Latest news with #reforms
ABC News
2 days ago
- Business
- ABC News
Federal politics live: Energy companies restricted to one cost increase a year
Energy retailers won't be able to raise prices more than once a year under major new reforms announced by the Australian Energy Market Commission. Follow all the updates in our live blog.
Zawya
3 days ago
- Business
- Zawya
Nigerian president to bring bold energy reforms to African Energy Week
Nigerian President Bola Ahmed Tinubu is set to address African Energy Week (AEW) 2025 in Cape Town, bringing his country's bold reforms in the oil and gas sector to the big industry event aimed at attracting foreign investment and revitalising domestic production. Since taking office, Tinubu has spearheaded a wide-ranging programme to reposition Nigeria as a top-tier destination for energy investment. This includes a recent executive order targeting upstream project costs and regulatory bottlenecks. The measures, which include streamlined contracting, tax incentives, and reduced compliance burdens, aim to cut project delivery costs by up to 40%. Nigeria has secured over $8 billion in new deepwater oil and gas investments in the past year. ExxonMobil has committed $1.5 billion to field developments, while Shell increased its stake in the Bonga field. Chevron is expanding operations at the Agbami field, and Petrobras is reportedly seeking new acreage in response to improved regulatory conditions. The government has also launched initiatives to boost local refining and industrial capacity, including the 'Naira for Crude' policy to reduce foreign exchange reliance and promote domestic fuel production. The 650,000 barrels-per-day Dangote refinery, Africa's largest, is expected to begin distributing petrol and diesel later this year. 'These reforms are sending a clear message to investors,' said NJ Ayuk, Executive Chairman of the African Energy Chamber. 'Nigeria is creating a globally competitive operating environment.' Tinubu's appearance at AEW 2025 is expected to highlight the country's strategy for energy security, gas monetization, and long-term industrial development, amid growing interest from US, European, and global energy stakeholders.
Zawya
4 days ago
- Business
- Zawya
Nigeria's President Tinubu to Bring Bold Energy Reforms to African Energy Week (AEW) 2025 Stage
African Energy Week (AEW) 2025: Invest in African Energies is proud to announce that Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, will address delegates at Africa's premier energy event in Cape Town. President Tinubu's participation comes as Nigeria undergoes one of the most ambitious reform drives in its oil, gas and broader energy sectors – a drive that is reshaping the country's investment climate and unlocking multi-billion-dollar opportunities across the value chain. Since assuming office, President Tinubu has spearheaded a wide-ranging program to reposition Nigeria as a top-tier destination for energy investment. In May 2025, he signed an Executive Order on Oil&Gas Reforms, aimed at overhauling project delivery frameworks and significantly reducing costs across the industry. The Order introduces streamlined contracting processes, tax incentives and the removal of regulatory and local content compliance bottlenecks, with a target of cutting upstream project costs by up to 40%. Such reforms are designed to make Nigeria's operating environment globally competitive and unlock billions of dollars in new investments. In the past year, Nigeria has secured over $8 billion in deepwater oil and gas final investment decisions, signaling a renewed appetite among international investors. ExxonMobil, for example, has committed $1.5 billion to new deepwater field developments. Shell is also strengthening its position in deepwater and integrated gas – recently increasing its stake in OML 118, which includes the prolific deepwater Bonga field – while Chevron is expanding operations at the Agbami field, one of Nigeria's largest deepwater discoveries. Meanwhile, Petrobras has declared its interest in returning to deepwater exploration in Nigeria, seeking frontier acreage as a result of improved regulatory clarity and investor-friendly reforms. The country has also unveiled major new initiatives to promote local content and industrial growth, with multi-billion-dollar investments directed at building domestic capacity in fabrication, engineering and services. This includes the 'Naira for Crude' initiative, which aims to promote local refining, enhance energy security and reduce reliance on foreign currency in the domestic oil market. Beyond upstream developments, Nigeria is advancing its gas monetization strategy and reviving refining capacity to enhance energy security and drive industrialization. The ongoing operational ramp-up of the 650,000-bpd Dangote refinery – the largest on the continent – is set to begin nationwide distribution of petrol and diesel later this year. The refinery, along with new investments in petrochemical plants, storage facilities and pipeline infrastructure, is expected to help end Nigeria's decades-long reliance on gasoline imports, a trade valued at $17 billion. The U.S., European and global investor community is increasingly engaging with Nigeria as a strategic partner for energy supply diversification and clean energy integration, further solidifying the country's position as a leading force in Africa's energy landscape. 'Nigeria under President Tinubu is showing the world how decisive policy reforms can directly translate into investor confidence and tangible project commitments,' said NJ Ayuk, Executive Chairman of the African Energy Chamber. 'What's happening in Nigeria today is a case study for other African producers: it demonstrates that by cutting red tape, streamlining processes and providing fiscal certainty, countries can attract capital on a large scale while creating real value for their people. We are honored to welcome President Tinubu to AEW 2025 to share this important success story.' President Tinubu's address at AEW 2025: Invest in African Energies will provide a unique opportunity for African and global stakeholders to gain insights into Nigeria's evolving oil and gas sector, the government's strategy for long-term energy security and the country's vision for sustainable industrial development. His leadership is setting a benchmark for how resource-rich nations can balance competitiveness, local value creation and inclusive growth. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Joint ministerial panel formed for private healthcare reforms, says Anwar
Prime Minister Anwar Ibrahim delivering his keynote address at Bank Negara Malaysia's Sasana Symposium 2025 today. (Bernama pic) KUALA LUMPUR : A joint ministerial committee has been formed to lead long-term reforms in Malaysia's healthcare system, Prime Minister Anwar Ibrahim said today. Delivering his keynote address at the Sasana Symposium 2025 hosted by Bank Negara Malaysia, Anwar said the new panel would include representatives from the finance and health ministries, as well as the central bank. Anwar, who is also finance minister, said the committee would ensure that 'quality healthcare is both affordable and accessible for all Malaysians'. He acknowledged concerns that Malaysia had too many committees with no outcomes, but said that the government must go beyond symbolic changes and enact bold reforms. He said the focus must shift from incremental fixes to a value-based private healthcare system that prioritises outcomes, transparency, and fairness. 'Key reforms include clearer pricing, stronger digital healthcare, and expanded access to affordable options such as a universal base medical insurance product,' he said. He also said that Malaysia must be adaptive in its policies, have strong institutions, and maintain a clear vision of its chosen direction to achieve its goal of becoming a high-income economy. Anwar said the Madani Economic Framework reflected the nation's high-income economy vision and articulated a dual commitment. 'First, industrial policies should be modernised, focusing on sectoral competitiveness, digital transformation, green growth, and value chain upgrading. 'Second, the benefits of economic expansion should be broad-based, particularly for the vulnerable and underserved segments of our society,' he said. He added that the government was prioritising five critical areas under the Madani agenda: fiscal sustainability and governance, subsidy rationalisation, tax reforms, human capital development, and institutional integrity. On subsidy reforms, Anwar reiterated that Malaysia could no longer delay structural reforms, including targeted fuel subsidies and tax overhauls. 'Blanket fuel subsidies, particularly for RON95, were benefiting the rich and even foreigners, at the expense of government resources that should be channelled to the needy.'
LBCI
12-06-2025
- Business
- LBCI
Reform or relapse: French envoy Le Drian backs arms monopoly, UNIFIL role in securing Lebanon's future—LBCI interview
French envoy Jean-Yves Le Drian says Lebanon is entering a "critical moment of opportunity" and must accelerate reforms to avoid squandering the international goodwill it has recently regained. In an interview on LBCI's "Vision 2030" program, Le Drian said the first 100 days of Prime Minister Nawaf Salam's government have marked a shift from years of stagnation and dysfunction to renewed state functionality, albeit still incomplete. "There is now a Lebanese state again. It's not yet operating at full capacity, but basic stability has been restored after years of paralysis. That's a major achievement," he said. Le Drian credited the election of President Joseph Aoun by Lebanon's long-deadlocked parliament with restoring a sense of national pride and direction. He emphasized that this "Lebanese moment" must be seized—especially as the country begins to recover credibility on the international stage. "When President Aoun and Prime Minister Salam travel abroad, they are now met with respect. Lebanon is once again recognized," he said. "It's a new deal." Le Drian acknowledged that 100 days is not enough to judge a government's full performance, but said it is enough to confirm the political will to change. He praised the current cabinet as "coherent, competent, and determined," noting a level of unity and technical professionalism he hadn't seen in Lebanon for years. Several reforms are already underway, he said, including a more transparent appointment process, a judicial independence law approved by the government, banking secrecy reforms passed by parliament, and a draft bank restructuring law, which is under review. However, Le Drian warned that without further legislative action, Lebanon risks falling back into crisis. He called on parliament to urgently adopt the remaining key reforms, including a law on deposit recovery. The French envoy stressed that prolonging reform until after the next parliamentary elections would be a mistake, noting the extension of the current legislative session through the summer is a positive step. Le Drian also addressed the European Union's recent decision to place Lebanon on a money laundering watchlist. He said it's a reflection of previous international assessments and reinforces the urgency of banking reforms. "Unless Lebanon implements serious reforms, it will again be seen as the bad student of the class," he warned. Asked whether the International Monetary Fund (IMF) support remains necessary, Le Drian said it is "a prerequisite" for recovery, but he now sees serious engagement between Lebanon and the IMF. He also discussed the possibility of organizing new international donor conferences like the CEDRE conference, which failed to deliver results due to Lebanon's lack of follow-through on promised reforms. "That's when trust was broken," he said. "We must rebuild that trust." Le Drian concluded by warning that Lebanon cannot afford to miss this rare window of opportunity, especially with regional dynamics shifting after the war in Syria. When asked about the United Nations Interim Force in Lebanon (UNIFIL) and its future role, the envoy said there is broad support for renewing its mandate, highlighting the close link between Resolution 1701 and UNIFIL's mission. He warned that undermining UNIFIL could increase the risk of renewed conflict in southern Lebanon. He stressed the importance of recognizing, respecting, and strengthening its role to maintain stability, noting many Lebanese remain fearful of war returning. The French envoy also stressed that rebuilding southern Lebanon cannot start without establishing security and ensuring all weapons are exclusively controlled by the state. He emphasized that only the Lebanese Armed Forces should be tasked with maintaining security and supporting reconstruction efforts. Le Drian expressed full support for President Aoun's approach, commending his blend of determination and caution as the ideal model for the president's role in upholding the state's monopoly on arms.
