Latest news with #RM4.23
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
The Sun
4 days ago
- Business
- The Sun
Shell bolsters sustainability integration amid shifting global energy landscape
KUALA LUMPUR: Shell is reinforcing its sustainability efforts across its business operations as part of a broader strategy to remain competitive and resilient in a fast-changing global energy landscape. Vice-president for sustainability Karen Westley said the company is aligning environmental and social sustainability with its core values and risk framework, which is among the efforts to navigate the global shift toward cleaner energy. She said the company has been focusing on simplification through the corporate sustainability reporting directive (CSRD) disclosure process, allowing Shell to tie impacts, risks, and opportunities across sustainability to its enterprise risk framework. 'This has led us to strengthen our governance, systems and standards around sustainability. We have included sustainability as a foundation in our core values alongside safety and care for people,' she said during the plenary session titled 'Sustainability Leaders Navigating Geopolitical and Economic Shifts in Energy Companies' at the Energy Asia 2025 Conference today. Westley said Shell has already achieved key environmental targets, including a 70 per cent cut in methane emissions since 2016, a 60 per cent reduction in Scope 1 and 2 emissions towards its 2030 goal, and a nine per cent fall in net carbon intensity. It has also met goals on biodiversity protection, water use, and reforestation. Westley said that in addition to its emissions targets, Shell is working on improving energy access, particularly in Asia. In November 2024, the company has partnered with three energy giants -- TotalEnergies, Equinor, and BP -- for a US$500 million joint investment commitment (US$1=RM4.23) to create a positive impact on energy access for people in key regions over the coming years.
The Sun
4 days ago
- Business
- The Sun
Shell steps up sustainability amid energy sector shifts
KUALA LUMPUR: Shell is reinforcing its sustainability efforts across its business operations as part of a broader strategy to remain competitive and resilient in a fast-changing global energy landscape. Vice-president for sustainability Karen Westley said the company is aligning environmental and social sustainability with its core values and risk framework, which is among the efforts to navigate the global shift toward cleaner energy. She said the company has been focusing on simplification through the corporate sustainability reporting directive (CSRD) disclosure process, allowing Shell to tie impacts, risks, and opportunities across sustainability to its enterprise risk framework. 'This has led us to strengthen our governance, systems and standards around sustainability. We have included sustainability as a foundation in our core values alongside safety and care for people,' she said during the plenary session titled 'Sustainability Leaders Navigating Geopolitical and Economic Shifts in Energy Companies' at the Energy Asia 2025 Conference today. Westley said Shell has already achieved key environmental targets, including a 70 per cent cut in methane emissions since 2016, a 60 per cent reduction in Scope 1 and 2 emissions towards its 2030 goal, and a nine per cent fall in net carbon intensity. It has also met goals on biodiversity protection, water use, and reforestation. Westley said that in addition to its emissions targets, Shell is working on improving energy access, particularly in Asia. In November 2024, the company has partnered with three energy giants -- TotalEnergies, Equinor, and BP -- for a US$500 million joint investment commitment (US$1=RM4.23) to create a positive impact on energy access for people in key regions over the coming years.
New Straits Times
4 days ago
- Business
- New Straits Times
Shell bolsters sustainability integration amid shifting global energy landscape
KUALA LUMPUR: Shell is reinforcing its sustainability efforts across its business operations as part of a broader strategy to remain competitive and resilient in a fast-changing global energy landscape. Vice-president for sustainability Karen Westley said the company is aligning environmental and social sustainability with its core values and risk framework, which is among the efforts to navigate the global shift toward cleaner energy. She said the company has been focusing on simplification through the corporate sustainability reporting directive (CSRD) disclosure process, allowing Shell to tie impacts, risks, and opportunities across sustainability to its enterprise risk framework. "This has led us to strengthen our governance, systems and standards around sustainability. We have included sustainability as a foundation in our core values alongside safety and care for people," she said during the plenary session titled "Sustainability Leaders Navigating Geopolitical and Economic Shifts in Energy Companies" at the Energy Asia 2025 Conference today. Westley said Shell has already achieved key environmental targets, including a 70 per cent cut in methane emissions since 2016, a 60 per cent reduction in Scope 1 and 2 emissions towards its 2030 goal, and a nine per cent fall in net carbon intensity. It has also met goals on biodiversity protection, water use, and reforestation. Westley said that in addition to its emissions targets, Shell is working on improving energy access, particularly in Asia. In November 2024, the company has partnered with three energy giants – TotalEnergies, Equinor, and BP – for a US$500 million joint investment commitment (US$1=RM4.23) to create a positive impact on energy access for people in key regions over the coming years.
The Sun
10-06-2025
- Business
- The Sun
MADANI govt committed to reforms, but needs time
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim says the MADANI unity government is deeply committed to tackling corruption and abuse of power but the reforms to combat these menaces will take time to materialise. 'There's no turning back. What I am certain is that every month and every year there must be some progression in addressing these issues,' he said. Anwar, who is also Finance Minister, said there are those who are impatient and want reforms fast, but they are 'blinded to the facts and reality.' He said there must be wisdom (hikmah) in the way the MADANI government goes about undertaking such reforms. He cited how Pakatan Harapan does not even have a simple majority in Parliament, which is why as a coalition government, 'we have to work together.' 'And we are fortunate, because UMNO and Barisan Nasional have now turned to be one of the core pillars committed to this reform and support,' he said in his keynote address at the launch of the Centre of Excellence for Research and Innovation in Islamic Economics (i-RISE) here today. 'But you can't take things for granted, because the process of negotiations, discussions and engagement is important,' he said. He said it is vital to work gradually and get the consensus between the key parties including those from Sabah and Sarawak. He also highlighted that proper governance is essential to ensure economic growth and progress whether a country practices Islamic or conventional banking or both banking systems like in Malaysia. He said that there should be sustainability and clarity in a country's macroeconomic policies and in governance which promotes development but avoids financial leakages and endemic corruption. 'Almost without exception, Muslim countries are not poor, but the poverty is because of the tendency to either condone and use power and privilege to squander wealth,' he said. He also lamented over gender poverty in Muslim countries, but said Malaysia is fortunate as the problem is relatively absent. He said that the MADANI unity government remains committed to support studies and research and allow Islamic economics and Islamic instruments to be practiced, supported and expanded. To this end, he called on bankers, academicians, intellectuals, scholars, professionals and Islamic scholars 'not to ignore the importance of what proper and good governance entails' when undertaking reforms in related disciplines. 'Through good governance with clear policies and instruments, institutions must protect the system from excesses,' said Anwar. In this way, the country would grow and possess the capacity to attract foreign direct investments and penetrate new markets as a trading nation. He described the global halal industry as having massive potential of up to US$3 trillion (US$1 = RM4.23), but said this means nothing if 'you don't engage, penetrate and expand into new markets.' On an encouraging note, he said, Malaysia has emerged as a major centre of halal certification envied by other countries wanting to learn and share its expertise, which in the process would help develop linkages with halal ventures globally.
