4/09/2025

BIZ & FINANCE THURSDAY | SEPT 4, 2025

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Signs of recovery in upstream oil, gas sector

Malakoff-Solarvest group to build 470MW Perak plant KUALA LUMPUR: Malakoff Corporation Bhd’s consortium with Solarvest Holdings Bhd (SHB) has received a Letter of Notification from Energy Commission (EC) dated Sept 2 that it has been selected as a shortlisted bidder to develop a new 470MW large-scale solar project at the group’s Windsor Estate in Mukim Kamunting and Mukim Batu Kurau, Perak, following EC’s competitive LSS PETRA 5+ bidding exercise. This project marks another important step in Malakoff’s clean energy transition journey and reflects the group’s commitment to expanding its renewable energy (RE) portfolio in support of Malaysia’s national RE growth agenda. Under the arrangement, Malakoff and SHB will set up a special purpose company (SPV) to undertake the development. The SPV will enter into a Solar Power Purchase Agreement (SPPA) with Tenaga Nasional Berhad (TNB), allowing the plant to generate and supply solar power to the national grid for a period of 21 years. Malakoff group CEO Syahrunizam Samsudin said this solar development will not only contribute towards Malaysia’s net zero ambitions, but also help ensure a stable and reliable energy supply for the nation. “By integrating more RE into the grid and reducing reliance on fossil fuels, we are taking tangible steps towards the government’s target of 70% RE capacity in the power mix by 2050. At Malakoff, we see this as more than just building a solar plant. It is about laying the foundation for a cleaner, greener future for Malaysians. With 198MW of RE capacity already in place, covering large-scale solar, commercial and industrial solar, as well as small hydropower, this new project further strengthens our position as a key player in Malaysia’s energy transition. Ultimately, our focus is on delivering sustainable progress that benefits communities, supports national priorities and creates long-term value for our stakeholders”. telecom infra licence KUALA LUMPUR: Edotco Group Sdn Bhd’s subsidiary Edotco Services Lanka (Private) Ltd has been awarded Sri Lanka’s first Telecommunications Infrastructure Services Licences by the Telecommunications Regulatory Commission of Sri Lanka. In a statement yesterday, Edotco Group said the national initiative is designed to accelerate Sri Lanka’s digital transformation by enhancing infrastructure, building digital skills and strengthening the legislative framework for a thriving digital economy. The licence grants Edotco authorisation to provide a comprehensive suite of infrastructure services essential for national connectivity, spanning both passive and active infrastructure solutions. These include tower and pole structures, fibre, indoor network solutions such as IBS and small cells and other active network components vital to Sri Lanka’s digital ecosystem. Edotco Sri Lanka’s country managing director Gayan Koralage said the licence represents a strong vote of confidence in the group’s capabilities and its commitment to advancing the country’s connectivity landscape. “As a licensed provider, Edotco will serve as a trusted platform for mobile operators and government stakeholders to deliver high quality, resilient infrastructure, ensuring that no community is left behind. “With the nation needing over 7,000 additional towers to support 5G ambitions and data usage expected to quadruple by 2028, Edotco is ready to bridge this infrastructure gap,” he said. – Bernama Edotco secures Sri Lanka’s first

previous quarter. “Indonesia emerged as the largest recipient of refined petroleum products exports amounting to RM5 billion or 21.9%, followed by Singapore (20%) and Australia (17.2%). The export value of LNG also registered a decline to RM10.4 billion in this quarter from RM15.5 billion in the first quarter of 2025, with 35.3% exported to Japan, followed by Republic of Korea (24.5%) and China (23.4%),” said Mohd Uzir. He said the import value of crude petroleum and condensate recorded RM12.9 billion in the second quarter of 2025 compared (Q1’25: RM13.6 billion). “Saudi Arabia continued to dominate as the main country of origin for crude petroleum and condensate imports with 38.5%, followed by the United Arab Emirates (20%) and Sudan (7.2%). Meanwhile, the import value of refined petroleum products registered RM22 billion (Q1’25: RM23.2 billion), with Singapore remaining the largest contributor (38%), followed by China (13.5%) and the Republic of Korea (13.2%). LNG imports amounted to RM1.5 billion (Q1’25: RM1.9 billion) with 82.4% imported from Australia while the remaining 17.6% was from Trinidad and Tobago,” he added.

condensate remained in negative territory, but improved to negative 1.2% from negative 2.4% in the first quarter of 2025. However, he said the production of natural gas registered a contraction of negative by 8% (Q1’25: -2.2%) year-on-year with total production of 640.9 billion cubic feet compared to 781.9 billion cubic feet in the first quarter of 2025. The Weighted Average Lifting Price (WALP) for crude oil and condensate in Malaysia declined to US$70.4 per barrel in the second quarter of 2025 as compared to US$76.40 per barrel in the previous quarter. This decrease was in line with the movement of global benchmark prices, with WTI registering US$64.6 per barrel (Q1’25: US$71.80 per barrel) and Brent at US$68 per barrel (Q1’25: US$75.8). As to the performance of external trade, Mohd Uzir said, “The export value of crude petroleum and condensate recorded RM6.3 billion in the second quarter of 2025. Australia led the exports of crude petroleum and condensate with RM1.9 billion or 29.7% of total, followed by Thailand (26.8%) and Japan (14.6%).” Meanwhile, he added the export value of refined petroleum products declined to RM22.7 billion compared to RM24.3 billion in the

PUTRAJAYA: Malaysia’s upstream oil and natural gas segment recorded positive development in the second quarter of 2025 (Q2’25), with crude oil and condensate production amounting to 45.2 million barrels and natural gas reaching 640.9 billion cubic feet, said Department of Statistics Malaysia (DoSM). Despite crude oil and condensate growth remaining negative, the smaller contraction compared to the previous quarter signals early signs of recovery and supports stability in the upstream oil and gas segment. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, the improved growth was supported by a recovery in crude oil production which recorded a smaller decline, negative 2.2% compared to negative 6.5% in the previous quarter. Meanwhile, he added production of o Growth still negative but smaller contraction supports stability: Statistics Dept

Scanfil invests RM15.8m to expand Johor facility From left: SRX Global former CEO Paul Appleby, chief commercial officer and VP (Americas) Christina Wiklund, vice-president Christian Kesten (Apac), Sut, major shareholder Jarrko Takanen, Johor Mida director Mohamad Reduan Mohd Zabri, Maiju, Business Finland senior adviser Mohamed Farid Mohamed Razali.

JOHOR BAHRU: Scanfil, Europe’s largest listed electronics manufacturing company, has invested RM15.8 million to expand and modernise its SRX Global (Malaysia) Sdn Bhd facility here. The upgrade boosts production capacity by nearly 50% and reinforces Johor Bahru’s role as a strategic electronic hub in Asia. The investment strengthens Scanfil’s Asia Pacific operations, which also include SRX Global facilities in Melbourne, Australia. Prior to this expansion, the Malaysian facility operated four automated SMT lines with 170 employees, establishing a solid foundation for future growth. Embassy of Finland in Malaysia’s deputy head of mission Maiju Lepomaki officiated the opening ceremony on Tuesday. Malaysian Investment Development Authority (Mida) CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said: “Mida welcomes Scanfil’s expansion and modernisation in Johor

industrial, and medical technology & life sciences,” said Scanfil CEO Christophe Sut. “We are excited to unveil the newly expanded and modernised Johor Bahru facility,” said Maiju adding that this investment reflects the strong relationship between Finland and Malaysia and the positive business environment in Malaysia. The multi-million-ringgit expansion and modernisation mark a significant enhancement to SRX Global’s Johor Bahru operations. The project delivers nearly a 50% increase in production area, introduces an integrated one stop manufacturing capability covering electronics assembly and complex box-build, and provides capacity for workforce growth beyond the current 170 employees in line with rising demand. The cutting-edge facility design is also aligned with the SRX Global & Scanfil Dream Factory programme, driving data integration, process optimisation, and advanced automation.

Bahru as a significant step forward in advancing Malaysia’s high value manufacturing sector. This investment will attract advanced technologies, create skilled employment opportunities, and strengthen innovation and sustainability across the electronics supply chain.” He added this initiative is well aligned with Malaysia’s New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS), which aim to deepen Malaysia’s capabilities in electronics and semiconductors while building long term resilience in the global supply chain. “This expansion and modernisation are a great showcase of the positive business environment in Malaysia. Due to this predictable and business-friendly environment, SRX Global being a Scanfil company is committed to developing its operations in Johor Bahru with a long-term perspective, and we see great opportunities, especially driven by customers in