Malaysia wants to diversify its energy and supply chain, says PM
Malaysia's premier announced on Thursday that the country wants to optimize its location this year and become a conduit of diversification in energy and supply chains. It also hopes to become a leading player in the semiconductor industry and Islamic Finance. Anwar Ibrahim, the Prime Minister of Malaysia, said that Malaysia's economy had rebounded last year with a influx in strategic investments. Malaysia is quickly becoming a haven for investors in Southeast Asia. Its stable currency and improving economic growth set it apart from its peers who are struggling with political instability and economic uncertainty.
Sources say that Tesla's former China plant head will join renewable energy company Envision
Two sources with knowledge of the situation said that Tesla's former China Plant Manager is expected to join Chinese renewable energy company Envision. One source said that Song Gang, who announced Wednesday his departure from Tesla, will be taking on supply chain management duties for Envision. Envision and Song didn't immediately respond to separate comments. Tesla did not reply to a question about Song's departure. Envision, headquartered in Shanghai, is the largest wind turbine company in the world. It also has research centers in Denmark, the U.S. and Germany.
Singapore's ChemOne delays Pengerang complex's start to 2028
ChemOne Group, a Singapore-based company, has announced that it will delay the start of construction of its Pengerang Energy Complex to the fourth quarter 2028. Construction is expected to begin in mid-2025. This comes after the group secured more funding for the project. The company announced that the project had secured an agreement for funding of $3.5 billion. Alwyn Bowden said that the PEC project will be a major driver for the demand for high-quality aromatics on a medium to long-term basis, as the petrochemicals sector is expected to grow exponentially along with rapid economic growth in East Asia and Southeast Asia.
Solar tariffs in the US will increase prices and reduce profit margins for Southeast Asia
Analysts said that a new round of U.S. import tariffs against Southeast Asian solar panel producers will likely increase consumer prices while reducing producer profits. However, the industry had anticipated this move. The Commerce Department announced new duties on Friday that extend the United States anti-dumping regime to solar cells in Southeast Asia, instead of just finished modules. Citi analyst Pierre Lau wrote in a report that the tariff increase was in line with what had been expected. He added that, in the long run, the duties will encourage the production of goods in the United States and replace imports.
Indonesia talks nuclear technology with US and Russia
A deputy minister of the Indonesian government said on Friday that Indonesia has been in discussions with the United States about developing nuclear power plants. Vivi Yulaswati is a deputy minister in the Ministry of National Development Planning. She said that Southeast Asia's largest economy will be looking to operate nuclear power plants by 2036, in order to reduce its dependency on fossil fuels. In a video-interview, she stated that the program is open to small modular reactors as well as conventional nuclear technology. Nuclear power plants in Indonesia have become a hot topic due to the country's proneness to earthquakes.
Philippines communities challenge dash for fossil gas
The government claims that LNG is an alternative to coal, and the capacity to generate it is required to meet the energy demands of Luzon Island, which is also home to Manila, the capital city, located 110 km (68 mi) north. Many people in Santa Clara, an area adjacent to the port's terminal, claim that respiratory illness has increased dramatically, even among children as young five years old. They attribute this to the LNG plants. Welita Abanil is a 69-year-old Santa Clara healthcare worker. Gas plants in the area have also reduced our fishing income. We have nowhere to go. "It's as if we're waiting to die," she said.
TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access
TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase the availability of affordable energy, primarily for sub-Saharan Africa and south and southeast Asia. The announcement was made at the United Nations COP29 Climate Summit in Azerbaijan where discussions have focused on raising $1 Trillion in climate finance to assist developing countries from richer nations. TotalEnergies has declined to reveal the name of the global private equity firm that will manage the fund, but says the $500 million will be distributed over several years through tenders for energy-related projects.
Diamond Gas International anticipates LNG glut in the years 2027-2028
Diamond Gas International CEO Diamond Gas said that a global glut of liquefied gas will be forecast between 2027 and 2028 after new projects are completed. Takuji Knzo, at the FT Commodities Asia Summit, stated that the glut of supply will last only two to three more years, as Asia is expected to increase its demand. He said: "It could end quite quickly... Concerning fears that the Trump administration might implement tariffs and stop accepting U.S. LNG cargoes in China, Konzo stated that while cargoes might be rerouted, this would not impact LNG demand and supply. "To me it's just a question of destination." "If China somehow stops buying from the U.S.
Hess reports a quarterly profit increase as Guyana's oil production remains strong
Hess Corp, a leading oil producer in Guyana, beat expectations for the third quarter profit on Wednesday. The Guyana assets have been at the heart of a dispute between Exxon and Chevron that has delayed Chevron’s $53 billion purchase of Hess. Hess agreed on the buyout in October last year, but Exxon has challenged the deal. They claim a right over the company's Guyana-based assets. Exxon will be able to exercise its right of first refusal in May next year after the deal has been approved by the U.S. Federal Trade Commission. Hess increased its production by 16.7%, to 461,000 barrels per day of oil and natural gas (boepd), in the third quarter.
GIC and Macquarie are interested in selling a $2 billion stake in EDC Philippines, according to sources
Two sources familiar with the matter have confirmed that Macquarie and GIC are considering selling their roughly 30% stake in Energy Development Corp. (EDC) of the Philippines, a deal which could bring in $2 billion. Sources who declined to identify themselves because the discussions are private said that they were in preliminary discussions with advisors, and that no decisions had been taken. EDC is the Philippines largest renewable energy company with a capacity installed of 1,480.19 Megawatts. The majority of this is geothermal. According to its website, it accounts for about one fifth of the total installed renewable power capacity in the Philippines.
B.Grimm Power, Thailand's B.Grimm Power, seeks LNG supply for short- and long-term periods
A company executive revealed at the Asia Gas Markets Conference on Tuesday that B.Grimm Power, Thailand's largest power firm, is looking to purchase five to seven cargoes of liquefied gas for delivery between 2025 and 2026. Andrew Kirk, B.Grimm Power's head of LNG, has said that the company is looking to secure a long-term LNG deal of up to one million tons after these initial short term cargoes. He said that the company's gas fired power plants would be able to supply its own needs by 2028. The Energy Regulatory Commission of Thailand has allocated B.Grimm a LNG import quota for 1.2 million tons per year.
Cambodia increases power import capacity in order to improve flexibility
Cambodia's energy minister said that the country plans to increase its capacity to import cleaner power from Laos and Vietnam, as well as Thailand, by more than 600 Megawatts. This is a 50% increase over current agreements. Keo Rottanak noted that the move could boost interconnections in Southeast Asia and provide more options for diversifying power supply in the face of rising hydropower volatility due to weather-related interruptions. He said that the imports would supplement the power supply "in areas where there are financial or environmental benefits" but that the majority of Cambodia's electricity will still be produced domestically.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants. The report also stated that the rapid expansion of the economy would pose a challenge to energy security and climate change goals. The closure of coal power plants, supported by wealthy Western nations, in emerging markets is being delayed after the July deadline for a pilot project in Indonesia was not met.
Cambodia will increase its power import capacity to over 50% within the next two years
Keo Rottanak, the energy minister of Cambodia, said that it plans to import more than 600 megawatts (MW), or clean power, from Laos and Thailand. This will increase its contracted import capacity over 50%. In 2026, the Southeast Asian nation will import solar and hydro power from Laos. Rottanak stated that the country is nearing approval for a deal to nearly double its 300 MW agreement with Vietnam, and it could import 100 MW more from Thailand. We just signed last Thursday more than 300 Megawatts of combined hydro-solar with Laos. This is coming to Cambodia by 2026," Rottanak said in an interview during the Singapore International Energy Week. According to the U.S.
Chubu Electric, Japan, plans to increase its investment in renewable energy and SMR overseas
A company executive revealed that Chubu Electric Power, Japan, plans to invest further in overseas decarbonisation projects, such as renewable energy, small-modular reactors (SMRs), or carbon capture and storage (CCS) to fuel the future growth of the company. Chubu, the major regional electric utility in Japan, announced a long-term plan for 2021. This included a plan to invest 400 billion yen (about $2.7 billion) by the end of this decade on overseas assets, with a goal to make a recurring profit from these assets of 20 billion dollars by 2030.
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries. He said Malaysia has territorial disputes with many neighbours including Thailand, the Philippines and Indonesia and that its differences with China are being overemphasized.
The US has imposed preliminary new tariffs on solar imports from Southeast Asia
The U.S. Commerce Department announced on Tuesday anti-subsidy, countervailing duty on solar cells imported from Vietnam, Cambodia and Malaysia. A preliminary decision published on Commerce's site shows that the agency has calculated tariff rates ranging from 0.14% to 3,293.61% depending on the company for solar cells from four Southeast Asian countries. Next year, a final decision will be taken. This announcement is the second of two preliminary decisions that the Commerce Department will be making this year on a trade case filed by Hanwha Qcells in Korea…
US unveils first of two decisions regarding solar tariffs
The U.S. Trade officials may this week impose new tariffs against solar panels imported from four Southeast Asian countries. American manufacturers claim that these nations provide unfair subsidies, which make U.S. goods uncompetitive. The Commerce Department is expected to announce its first preliminary decision in this year on a trade case filed by Hanwha Qcells in Korea, Arizona's First Solar, and several smaller companies that are seeking to protect their billions in investments made in U.S. manufacturing of solar panels. Domestic producers claim that the competition from Chinese companies in Malaysia…
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025. This will end the growth in the global seaborne trade volume for the polluting fuel. The ICMA estimates that the annual coal imports of Southeast Asian countries…
Envoy: EU sanctions now include financing of Russian battlefield products
The EU sanctions envoy stated on Wednesday that sanctions against financial institutions could be aimed at the military product flow to Russia, as well as products manufactured in Southeast Asia by Western subsidiaries. Since 2022, the EU has imposed extensive sanctions against Russia because of its invasion in full force of Ukraine. David O'Sullivan, EU envoy, said that sanctions are not a "magic bullet", but they aim to make Russia's war machine more difficult to fuel. He said he had no illusions about circumvention, and that listing dual-use companies that sell to Moscow is often a "whack a mole" effort.
