Sabah Energy Corporation’s CEO, Adzmir Abdul Rahman, was invited as one of the speakers for the “Malaysia’s Energy Transition Pathways” session during the recent Energy Asia conference.
Adzmir highlighted the importance of the Energy Trilemma Balance and Just Energy transition in achieving the goal of carbon neutrality by 2050.
Adzmir opined that Malaysia is facing the energy trilemma, the challenge of balancing the reliability of energy supply with affordability for the end user while also addressing the looming climate crisis, which complicates the dynamics of energy supply.
Fossil fuels are at the heart of the climate problem in Malaysia. As the country aims to reach net-zero carbon by 2050, fossil fuels still dominate its total primary energy supply, approximately 96%.
Therefore, Adzmir also said that while we need to accelerate the pace of the energy transition through well-planned strategies, the transition should be gradual enough to avoid disruptions to energy security and provide a smooth transition for consumers and the industry. This is where the government can play an important role in setting workable policies and regulatory frameworks to facilitate a smooth energy transition.
Adzmir then gives insight into the concept of a Just Energy transition in shifting from fossil fuels to low or zero-carbon sources fairly and equitably. Social equity and participatory decision-making are the two key elements within the framework of a Just Energy transition that need to be upheld in achieving inclusiveness, energy accessibility, and benefits for all members of society.
He also stressed that the race toward carbon neutrality should not create clear winners or losers. While winners reap the benefits of the energy transition, addressing the needs of those facing high energy costs and reliability issues is essential, ensuring that no one is left behind.
During the discussion, Adzmir was also joined by Dato’ Nor Azmie bin Diron, Secretary-General, Ministry of Economy, Malaysia, Datu Haji Sharbini Suhaili, Group CEO, Sarawak Energy, Dr. Mohd Yusoff Sulaiman, President & CEO of MIGHT, and Jenny Koo, Director, Oil Markets, Midstream & Downstream Advisory of S&P Global Commodity Insights, who chaired the session.
On 22 June 2023, SEC celebrated a huge milestone, which was achieving 1 Million Man-hours without Lost Time Injury (LTI). The ceremony was held at Marriott Hotel Kota Kinabalu, witnessed by SEC’s Chairman, YB Datuk Anwar Ayuub @ Annuar Ayub and Regional Manager, NIOSH Sabah and WP Labuan, Tuan Wan Sarman Bin Sakan. [/av_textblock]
Malaysia Gas Association (MGA) Networking Event with Sabah’s Industry Leaders, Professionals & Players held at Sabah International Convention Centre (SICC) on 7th June 2023, co-host with SEC
SABAH ENERGY CORPORATION PAYS RM10 MILLION DIVIDEND TO THE SABAH STATE GOVERNMENT
KOTA KINABALU: Sabah Energy Corporation Sdn. Bhd. (SEC) today paid a dividend of RM10 million to the Sabah State Government for the financial year concluded on 31st December 2022.
YB Datuk Anwar Ayuub @ Annuar Ayub, the Chairman of SEC, presented the dividend to YAB Datuk Seri Panglima Haji Hajiji Bin Haji Noor, The Chief Minister of Sabah. The Board of Director of SEC, YBhg. Datuk Saddi Bin Abdu Rahman and the Chief Executive Officer of SEC, Encik Adzmir Abdul Rahman, were present to witness the handover.
During the ceremony, Adzmir said that SEC and its group of companies profit before tax in 2022 reached an impressive RM47.9 million, a noteworthy increase from the previous year’s RM40.6 million. Asian Supply Base Sdn. Bhd. (ASB), a wholly owned subsidiary of SEC, contributed significantly with a profit before tax amounting to RM28.8 million, while SEC’s standalone profit before tax stood at RM22 million.
Adzmir further highlighted that against the State Government’s paid-up capital of RM299.9 million, the accumulated profit after re-investments over the years has increased the Shareholders’ Fund to over RM 1 billion at the end of 2022. To date, SEC’s total dividend contribution to the Government stands at RM241 million.
As the largest domestic natural gas supplier and transporter in Sabah, SEC is now playing a major role in the industrial and economic growth of the region. According to Adzmir, SEC is committed to enhancing their business operations and profitability in the energy sector, aligning with the state government’s objective to have more active participation of state GLCs in the energy industry.
With its expanding customer base and infrastructure control, SEC is well-positioned to provide quality products and services that will boost profitability and positively impact the people of Sabah through continuous dividend payments to the State Government.
SEC Deputy Chief Executive Officer, Ir Haji Ahmad Jafar, handing over the house key to the family of Mr. Petrus Yuyah @ Faizal in Kampung Meninipir, Keningau, on 21st May, 2023. The ceremony was witnessed by the SEC Chairman, Datuk Annuar Ayub, and Puan Dayang Kamariah, SEC’s Head of Human Resources. This house is part of the Corporate Social Responsibility (CSR) initiative by Sabah Energy Corporation for 2022-2023
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