman Chua Beng Seng. SUPP Dudong advisor Datuk Dr Soon Choon Teck and SUPP Bawang Assan chairman Kevin Lau were also present. autonomy Michael Tiang Sarawak rights Sarawak United People's Party
Daily Express
12-06-2025
- Business
- Daily Express
Sarawak defends gas rights in court battle with Petronas
Published on: Thursday, June 12, 2025 Published on: Thu, Jun 12, 2025 Text Size: KUCHING: During a High Court hearing on Wednesday, lawyers for Petroleum Sarawak Berhad (Petros) and the Sarawak government argued that Petronas violated the Sarawak Gas Sales Agreement (SGSA) and state laws by supplying gas without a valid licence. Petros seeks to nullify a RM7.95 million bank guarantee claim by Petronas, calling it 'unconscionable and illegal.' Advertisement Amicus curiae Datuk Seri J.C. Fong emphasized that under the SGSA and the Distribution of Gas Ordinance 2016 (DGO), Petronas must recognize Petros as Sarawak's sole gas aggregator. He accused Petronas of bypassing legal obligations, obstructing licensed suppliers, and undermining Petros' statutory role. Fong dismissed Petronas' reliance on the Petroleum Development Act 1974, stating the SGSA is a standalone commercial agreement and does not supersede Sarawak's constitutional rights over gas regulation. He also refuted claims that oil royalty payments imply Sarawak relinquished its regulatory authority. * 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
11-06-2025
- Business
- New Straits Times
Petronas breaches Sarawak gas sales agreement, court told
KUCHING: Lawyers for Petroleum Sarawak Berhad (Petros) and the Sarawak government argued that national oil company Petronas had failed to comply with state laws as required under the Sarawak Gas Sales Agreement (SGSA) signed on Dec 30, 2019, and still sought to supply gas to Petros without a valid licence. During a hearing on Petros' originating summons at the Kuching High Court today, in which the state-owned company seeks to restrain and nullify Petronas' demand under a RM7.95 million Maybank Islamic bank guarantee, described by Petros as "unconscionable, illegal, and therefore null and void", Datuk Seri J.C. Fong, appearing as amicus curiae (friend of the court) for the Sarawak government, said Petronas was attempting to bypass legal requirements. "Petronas wants to continue supplying gas to Petros without a licence and does not want to recognise Petros as the gas aggregator in Sarawak. Petronas cannot approbate and reprobate," Fong told judicial commissioner Datuk Faridz Gohim Abdullah. He cited Article 24.2 of the SGSA, which states that "nothing in this agreement shall entitle the parties, Petronas and Petros, to exercise the rights, privileges, and powers conferred on them which would contravene any written laws in force in Malaysia". Fong also said that the Distribution of Gas Ordinance 2016 (DGO 2016), passed by the Sarawak State Legislative Assembly, was a valid written law in force in Malaysia. He added that Article 2.3 of the SGSA further stipulated that should any new codes, regulations, or rules be issued that affect the sale and purchase of gas, both parties are required to take necessary steps to comply. In 2023, the Sarawak assembly amended the DGO to include two key provisions: that only a gas aggregator may supply gas, and that the state cabinet has the authority to appoint the aggregator. Subsequently, Petros was officially appointed as the sole gas aggregator in the state. Responding to claims of Petronas' "unconscionable conduct", Fong told the court that unchallenged evidence in an affidavit showed that Petronas was obstructing upstream gas suppliers, licensed under the DGO, from selling to Petros, thus hindering Petros from carrying out its statutory functions. "Petronas's failure to comply with the DGO, its continued supply of gas without a proper licence, and its prevention of other licensed suppliers from dealing with Petros must constitute unconscionable conduct," he said. On Petronas' argument that it was acting within its rights under the Petroleum Development Act 1974 (PDA74), Fong said the SGSA had no connection to the PDA or to Petronas' business under it, as those rights had been transferred to Petros. "There is nothing in the SGSA to suggest that it was entered into pursuant to the PDA. It is purely a commercial agreement based solely on commercial considerations," he said. Responding to Petronas' claim that Sarawak had relinquished its rights over petroleum and gas in return for annual payments, Fong said the "yearly payments" (oil royalty) were for "the purported vesting of petroleum in Petronas". He said that this had no bearing on Sarawak's constitutional right to regulate the distribution of gas. "There is nothing in the PDA or any agreements between Petronas and the Sarawak government, based on evidence before the court, to indicate that the annual payments were in exchange for Sarawak relinquishing its legislative and executive powers over gas distribution," he added.
