KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Petroliam Nasional Bhd (Petronas) has taken a significant step towards establishing a carbon capture and storage (CCS) hub in Pahang by signing a land rental agreement with Kuantan Port Consortium Sdn Bhd. This project is a part of Petronas’ broader efforts to contribute to Malaysia's energy transition and carbon emission reduction goals.
Key Highlights
Land Rental Agreement:
- Petronas’ unit, Petronas CCS Solutions Sdn Bhd (PCCSS), signed the agreement with Kuantan Port Consortium Sdn Bhd.
- The financial details and exact location of the land were not disclosed.
Southern Carbon Capture and Storage Hub:
- The CCS hub, named Southern Carbon Capture and Storage Hub, is expected to begin its first carbon injection by 2029.
- This hub aims to reduce carbon emissions for "hard-to-abate industries" both locally and internationally, including steel, chemical, cement, power generation, and petrochemical industries.
Strategic Importance:
- Nora’in Md Salleh, CEO of PCCSS, emphasized the hub's role in Malaysia’s transition to net-zero carbon emissions.
- The hub's storage capacity will serve industrial areas in the west of Peninsular Malaysia and the Asia Pacific region that are focusing on decarbonisation.
Knowledge Transfer and Regional Growth:
- The partnership facilitates knowledge transfer between Petronas and Kuantan Port, which has a strong track record in handling diverse cargo types and implementing modern logistics solutions.
- This collaboration is expected to foster regional trade growth.
Petronas’ CCS Initiatives:
- Petronas is also developing its first CCS project in the Kasawari gas field offshore Sarawak, one of the world's largest offshore CCS facilities, with the first carbon dioxide injection planned for late 2026.
- Petronas has partnerships with ExxonMobil and Shell Malaysia to explore additional CCS projects and carbon sequestration hubs in Malaysia.
Decarbonisation Efforts:
- Petronas has allocated 20% of its annual capital expenditure (capex) from 2022 to 2026 towards decarbonisation.
- The company is advancing CCS as a key solution to address emissions from its operations and other industries within the Asia Pacific.
Commitment to Sustainability:
- Petronas continues to form strategic collaborations to build a resilient and sustainable portfolio, accelerating its Net Zero Carbon Emission 2050 commitment pathway.
Conclusion
The agreement between Petronas and Kuantan Port marks a significant milestone in Malaysia’s journey towards reducing carbon emissions and transitioning to sustainable energy solutions. The establishment of the Southern Carbon Capture and Storage Hub is expected to provide critical decarbonisation infrastructure for various industries, enhancing Malaysia's position as a regional leader in CCS solutions.
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