Energy & Technology

SEOUL, South Korean steelmaker POSCO Group announced Monday that it has signed an initial agreement with India’s JSW Group to jointly develop a large-scale steel plant in India. According to POSCO, the two companies entered into a non-binding heads of agreement (HOA) to build an integrated steel mill with an annual production capacity of 6 million tons in the world’s most populous nation. This file photo, taken in Mumbai on July 9, 2025, and provided by POSCO Group, shows JSW Group President Jayant Acharya (2nd from L), POSCO Holdings President Lee Ju-tae (3rd from L) and other officials posing after signing a non-binding heads of agreement (HOA) for a 50:50 steel plant project in India.  “India is one of the key growth engines in the global steel market. Through this partnership, the leading steelmakers of both countries will create new value and contribute to industrial development in Korea and India,” said Lee Ju-tae, President of POSCO Holdings. The proposed site under consideration is Odisha, in eastern India, due to its rich reserves of coal and iron ore. POSCO said the exact location will be finalized following a feasibility study. The joint venture is designed to meet India’s surging demand for steel, which has been growing at an annual rate of 9–10 percent over the past three years. Once project details are finalized and regulatory approvals are secured, POSCO and JSW plan to sign a definitive agreement, with both parties contributing on a 50:50 investment basis. Details such as the total investment cost and construction timeline were not disclosed. This HOA builds on a memorandum of understanding (MOU) signed in October, where the two companies agreed to explore cooperation in steelmaking and rechargeable battery materials. Separately, POSCO earlier this year announced plans to invest in Hyundai Steel Co.’s US$5.8 billion steel mill project in the United States, part of its strategy to navigate the impact of U.S. tariffs on steel imports.

KUALA LUMPUR, Yinson Holdings Bhd’s offshore energy solutions unit, Yinson Production, has officially commenced its 15-year firm charter for the Agogo floating, production, storage and offloading (FPSO) vessel, following the issuance of the Provisional Operational Readiness Certificate (PORC) on Aug 12, 2025. The milestone comes after the Agogo FPSO achieved first oil on Aug 29, 2025 — four months ahead of schedule and just 29 months after the contract award. “The PORC marks the start of our 15-year lease-and-operate agreement with Azule Energy, Angola’s largest independent oil and gas producer, jointly owned by BP and Eni,” Yinson said in a Bursa Malaysia filing. The agreement includes an option for annual extensions of up to five years, with a total contract value exceeding US$5 billion (US$1=RM4.20). Yinson secured the contract in February 2023 to provide, operate and maintain the Agogo FPSO, which boasts a production capacity of 120,000 barrels per day and storage for 1.6 million barrels. The vessel is stationed at the Agogo Integrated West Hub Development Project in Block 15/06 offshore Angola. Following construction, integration, mechanical completion and commissioning, the FPSO departed Shanghai in March 2025, arrived in Angola in May and completed mooring in June. The vessel is equipped with advanced emissions-reduction features, including a closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls, and all-electric drives — and is the first operating FPSO globally to incorporate carbon capture technology. With PORC issuance, 97% of Yinson Production’s US$19 billion contracted revenue backlog now comes from fully operational assets. The project’s completion also allows its engineering, procurement and construction (EPC) team to focus on new developments. CEO Flemming Guiducci Grønnegaard said delivering first oil ahead of schedule demonstrates Yinson’s ability to execute complex projects on time while meeting the highest standards. “As our first asset in Angola, the Agogo FPSO is a key step in expanding our African presence and will contribute to the nation’s economic growth,” he said. Azule Energy CEO Adriano Mongini noted the vessel’s low-carbon footprint and pioneering carbon capture technology reflect a commitment to sustainable operations, while project director Per Dyberg credited the early delivery to strong collaboration between both companies.

ES Sunlogy Bhd has clarified that its joint venture project to develop a solar hybrid power plant in Baram, Sarawak, will cost an estimated RM488.18 million. In a filing on Wednesday, the group said the project will be funded through 80% bank borrowings and 20% internally generated funds. Discussions are ongoing with two banking institutions to secure financing, and if additional equity is needed, the company may pursue a private placement of up to 30% of its enlarged share capital, subject to market conditions and regulatory approvals. The 155MWp solar hybrid plant, which will include a 310MWh battery energy storage system (BESS), is being developed under a 40:60 consortium with Sarawak-based Planet QEOS Sdn Bhd, following a heads of agreement signed on Monday. The pre-development phase is expected to take no more than 18 months from Aug 11, with construction to begin thereafter and completion targeted by end-2027. The project forms part of Phase 1 of the Baram DeepTech Energy Programme, which aims to supply 500MWac of firm renewable energy to the Sarawak grid by 2027. On Wednesday, ES Sunlogy’s shares closed one sen lower at 41.5 sen, giving the group a market value of RM287.12 million. The stock has risen 38.2% since its ACE Market debut in February at 30 sen per share.

PETALING JAYA, Tenaga Nasional Bhd (TNB) is set to deepen its presence in Australia’s renewable energy (RE) sector, securing a foothold in one of the world’s fastest-moving energy transition markets. The expansion aligns TNB with Australia’s goal to lift RE’s share of its national energy mix to 82% by 2030, from about 39% currently. TA Research, which recently visited TNB’s Australian operations under Spark Renewables Pty Ltd, expressed confidence in the move, noting that Spark offers TNB a strategic platform to tap into the country’s aggressive clean energy push. TA Research said it is positive on TNB’s expansion into the Australian energy market. TNB acquired Spark in 2023, adding the 120MW Bomen Solar Farm in Wagga Wagga, New South Wales, to its portfolio, along with a growing pipeline of greenfield projects. This approach marks a strategic shift away from buying fully operational assets towards developing projects from the ground up, which could deliver higher long-term returns. Spark complements TNB’s other New Energy Division units — Vantage RE, operating in the UK and Ireland, and TNB Renewables Sdn Bhd, which manages the domestic RE portfolio — as part of the group’s goal to achieve 14.3GW of RE capacity by 2050. Australia’s accelerated coal exit — with 90% of its 21GW coal capacity set to retire by 2035 — will require massive new solar, wind and storage capacity, plus 4,000km of extra transmission lines over the next decade. TNB’s involvement positions it to benefit from this transformation while gaining insights that could guide Malaysia’s own energy transition. However, TA Research noted that Spark’s near-term earnings contribution will be relatively minor compared to TNB’s large domestic revenue base. The firm maintained its ‘buy’ call on TNB with a DCF-derived target price of RM17.30, despite the ongoing additional tax assessment by the Inland Revenue Board. It also highlighted that a recent Federal Court decision on a 2018 tax case means nearly 70,000 project resubmissions will be reviewed by the Finance Ministry, with the potential to offset TNB’s RM7.2 billion tax liability in the best-case scenario.

KUALA LUMPUR, Global tech giants Google LLC, Advanced Micro Devices Inc (AMD), Huawei Technologies Co Ltd, and Phison-backed MaiStorage Technology Sdn Bhd unveiled new artificial intelligence (AI) initiatives at the Asean AI Malaysia Summit 2025, aimed at boosting skills, research and innovation across Southeast Asia. Digital Minister Gobind Singh Deo. The Asean Foundation, supported by Google, launched AI Class Asean, a free platform to help communities build AI skills. The programme will train 800,000 local leaders across all 10 Asean nations, ultimately benefiting 5.5 million people — including 400,000 Malaysians — with practical AI knowledge. AMD introduced the AMD Developer Cloud in Malaysia, providing 100,000 GPU hours for local researchers and developers. The platform grants access to AMD’s CPUs, GPUs and open-source ROCm tools to accelerate AI research and nurture homegrown talent. Huawei rolled out the Apac AI Ecosystem Initiative, a three-year plan to position Malaysia as a regional AI hub. The programme targets training 30,000 AI professionals and supporting 200 local partners in developing innovative solutions. Malaysia’s MaiStorage, a unit of Taiwan’s Phison Electronics Corp, debuted an AI computing-at-the-edge solution powered by aiDAPTIV+, Intel® Core® Ultra Processors and Intel® Arc™ Graphics — enabling AI capabilities on laptops, PCs and community devices without costly servers or complex cloud setups. Opening the summit, Digital Minister Gobind Singh Deo stressed that Asean’s AI progress depends on regional cooperation. “The challenges and opportunities of AI are too great for any one nation to navigate alone. But together, Asean can chart a path that reflects our values and aspirations,” he said, addressing over 5,000 participants, 50 speakers and 100 exhibitors at the Malaysia International Trade and Exhibition Centre. Gobind highlighted that Malaysia’s AI strategy is built on three pillars — infrastructure, security and skills — emphasising that strong systems must be matched with capable talent to drive digital transformation.

YTL AI Labs, a unit of YTL Power International Bhd, has launched Ilmu — Malaysia’s first fully homegrown large language model (LLM) — to strengthen the country’s sovereign AI capabilities. Prime Minister Datuk Seri Anwar Ibrahim (third from left) attends Ilmu’s launch during the Asean AI Malaysia Summit 2025. Trained using Malaysian languages, local data, and cultural context, Ilmu can understand and respond in Bahasa Melayu, Manglish, and dialects like Kelantanese, across text, voice, and visual inputs. It has been ranked the top LLM for Malay in the massive multitask language understanding (MMLU) benchmark and matches or outperforms leading global models, according to YTL Power. The cost of developing Ilmu was not disclosed, though YTL Power said its AI investments — including a 500MW green data centre in Johor, an Nvidia-powered AI supercomputer, and Ilmu — have exceeded RM20 billion. Prime Minister Datuk Seri Anwar Ibrahim hailed the launch as a milestone in building “an AI nation” for all Malaysians, stressing that AI adoption must serve everyone, uphold Malaysia’s values, and help bridge societal gaps. He highlighted its potential to boost governance, innovation, rural development, small businesses, and public services across Asean. YTL Power shares closed one sen higher at RM4.25 on Tuesday, valuing the group at RM36.60 billion.

PETALING JAYA, Zetrix AI Bhd (formerly My E.G. Services Bhd) is targeting its newly launched NurAI chatbot at financial institutions, fintech companies, legal bodies, and government agencies. In a statement, director Datuk Mohd Jimmy Wong Abdullah said the rollout will be done in phases. The first phase will introduce a freemium B2C (business-to-consumer) app in Malaysia and Indonesia, offering general Shariah guidance along with premium tools such as inheritance calculators and medical bioethics advice. The second phase will focus on B2B (business-to-business) and B2G (business-to-government) models, integrating NurAI into the daily operations of Islamic financial institutions, fintechs, halal certification agencies, and Shariah legal authorities. Touted as the world’s first Shariah-aligned, Islamic values-based large language model, NurAI is built on Islamic principles and the Global South worldview. Zetrix AI said it delivers guidance in line with Shariah rulings on a wide range of topics — from contemporary issues like law, healthcare, and finance to classical themes such as Islamic history, philosophy, and Quranic studies. “With NurAI, Malaysia strengthens its position not only in halal certification, Islamic finance, and Shariah scholarship but also in ethical AI innovation,” the company said, adding that it reflects a long-term commitment to developing responsible, values-based digital infrastructure for Muslim communities worldwide. The company noted that most current AI systems, developed in Western or Chinese contexts, may not fully capture Islamic perspectives. This leaves a gap for the world’s two billion Muslims, the US$3 trillion Islamic economy, and the wider Global South, where users want AI tools aligned with their cultural values and religious principles. NurAI addresses this need, while also supporting the rising demand for AI sovereignty and Shariah-compliant technologies from governments and institutions in Malaysia, Indonesia, and the Gulf Cooperation Council.

Posco Future M, the battery materials subsidiary of steel giant Posco Holdings, announced on Monday that it has signed a memorandum of understanding (MOU) with China’s CNGR Advanced Material to collaborate on a new battery materials project. This strategic partnership also includes CNGR’s Korean subsidiary, Fino, further strengthening the alliance. The MOU is designed to support Posco Future M’s plans to expand its rechargeable battery cathode material business. Currently, Posco Future M produces cathodes primarily for nickel-cobalt-manganese (NCM) and nickel-cobalt-manganese-aluminum (NCMA) batteries. However, the company aims to broaden its product portfolio by increasing supply for lithium manganese-rich and lithium iron phosphate (LFP) batteries. LFP batteries have been gaining popularity, especially in energy storage system (ESS) applications, thanks to their cost-effectiveness and superior safety characteristics compared to other battery types. Recognizing this trend, the three companies intend to explore opportunities for establishing a production facility focused on LFP cathode materials to meet growing demand in the ESS market. Through this collaboration, Posco Future M and its partners hope to leverage their combined expertise and resources to capture a larger share of the rapidly expanding battery materials industry, ultimately supporting the global shift toward cleaner and more sustainable energy solutions.

The National Broadcasting and Telecommunications Commission (NBTC) has approved National Telecom (NT) to launch Thailand’s first local satellite broadband internet service via low Earth orbit (LEO) satellites. The state-owned telco began offering the service this month through its partnership with Eutelsat OneWeb, a global LEO satellite operator, said NT president Col Sanpachai Huvanandana. Col Sanpachai says LEO’s broadband service will be a significant driver of NT’s revenue in the future. NT aims to generate US$30 million in revenue from this service by 2030, excluding the annual 200 million baht infrastructure rental fee paid by Eutelsat OneWeb to NT. This approval follows an NBTC resolution in March that allowed NT to provide broadband services using Eutelsat OneWeb’s LEO satellites for regional markets outside Thailand. NT operates the LEO broadband service via its gateway in Ubon Ratchathani province, expected to serve over 50,000 users across Southeast Asia in its first year. Together, NT and Eutelsat OneWeb have invested over US$25 million to build local infrastructure enabling these services in Thailand and the surrounding region. Eutelsat OneWeb is part of the Eutelsat Group, a leader in satellite communications with a fleet of 35 geostationary and 634 LEO satellites worldwide. Targeting regional enterprises needing connectivity in remote areas, NT sees satellite broadband as a major future revenue source. According to tech research firm Gartner, global spending on LEO satellite communication services is forecast to reach US$14.8 billion by 2026, a 24.5% increase from 2025. Gartner senior analyst Khurram Shahzad noted that LEO satellites primarily provide broadband to remote locations lacking traditional network access, but emerging consumer and business applications are driving rapid market growth. With over 20 active LEO providers and more than 40,000 satellites expected soon, LEO technology is becoming a mainstream broadband solution offering reliable internet and IoT connectivity anywhere — including on airplanes, ships, and offshore platforms. Key growth areas in 2026 will include remote consumer and business use (with expected spending increases of 40.2% and 36.4%), followed by IoT, maritime and aviation connectivity, and network resilience improvements. Examples of new use cases include LEO-connected drones providing mobile coverage during disasters and US airlines offering free high-speed WiFi via LEO satellites. Despite strong growth, the industry faces challenges like regulatory hurdles, capacity limits, roaming restrictions, and limited certification for some critical applications. Communications providers are advised to tailor strategies based on specific use cases.

KUALA LUMPUR, Petroliam Nasional Bhd (Petronas) is looking to expand its footprint in Canada, which has become one of its key liquefied natural gas (LNG) supply bases, said Mohd Jukris Abdul Wahab, executive vice president and CEO of upstream business. With an estimated 50 trillion cubic feet (TCF) of gas in Canada, Petronas sees significant potential beyond the current Phase 1 of the LNG Canada project. “With 50 TCF, we can support several more LNG projects as resource size is not the issue here,” Mohd Jukris said, adding that the company hopes to receive continued support from the Canadian government. The energy giant shipped its first LNG cargo from the LNG Canada facility in Kitimat, British Columbia, on July 8. It also operates the North Montney Joint Venture upstream gas project and is a major equity partner in the US$40 billion LNG Canada facility. Internationally, Petronas has strengthened its presence in countries including Brunei, Indonesia, Vietnam, Turkmenistan, Abu Dhabi, Canada and Suriname. Mohd Jukris noted that Suriname, where Petronas is developing its first offshore gas discoveries, is among its growth markets. Petronas aims to increase revenue from international assets to over 60% of its total, up from the current 40%, while maintaining strong investments in Malaysia as part of its core portfolio.