Terengganu has undergone a rapid development transformation process with the implementation of various types of projects worth hundreds of millions of ringgit, said Prime Minister Datuk Seri Ismail Sabri Yaakob.
He said the oil and gas industry, especially in Kerteh and Kemaman, was the backbone of the Terengganu economy, which not only attracted many foreign investors but also increased local employment opportunities.
Given the high crude oil prices at above US$90 per barrel, not all domestic oil and gas (O&G) companies made handsome profits in the first quarter of 2022 (1Q22), although an increasing number of analysts have turned optimistic on the sector’s prospects ahead.
A random check on 35 O&G-linked companies by The Edge revealed that 23 companies or 66% of them posted year-on-year growth while 22 or 63% posted quarter-on-quarter improvements. However, 12 companies or 34% were still loss making in the quarter.
The Sarawak government is conducting a climate change policy study with a view to developing strategies for a significant reduction of greenhouse gas emissions in the state.
Deputy Premier Datuk Amar Awang Tengah Ali Hasan said it would also help the state draw up low-carbon society blueprints for its cities and towns.
“It will also include adaptation strategies to address climate change phenomena such as floods, droughts and threats to biodiversity,” he told the state assembly in his winding-up speech on Thursday (May 26).
Serba Dinamik Holdings Bhd said on Thursday (May 26) that it received a writ of summons from Malaysian Trustees Bhd on May 18.
The company was responding to a Bursa Malaysia query seeking clarification on The Edge’s story entitled: “Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers”.
In a filing with Bursa on Thursday, the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company.
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Collaboration in energy trading, especially generated from renewable sources among the Asean power grid will be important for sustainability and energy adequacy, said Tenaga Nasional Bhd (TNB).
Dr Noor Miza Muhamad Razal, project director at the Project Management Office Sustainability Pathway 2050 Strategy and Ventures Division, said grid-interconnection would be good for power systems anywhere beyond energy transfer as it offers a measure of stability to the systems.
However, this depends on the respective countries whether they consider internal consumption of renewable energy (RE) as better when it comes to addressing the sustainability agenda, she said during a virtual briefing on TNB’s Sustainability Pathway today.
OVER the years, there has been much debate on whether low-carbon solutions such as carbon capture technology are relevant in the light of renewable energy adoption and the energy transition.
The recent energy crunch, which saw oil and gas prices skyrocket amid high demand, and pushed some countries to even revisit coal for power generation, has proved that fossil fuel use cannot be avoided in the near term.
This means it is even more pertinent to explore technologies that allow carbon reduction and offset during the energy transition, says Petroliam Nasional Bhd (Petronas) vice-president and chief sustainability officer Charlotte Wolff-Bye.