Energy & Technology

Lynas Rare Earths Ltd., based in Perth, is partnering with South Korea’s LS Cable & System Ltd. to explore the development of a rare earths metals production facility in Vietnam. The proposed plant would allow Lynas to produce finished rare earth metals from oxides sourced from its Malaysian processing plant and Australian mine. This step is part of the company’s strategy to move further along the rare earths supply chain, which is critical for industries such as automotive, defense, and electronics. Shares of Lynas climbed as much as 2.8% in early Sydney trading. The miner has been among Australia’s top-performing companies this year, with its share price rising over 60%. Lynas is one of only two major rare earths producers outside China, which currently dominates the global market. Most of Lynas’ revenue currently comes from rare earth oxides, which must be further processed into metals used in permanent magnets. The company recently began producing samarium in Malaysia, which will also be a focus for the new Vietnamese facility. “Securing access to metallization is essential to building a strong rare earths industry,” said Lynas CEO Amanda Lacaze. She added that the company’s expansion into processed metals is a “key pillar” of its growth strategy.

Willowglen MSC Bhd has secured a RM5.67 million contract through its wholly-owned subsidiary, Willowglen Services Pte Ltd, from PowerGas Ltd in Singapore for the comprehensive maintenance of gas SCADA remote terminal units. In a filing with Bursa Malaysia, the company said the contract commenced on March 18, 2026 and is scheduled to run for five years until March 17, 2031. The scope of work involves providing maintenance services for remote terminal units used in PowerGas’ gas supervisory control and data acquisition (SCADA) system. The group said the contract is expected to contribute positively to its earnings and net assets per share for the financial years ending Dec 31, 2026 through Dec 31, 2031. However, the contract is not renewable upon expiry. Willowglen MSC added that the risks associated with the project are limited to normal operational and business risks. The company also noted that none of its directors, major shareholders, or persons connected to them have any direct or indirect interest in the contract. Willowglen MSC is principally involved in the research, development, sales, implementation and maintenance of computer-based control systems and integrated monitoring solutions, serving clients across utilities, infrastructure and industrial sectors.

Eversendai Corporation Bhd said it has received a termination notice from NEOM Company for its structural steel contract for the Trojena Ski Village project in Saudi Arabia, effective March 26, citing geopolitical developments in the Middle East. In a statement, the group said it is preparing the necessary documentation to substantiate project progress and will submit commercial claims, including compensation for the contract termination as well as related demobilisation costs. The company added that it expects fair compensation once its claims are fully assessed. The contract was awarded in March 2024 in collaboration with Al Bawani Co. Eversendai said the project had been carried out in accordance with contractual obligations up to the termination date. The development was originally scheduled for completion within 28½ months. The Trojena project was one of four major contracts secured by the group in 2024, with a combined value of RM5.4 billion. The other projects include the Wynn Al Marjan Island Integrated Resort development in the United Arab Emirates, as well as the Rupa IT Building and Rupa Crystal IT Building in India. Following the termination, Eversendai said its current order book stands at RM2.02 billion, excluding the remaining balance of the Trojena contract, while its tender book totals RM18.4 billion. The group also noted that it is close to finalising several new projects expected to further strengthen its order book. Despite the geopolitical developments, Eversendai said its operations in the Middle East remain stable and that it remains optimistic about securing new contracts to support its financial performance. Since securing major contracts in March 2024, the group’s financial performance has improved significantly. For the financial year ended Dec 31, 2025, Eversendai recorded a net profit of RM110 million on revenue of RM2.14 billion, compared with a net profit of RM14.1 million on revenue of RM1.24 billion a year earlier. The company’s share price rose from around 20 sen following the contract wins in March 2024 and briefly reached a high of 78.5 sen in May before easing. Over the past year, the stock has mostly traded between 40 sen and 50 sen. It closed at 35.5 sen on Tuesday (March 24), giving the group a market capitalisation of approximately RM277.45 million.

The Selangor Information Technology and Digital Economy Corporation (Sidec) has announced the establishment of Fitipower Malaysia Sdn Bhd, marking a new milestone in efforts to strengthen the state’s semiconductor ecosystem. In a statement, Sidec said the company is a local subsidiary of Taiwan-based integrated circuit (IC) design firm Fitipower Integrated Technology Inc, which has begun operations at the Malaysia Semiconductor IC Design Park in Puchong. The facility, led by Sidec, is part of Selangor’s broader strategy to position itself as a regional hub for IC design and semiconductor innovation. Sidec said the establishment of Fitipower Malaysia highlights the growing momentum of the IC Design Park as a platform to attract global IC design companies, develop local talent, and drive Malaysia’s shift towards higher-value semiconductor activities. The new entity will focus on research and development (R&D) in semiconductor IC design, particularly in display driver ICs, power management technologies, and edge artificial intelligence system-on-chip solutions. By tapping into regional technological resources, the company aims to accelerate innovation, expand its global footprint, and deliver long-term value. Following the launch, Sidec also engaged with the state government and Fitipower representatives to explore further collaboration in talent development, industry partnerships, and technology innovation. Fitipower chairman Young Lin said Malaysia’s strong engineering talent, growing semiconductor ecosystem, and supportive policies make it an ideal location for the company’s overseas R&D expansion. Meanwhile, Selangor’s Investment, Trade and Mobility executive councillor Ng Sze Han said the move underscores the state’s commitment to advancing Malaysia’s semiconductor sector through innovation, talent development, and global collaboration.

Gas Malaysia Bhd has received a letter to proceed (LTP) from the Energy Commission for its proposed liquefied natural gas (LNG) regasification terminal (RGT) project in Yan, Kedah, with total development costs estimated between RM2 billion and RM3 billion. In a filing with Bursa Malaysia, the company said the RGT Yan project, to be located offshore west of Pulau Bunting, is planned as a floating storage and regasification unit (FSRU). The facility is expected to have a regasification capacity of up to six million tonnes per annum, enhancing the country’s gas supply infrastructure. Gas Malaysia noted that the LTP is subject to several conditions set by the Energy Commission, which must be fulfilled within a specified timeframe before the project can proceed to the next stage of development. Once completed and operational, the project is expected to strengthen Gas Malaysia’s position in the energy sector and contribute positively to the group’s long-term earnings, while supporting growing demand for natural gas in the region.

Keyfield International Bhd has won eight charter contracts for accommodation workboats (AWBs) and an anchor handling tug supply (AHTS) vessel, with a combined value of RM162 million. The contracts cover seven AWBs and one AHTS vessel, to be chartered to petroleum arrangement contractors (PACs) and oil and gas firms across Malaysia, Qatar, the UAE, and Thailand, according to a Bursa Malaysia filing on Monday (March 16). PACs are companies contracted by PETRONAS to explore, develop, and produce oil and gas. The contracts include extension options worth an additional RM84 million. Seven of the charters are expected to start in the first half of 2026, with one commencing in early 2027. Tenures range from two months to a year, with extensions of one month to a year. Keyfield said the contracts are expected to positively contribute to earnings and net assets for FY2026 and FY2027. CEO Datuk Darren Kee Chit Huei noted that the awards reinforce the company’s reputation as a reliable offshore marine services provider and demonstrate strong demand for its AWBs in the region. Keyfield shares closed at RM1.39 on Monday, down three sen or 2.11%, valuing the company at RM1.13 billion. Year-to-date, the stock has fallen 8.55%.

Smart city solutions provider ITMAX System Bhd has secured a 15-year contract to operate a smart on-street parking system in Johor Bahru. The company’s 65%-owned unit, Southmax Sdn Bhd, was appointed by the Johor Bahru City Council (MBJB), with the official letter of appointment received on Monday, according to a Bursa Malaysia filing. The contract will run from May 1, 2026, to April 30, 2041. Under the agreement, Southmax will implement a smart parking system, including the Parkmax payment and booking app, for on-street parking areas within MBJB’s jurisdiction. Revenue collected will be shared 70:30 between Southmax and MBJB. Southmax will also provide a security deposit for enforcement officer remuneration and cover all related management expenses. ITMAX said the contract is expected to positively contribute to the group’s earnings and net assets per share over the contract period. For FY2025, ITMAX posted a 16.4% rise in net profit to RM93.54 million from RM80.39 million in FY2024, while revenue increased 12.14% to RM246.97 million. Shares closed at RM4.44 on Monday, down four sen, giving the company a market capitalisation of RM4.6 billion.

Brazilian state-controlled oil company Petrobras announced on Monday that it has decided to exercise its contractual right to purchase Malaysian oil giant Petroliam Nasional Bhd’s (PETRONAS) 50% stake in two offshore fields in Brazil for US$450 million (approximately RM1.76 billion), according to a filing with the securities regulator. The acquisition will give Petrobras full ownership of the Tartaruga Verde field and Module III of the Espadarte field, both located in the prolific Campos Basin. Together, these assets produce an average of 55,000 barrels of oil per day. By acquiring full control, Petrobras will also be able to integrate existing wells in the Tartaruga Verde field with its newly acquired assets, according to sources cited by Reuters. The move comes after Petrobras made a significant discovery in November at the nearby Sudoeste de Tartaruga Verde block, which the company’s head of exploration and production, Sylvia Anjos, described as “marvelous.” Earlier in January, Brazilian oil company Brava had announced an agreement to purchase PETRONAS’ stakes as part of its long-term expansion strategy. However, Petrobras ultimately decided to exercise its option to acquire the assets directly. Brava and PETRONAS did not immediately respond to requests for comment regarding the change in plans. This acquisition strengthens Petrobras’ presence in the Campos Basin and aligns with its strategy to consolidate high-potential offshore assets under full ownership, allowing for greater operational control and potential synergies with existing production.

Japan and several Asia-Pacific countries are expected to announce at least US$30 billion (RM118.15 billion) in agreements with US companies this weekend, as officials from the Trump administration arrive in Tokyo to push for stronger cooperation on energy and critical minerals. According to a White House official, around 20 deals involving purchase commitments and other transactions have been confirmed as discussions begin. The agreements cover sectors such as liquefied natural gas (LNG), coal, nuclear energy, critical minerals, batteries, and strategic infrastructure financing. The Tokyo skyline. The flurry of activity comes in the run-up to Japanese Prime Minister Sanae Takaichi’s visit to Washington on March 19. The announcements come ahead of Japanese Prime Minister Sanae Takaichi’s visit to Washington on March 19 and US President Donald Trump’s planned trip to Beijing to meet Chinese President Xi Jinping in the coming weeks. The deals are being discussed at the first US-sponsored Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo, which aims to strengthen cooperation between the US and regional allies on energy and supply chains for critical minerals. These materials are essential for products such as mobile phones, batteries, and jet engines. The US has been working to reduce its reliance on Chinese supplies of critical minerals following trade tensions that disrupted the flow of some materials last year. The Trump administration has already taken steps to diversify supply chains, including acquiring stakes in mineral companies. The two-day summit, organised by the US Trade and Development Agency (USTDA), has drawn senior US officials and representatives from multiple government departments. In total, 18 countries, including Australia, Bangladesh, and South Korea, are participating in the discussions. Energy security has become a key focus amid global geopolitical tensions. The war in the Middle East and related disruptions to energy supply have highlighted the importance of diversifying sources of natural gas and other resources. The temporary suspension of LNG exports by Qatar’s state energy company, long considered one of the most reliable suppliers, has further underscored the risks of relying heavily on a single region. US Interior Secretary Doug Burgum said global energy markets are under pressure due to major geopolitical events, making cooperation among allies more important than ever. He emphasised that discussions at the summit should lead to concrete investments and partnerships rather than remain purely dialogue. Japanese Trade Minister Ryosei Akazawa also called for stronger collaboration among countries to build more resilient energy systems and supply chains, stressing that long-term decisions made today could shape the region’s energy landscape for decades. Officials are also expected to focus on critical minerals, which are central to the US strategy of strengthening supply chains and reducing dependence on rival economies. At the same time, Washington is encouraging partners to purchase more energy and resources from the US as part of its broader energy dominance strategy. One agreement already announced involves Venture Global Inc, which signed a long-term deal to supply 1.5 million tonnes of LNG annually to a subsidiary of South Korea’s Hanwha Corp. The company has also revealed plans to proceed with an US$8.6 billion expansion of its third LNG export project in Louisiana. More agreements are expected to be unveiled during the summit, with bilateral discussions between US and Japanese officials likely to lay the groundwork for next week’s meeting between Takaichi and Trump in Washington.

Computility Technology (Malaysia) Sdn Bhd (CTDC), BGMC Energy Holdings Sdn Bhd (BGMC), and reNIKOLA Holdings Sdn Bhd have signed a strategic term sheet to form a green energy alliance, aiming to supply approximately 630,000 megawatt hours (MWh) of renewable power annually. This large-scale, long-term initiative will support China’s ZData Technologies in powering its first AI data centre in Gelang Patah, Iskandar Puteri, scheduled to start operations in 2028. Under the agreement, CTDC, a wholly owned ZData subsidiary, will source renewable energy from BGMC’s solar farms to run the data centre. CTDC director Yeo Yong Hwang said the collaboration is a major step in decarbonising industrial infrastructure and advancing Malaysia’s national energy transition. “Today’s ceremony is more than signing a term sheet; it represents a shared commitment to sustainable growth, responsible resource management, and long-term environmental stewardship. The growth of cloud computing, AI, hyperscale data platforms, and digital services is transforming economies and societies. Through this alliance, we have secured a long-term renewable energy supply from the proposed solar farms,” he said at the Strategic Green Energy Alliance Signing Ceremony at Bangunan Dato’ Jaafar Muhammad. Yeo also revealed a key sustainability achievement: the company has eliminated its reliance on municipal water for the data centre’s cooling systems. Initially, CTDC applied for 9.5 million litres per day from Ranhill SAJ, but instead invested in advanced water treatment technology in collaboration with Johor Special Water (JSW) to recycle treated wastewater from a nearby sewage plant. “This closed-loop recycled water system allows our cooling operations to run independently of municipal water, greatly reducing pressure on local water resources. In short, we are creating a fully self-sustaining cooling system,” Yeo added. The alliance combines renewable energy sourcing and innovative water management, marking a significant milestone in sustainable industrial and digital infrastructure development in Malaysia.