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Petroliam Nasional Bhd (Petronas), Malaysia’s state-owned oil and gas giant, is turning to its overseas portfolio to lower production costs and address declining profitability amid a more volatile global energy landscape. According to Mohd Jukris Abdul Wahab, Chief Executive Officer of Petronas’ upstream division, the company aims to reduce its oil production break-even price to US$50 (RM212.37) per barrel, a significant drop from the US$60 to US$70 range recorded over the past five years. The upstream division encompasses the exploration, development and extraction of oil and gas. In pursuit of this goal, Petronas will prioritise increasing output from lower-cost international assets, particularly in countries where it already maintains a presence, such as Canada, Suriname, Brazil, Turkmenistan and several Southeast Asian markets. However, the company remains open to entering new geographies if they present strategic growth opportunities. “We want to reshape the entire portfolio,” Jukris said during an interview held on 13 June at the Petronas Twin Towers in Kuala Lumpur. “We are preparing ourselves, moving into a more volatile environment in the future.” The shift in focus comes as Petronas contends with weakening crude oil prices since their 2022 highs, which have adversely impacted its earnings and resulted in a reduction in dividend payouts. Earlier this month, the company announced plans to cut approximately 10% of its workforce as part of broader cost-efficiency measures. Although oil prices saw a modest rebound following geopolitical tensions in the Middle East, the long-term supply-demand dynamics remain uncertain. Jukris emphasised that international capital investments must deliver “healthy returns”, particularly given the elevated geopolitical and operational risks in some of Petronas’ operating regions. The company’s financial performance remains crucial for Malaysia’s fiscal health. Petronas has committed to pay RM32 billion (US$7.5 billion) in dividends to the government in 2024, down from RM50 billion in 2022. Since its establishment in 1974, the company has contributed RM1.4 trillion to the national economy through dividends, taxes and cash payments. Looking ahead, Petronas is targeting an increase in the net present value (NPV) contribution of its international upstream assets to approximately 60% over the next five to 10 years, up from the current range of 40% to 50%. Jukris, who began his tenure with Petronas in 1990, said sustaining production levels will require the development of new fields as existing domestic assets mature. Presently, Petronas produces roughly two million barrels of oil equivalent per day within Malaysia, and about 700,000 barrels per day from its international operations. Despite this overseas push, Jukris remains confident in the longevity of Malaysia’s hydrocarbon reserves. Continued investor interest and recent discoveries suggest there is still untapped potential, including off the coast of Peninsular Malaysia. “For the last 10, 15 years, we’ve been saying that our reserves will last only 15 years,” he said. “So today, we will also last another 15, 20 years.”

LUMUT : Prime Minister Datuk Seri Anwar Ibrahim has announced project allocations exceeding RM250 million for the Royal Malaysian Navy (RMN) base in Lumut, aimed at enhancing infrastructure and welfare support for military personnel. Among the key initiatives is a RM65 million allocation for the construction of a specialist clinic complex and the upgrading of the existing armed forces hospital within the base. The Prime Minister urged the Perak state secretary to expedite implementation of the medical facility developments. Additionally, several high-impact infrastructure projects were approved to modernise operational capabilities at the base. These include RM100 million for the upgrade of the 33kV high-voltage distribution system, RM66.5 million for enhancements to the operational jetty, and RM23.3 million for the replacement of the Bulk Fuel Installation operational tanks. Anwar, speaking during a gathering with navy personnel, reaffirmed the government’s continued commitment to strengthening national defence assets, describing security and stability as vital pillars of Malaysia’s economic advancement. Communications Minister Fahmi Fadzil and Navy Chief Admiral Datuk Abdul Rahman Ayob were also in attendance. The Prime Minister highlighted that the Ministry of Defence received one of the largest budgetary allocations in the federal expenditure plan. For 2025, RM21.2 billion has been earmarked, placing defence as the third-highest sector in terms of allocation after education and health. “This substantial provision underscores the government’s appreciation for the sacrifices made by the armed forces and its determination to ensure national security infrastructure remains robust and responsive,” Anwar said. Reflecting on past discussions with military leadership, Anwar noted that identifying critical operational requirements had been a top priority upon assuming office. “I met with all the armed forces chiefs and asked them to list their most urgent needs. Based on that feedback, we have prioritised funding to upgrade and strengthen our defence capabilities,” he said. -Bernama

KUCHING: The Premier of Sarawak, Tan Sri Abang Johari Tun Openg, has urged the Associated Chinese Chambers of Commerce and Industry of Sarawak (ACCCIS) to deepen collaboration with the state government in driving forward Sarawak’s economic transformation. Speaking at the 60th Anniversary Gala Dinner of ACCCIS, held yesterday evening, Abang Johari emphasised the importance of strategic partnerships in realising the state’s economic ambitions, particularly through leveraging Sarawak’s competitive advantage in sustainable energy. He highlighted that Sarawak’s current energy policy not only supports export-driven objectives but is also designed to attract global industrial investment. He pointed to the state’s growing appeal to manufacturers seeking reliable and clean energy sources. “If they want to manufacture whatever product and need energy, if you are competitive and have sustainable energy, people will bring their money here. Actually, the door is now knocking on us. So, I hope that ACCCIS, we can work together,” he said. Reaffirming the state government’s readiness to facilitate investment and growth initiatives, Abang Johari called on ACCCIS to act as a catalyst in building investor confidence and fostering economic expansion. He paid tribute to the chamber’s longstanding contributions since its founding in 1965, crediting ACCCIS with playing a pivotal role in Sarawak’s development over the decades. The Premier noted the considerable shift in the state’s economic landscape, moving from a timber-reliant model to a diversified and sustainability-focused economy. “In the past, we were basically dependent on timber for revenue, and this led to a lot of trees being cut down,” he remarked. “But of course, the business community — people who are very resilient — and you [ACCCIS], looked forward to diversifying economic activities as time goes by.” The evening’s event was also attended by Deputy Premier Datuk Amar Dr Sim Kui Hian and ACCCIS President Kong Chiong Ung, underscoring the shared commitment to reinforcing public-private collaboration in shaping the state’s future economic narrative. -Bernama

KPJ Healthcare Berhad has officially launched AiNNOVATION 2025, a four-day event dedicated to healthcare innovation and public wellness, taking place at the Ground Floor Centre Court of 1 Utama Shopping Centre from 12 to 15 June. The launch marks a significant milestone in KPJ Healthcare’s commitment to embedding innovation across its operations. AiNNOVATION 2025 offers a forward-looking showcase of the Group’s evolving capabilities in digital healthcare, talent development, and integrated wellness, reflecting its long-term vision of delivering purpose-driven, inclusive care. Speaking at the launch, KPJ Healthcare President and Managing Director Chin Keat Chyuan described the initiative as a comprehensive demonstration of the Group’s strategic direction. “AiNNOVATION is more than just an event. It offers a glimpse into how KPJ Healthcare is evolving with the times, investing in digital capabilities, nurturing future talent, and embedding innovation into how we work and serve. We believe innovation must serve a clear purpose. It must lead to better outcomes for patients, better tools for clinicians and better access for communities,” he said. The event was officiated by Selangor Public Health and Environment Committee Chairman Jamaliah Jamaluddin, who attended on behalf of the Selangor Menteri Besar, Datuk Seri Amirudin Shari. With the theme Driving Innovation and Inclusivity Through AI, AiNNOVATION 2025 reinforces KPJ Healthcare’s Care for Life philosophy by demonstrating how artificial intelligence and other digital tools can elevate clinical care, improve operational efficiency and expand community access. The Patient Journey Booth offers an interactive walkthrough of the entire care experience, from pre-admission to recovery, showcasing technologies such as AI-assisted diagnostics, robotic rehabilitation, digital health records and smart hospital systems. In addition to the digital showcases, the event includes complimentary health screenings, Zumba sessions, wellness-themed games, children’s robotics challenges, cooking demonstrations and various giveaways to promote community engagement. The showcase also features contributions from KPJ’s ecosystem, including its network of hospitals, KPJ Healthcare University, the KPJ Research & Innovation Centre and the Malaysia International Healthcare (MIH) Megatrends 2025 team, highlighting the Group’s collaborative and integrated approach to delivering future-ready care. Admission to AiNNOVATION 2025 is free and open to the public until 15 June. -Bernama

Kuala Lumpur has made a landmark entry into the Top 20 Emerging Startup Ecosystems, securing 18th position in the Global Startup Ecosystem Report (GSER) 2025 by Startup Genome. This achievement marks the first time a Malaysian city has entered the top ranks of the prestigious international index, which evaluates over 300 cities across more than 100 countries. The Ministry of Science, Technology and Innovation (MOSTI) attributes this milestone to Malaysia’s long-term commitment to a structured and strategic innovation agenda. The ministry stated that targeted programmes, capital mobilisation, and policy coherence have begun to show measurable results, positioning Kuala Lumpur as an increasingly competitive destination for startups and investors. The GSER 2025 highlighted Kuala Lumpur’s performance in key metrics including ecosystem performance, access to talent, funding availability and, most notably, market reach. A standout indicator was the city’s dramatic increase in Market Reach score, which surged from two to 10 — a reflection of the growing capability of Malaysian startups to scale beyond national borders and compete on the global stage. According to MOSTI, early-stage funding in Kuala Lumpur totalled RM1.5 billion over the past two and a half years, reflecting a 44% increase from the previous assessment cycle. Total venture capital funding also rose by 22%, reaching US$3.3 billion, underscoring heightened investor confidence and the accelerating pace of ecosystem maturity. Minister of Science, Technology and Innovation Chang Lih Kang noted that this advancement reflects the cumulative impact of deliberate policy design and institutional development efforts under national frameworks such as the Malaysia Startup Ecosystem Roadmap (SUPER), launched in 2021, and the recently introduced KL20 Action Plan in April 2024. He further emphasised that the shift from Kuala Lumpur’s previous GSER banding of 21–30 (recorded between 2022 and 2024) into the current Top 20 reflects the success of a cohesive national vision and effective stakeholder alignment across both public and private sectors. “Kuala Lumpur’s entry into the Top 20 Emerging Ecosystems marks a significant leap forward. This progress demonstrates how strategic alignment — supported by Super, KL20, and cross-sector collaboration — can catalyse capital formation, talent growth and market readiness,” said Chang. Under MOSTI’s leadership, Cradle Fund continues to play a central role in spearheading the development of the national startup landscape. The MYStartup Single Window initiative has already supported over 4,400 startups, serving as a consolidated platform for resources, funding and ecosystem services. Looking ahead, Malaysia is setting its sights on a new benchmark: to be ranked among the Top 20 Global Startup Ecosystems by 2030, further reinforcing its ambition to become a preferred hub for global startups, talent and investment. -Bernama