03/04/2026

FRIDAY | APR 3, 2026

15

BIZ & FINANCE

MTF calls for urgent action to protect tourism industry

PTTEP, SPE to enhance talent development KUALA LUMPUR: Thailand’s national oil and gas company PTT Exploration and Production Public Company Ltd (PTTEP) has partnered the Society of Petroleum Engineers (SPE) to strengthen technical collaboration and talent development in the energy sector, as operators face rising asset integrity and maintenance challenges. Under the agreement, PTTEP and SPE will collaborate on initiatives aimed at strengthening technical knowledge sharing, promoting professional development, and addressing key industry challenges related to inspection, maintenance, and asset integrity in the oil and gas sector. The collaboration will also explore opportunities to organise technical workshops and industry events, while connecting PTTEP’s professionals with SPE’s global network of experts and technical resources. The MoU was signed by PTTEP engineering, development and maintenance group acting executive vice president Peerapong Chailapo, and SPE Asia Pacific events director Michelle Tan during a ceremony held at the Offshore Technology Conference (Asia) 2026. Witnessing the signing were PTTEP CEO Montri Rawanchaikul, senior vice-president of maintenance and asset integrity division Bundit Pattanask, SPE 2026 president Jennifer Miskimins, and CEO/executive vice president Simon Seaton. Montri said partnership with SPE marks an important step in strengthening collaboration across the energy industry and reflects shared vision for a safe, reliable, and sustainable energy sector. “PTTEP remains committed to working closely with SPE to turn this agreement into tangible outcomes and is confident it will build a stronger, more resilient energy future,” she said at the signing ceremony. Meanwhile, Miskimins said SPE is pleased to partner with PTTEP to expand opportunities for technical exchange and professional growth across the energy sector. “Together, we can help equip industry professionals with the knowledge and skills needed to navigate an evolving energy landscape, she added. Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

o Federation says rising fuel costs and rigid contracts are squeezing margins, with agencies forced to absorb losses

travel agencies bound by contracts; short-term stabilisation policies to prevent disruptions across the tourism ecosystem; and a coordinated cross-ministerial approach to ensure timely and effective intervention. MTF stresses that both KPDN and MoF must urgently engage directly with industry stakeholders to gain a deeper understanding of the operational realities faced by the sector. MTF also notes that the delay in implementing assistance measures reflects a gap in awareness and urgency, which must be addressed immediately. Without proper understanding, policies risk being misaligned and ineffective. “Engagement is a step in the right direction, but it must quickly translate into decisive action. More importantly, those actions must produce results that truly alleviate the burden on the industry,” MTF reiterates that the entire tourism ecosystem is interconnected, and challenges faced by transport operators and travel agencies will inevitably impact the broader industry. “Action is important, but results are what truly matter. The industry needs solutions that work, support that reaches the ground, and policies that make a real difference. The time to act is now, and the results must follow without delay,”

PETALING JAYA: The Malaysian Tourism Federation (MTF) has urged the government, particularly the Ministry of Domestic Trade and Cost of Living and the Ministry of Finance (MoF) to take immediate, targeted, and result driven action to address the escalating cost pressures affecting the tourism industry. In a statement yesterday, the MTF acknowledged the recent engagement efforts by the Ministry of Tourism, Arts and Culture and expressed its appreciation for the ministry’s proactive approach in consulting industry stakeholders. Such engagement is a crucial and commendable step towards understanding the real challenges faced on the ground, said MTF president Dr Sri Ganesh Michiel. However, he added, that MTF emphasises that while engagement and dialogue are important, action alone is not sufficient; what matters most is the outcome. “The industry urgently requires effective solutions that deliver tangible results, not prolonged discussions without timely implementation,” he said. The travel industry operates on a long-lead business model. Travel packages are designed, negotiated, and sold months in advance, with binding contracts signed between local travel KUALA LUMPUR: Asia’s energy transition is moving with perpetual momentum, with the shift towards renewables increasingly anchored on economic growth needs rather than purely environmental considerations, global clean energy company Gentari said yesterday. Chief strategy and portfolio officer M Huzaini Ghazali said the transition had been gaining pace even before current global developments and continues to move steadily forward. He added that Asia’s diverse economic starting points and growth trajectories mean countries require a range of energy sources, with

agencies and their international counterparts. These agreements set prices ahead of time, leaving no flexibility to adjust rates when unforeseen cost increases arise. Tourists, having purchased these packages well before their travel dates, are protected under these agreements. As a result, travel agencies are unable to pass on additional costs, particularly those arising from fuel price increases, and are instead forced to absorb them. Ganesh said this challenge is further compounded by the fact that many travel agencies do not own transportation assets and they rely heavily on third-party providers, including tour bus operators as well as boat and ferry services, which are essential for island and coastal tourism. He added transport operators are equally impacted by rising fuel costs and cannot sustain operations at a loss and this has led to unavoidable rate increases, creating a cascading financial burden across the tourism value chain. In light of these challenges, MTF calls on the government to implement immediate and targeted relief measures, including fuel subsidies or financial assistance for tourism transport operators (buses, boats and ferries); temporary cost-relief mechanisms to support the transition shaped by development needs. “There are different nations in Asia coming from different situations and different growth profiles, and they require various forms of energy. At least from a generation perspective, renewable energies end up being extremely competitive, even the cheaper option,” he said during a panel session, “Grid and Infrastructure: The Backbone of Energy Transition” on the last day of the Offshore Technology Conference Asia (OTC Asia) yesterday. Huzaini, nonetheless, noted that this cost advantage is only one part of the equation, as

MTF said it remains committed to work collaboratively with all ministries and stakeholders to ensure the sustainability, resilience, and continued growth of Malaysia’s tourism industry. Gentari: Asia energy shift driven by economic growth, grid upgrades

scaling renewables depends heavily on grid infrastructure. While renewable generation is cheap, it lacks the consistency of traditional sources like gas or coal, he said. “The grid plays a critical element to ensure we are able to bring in this new source of energy in a stable way,” he said. To meet these expectations at scale, Huzaini said grid development must be viewed beyond individual nations, pointing towards a broader regional system to support the growing share of renewables in Asia’s energy mix. – Bernama

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