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New Straits Times
4 days ago
- Business
- New Straits Times
Petronas ramps up carbon storage efforts to anchor Malaysia's low-emissions future
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is ramping up its carbon capture and storage (CCS) efforts, positioning the technology as both a key enabler of Malaysia's climate ambitions and a new economic frontier for attracting low-carbon investments and regional emitters. Carbon management senior general manager Emry Hisham Yusoff said Petronas is developing multiple offshore storage sites and related infrastructure to transform Malaysia into a leading CCS hub for Southeast Asia. Beyond addressing emissions from its own operations, he said Petronas sees CCS as a commercial solution to support decarbonisation across industries such as steel, cement and petrochemicals. He added that CCS is central to the national oil company's long-term sustainability strategy and is being developed as a new line of business. "CCS is not just about emissions reduction. It is a new service line and a commercial venture for us," he said at the Energy Asia 2025 media dialogue session here today. "With the right infrastructure, Malaysia can attract low-carbon product manufacturers, such as blue ammonia and blue hydrogen producers, to set up operations here," he added. Emry also highlighted that Malaysia's depleted oil and gas fields offer suitable geological formations for long-term CO2 storage, giving the country a strategic edge in regional decarbonisation. "Petronas reduced its emissions from 59 million tonnes in 2019 to 46 million tonnes in 2023, with a target to cut at least 25 per cent of equity emissions by 2030 across both operated and non-operated assets. "However, the pace of implementation depends on the readiness of industrial partners to align their timelines with Petronas' infrastructure rollouts," he said. Petronas estimates that its investments in CCS projects will range between RM4.5 billion and RM5 billion, underscoring its commitment to building the necessary ecosystem for permanent CO2 storage. Speaking at the same session, Petronas CCS carbon management division general manager Nor A'in Md Salleh said the company is focusing on the entire CCS value chain, including capture, transportation, onshore terminals and permanent offshore storage. "We have identified five to seven potential CCS sites at different stages of development. Two are located in Peninsular Malaysia, including one within the Malaysia-China Kuantan Industrial Park, and one is in Sarawak," she said. Among these, she added, the M1 site is the most advanced and will serve as the storage location for CO2 captured from the Kasawari gas field, a major natural gas development linked to Petronas' liquefied natural gas (LNG) portfolio. Petronas is also constructing a dedicated onshore liquefied CO2 terminal in Kuantan to facilitate transportation and storage operations. Partner selection for this terminal is ongoing. The CCS programme is closely tied to the company's LNG business, as Petronas is piloting CO2 capture directly from its LNG production facilities. Emry said the commercial viability of decarbonised LNG remains limited in the absence of carbon pricing or market premiums. "When we capture CO2 from our own LNG facilities, it becomes a cost to us – but there is no differentiated price for low-carbon LNG in the market. That makes it difficult to compete with others who are not pursuing decarbonisation," he said. Looking ahead, Petronas is optimistic that frameworks such as Singapore's transition finance taxonomy, which now classifies CCS as a green activity, will improve access to sustainable financing. "We have long said climate change knows no borders. Just because we store CO2 here does not mean Malaysia is the only beneficiary. We can enable emissions reduction across the region while securing our own energy future," said Emry. Petronas is working closely with global partners such as TotalEnergies, Mitsui & Co, and a Japanese consortium comprising JGC Holdings and K Line, which are engaging emitters from Japan to collaborate on CCS storage in Malaysia. This, Emry said, reflects strong cross-border interest and validates Malaysia's potential as a regional CCS destination. In line with this, Petronas is also engaging with industrial emitters in Korea and Singapore that are seeking access to storage options in Malaysia to meet their respective national decarbonisation targets. As part of its broader push towards net-zero carbon emissions by 2050, the company aims to launch CCS as a commercial service by late 2029 or early 2030. "This is not just about Petronas. It is about building a broader ecosystem that enables real climate action – locally and regionally," Emry added.
New Straits Times
13-06-2025
- Business
- New Straits Times
MACC secures RM4.5mil from Swiss bank account linked to1MDB scandal
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has secured the forfeiture of US$954,299.58 (RM4.5 million) from a Swiss bank account linked to the 1Malaysia Development Berhad (1MDB) scandal. In a statement today, the MACC said the forfeiture was granted by High Court judge Muniandy Kannyappan after the deputy public prosecutor informed the court that no objections or third-party claims were filed during proceedings at the High Court (Criminal 2) in Kuala Lumpur. "The judge allowed the funds, held in a BSI Bank account under the name Derivale Limited, with Azlin Alias listed as the beneficiary, to be forfeited to the Malaysian government," the statement read. The forfeiture was made under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). "This marks the MACC's first successful overseas asset recovery through forfeiture without involving prosecution," it added.
New Straits Times
13-06-2025
- Business
- New Straits Times
RM4.5mil in 1MDB-linked assets forfeited to Malaysian government
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has secured the forfeiture of US$954,299.58 (RM4.5 million) from a Swiss bank account linked to the 1Malaysia Development Berhad (1MDB) scandal. In a statement today, MACC said the forfeiture was granted by High Court Judge Muniandy Kannyappan after the Deputy Public Prosecutor informed the court that no objections or third-party claims were filed during proceedings at the High Court in Kuala Lumpur. "The judge allowed the funds — held in a BSI Bank account under the name Derivale Limited, with Azlin bin Alias listed as the beneficiary — to be forfeited to the Malaysian government," the statement read. The forfeiture was made under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). "This marks MACC's first successful overseas asset recovery through forfeiture without involving prosecution," it added.
New Straits Times
12-06-2025
- Health
- New Straits Times
Dzulkefly: Govt may exempt Sabah, Sarawak doctors from rural allowance freeze
KOTA KINABALU: The Health Ministry will consider exempting medical doctors in Sabah and Sarawak from the freeze on rural allowances. Its minister, Datuk Seri Dr Dzulkefly Ahmad, said the issue would be raised at the upcoming cabinet meeting. The freeze was implemented following the tabling of Budget 2025 as part of the Finance Ministry's fiscal consolidation strategy. "This issue was raised during my visit here, and we have taken it very seriously. "We will table the matter at the Cabinet meeting and examine it thoroughly," he said during the handover of 100 haemodialysis machines from the Sabah government to the Health Ministry at Queen Elizabeth Hospital II today. He was responding to concerns raised by Sabah Community Development and People's Wellbeing Minister Datuk James Ratib yesterday. James had warned that the freeze could discourage contract doctors from renewing their service in remote parts of Sabah, especially given the lack of basic infrastructure in rural areas compared to urban centres. There are currently about 4,000 government doctors serving in the state. Earlier, Dr Dzulkefly said the haemodialysis machines were urgently needed to boost treatment capacity in public health facilities across Sabah. The number of end-stage renal failure patients seeking treatment at government facilities in the state has increased from 1,831 in 2020 to 2,133 in 2024. At present, Sabah has 474 haemodialysis machines; of these, only 435 are operational, while 39 are damaged. The Sabah government has allocated RM8.5 million, including RM4.5 million for the procurement of the machines. Patients will be exempted from the RM13 fee for using the machines, while those undergoing home-based treatment via the Continuous Ambulatory Peritoneal Dialysis (CAPD) method will receive a RM100 subsidy from the state government.
Borneo Post
10-06-2025
- General
- Borneo Post
Recoda: Dorms, canteen under NRDA Package 10 Phase 2 completed
Awang Tengah (centre) is briefed by NRDA officials during the site visit. MIRI (June 10): The construction of two dormitory blocks and a canteen under the Northern Region Development Agency's (NRDA) Package 10 Phase 2 have been completed, said the Regional Corridor of Development Authority (Recoda). In a Facebook post, it said the completed structures are expected to be handed over to the owner by July. The package was allocated RM9.5 million under NRDA, and also includes works at SMK Seri Patiambun, SK Bandar Limbang and SK Tiga Kampung. Meanwhile, it added that Deputy Premier Datuk Amar Awang Tengah Ali Hasan yesterday visited the site of the upgrading project to convert the old SMK Limbang building into a centre for Form 6 studies. An allocation of RM4.5 million has been set aside for this project, which will provide modern and comfortable pre-university facilities including three academic blocks; an administration block; and a dormitory. The scope also includes new roofing, electrical rewiring, additional toilets, furniture and interior refurbishments, it said.
