THE restructuring of Petroliam Nasional Bhd's (Petronas) asset portfolio is being undertaken independently and without political interference, Prime Minister Datuk Seri Anwar Ibrahim assured Parliament today.
Responding to a query from Datuk Muhammad Bakhtiar Wan Chik (PH–Balik Pulau), Anwar said decisions regarding the national oil company’s upstream assets are driven solely by commercial judgement and long-term strategic planning amid global market uncertainties.
“Petronas must evaluate its assets on a commercial basis. For example, it currently holds seven upstream blocks in Brazil — three for development and four for exploration. When such projects are no longer optimal, they must be divested to allow for reinvestment in more promising areas,” Anwar explained.
Citing Canada as another strategic asset due to its vast natural gas reserves — estimated at 50 trillion cubic feet (TCF) — Anwar said Petronas’s operations there are already yielding exports in partnership with other major players.
He stressed that assessments like these are routine and reflect global best practices in portfolio optimisation: “This continuous evaluation of upstream assets — as we see in Brazil — is a result of experience and business acumen. These decisions are left entirely to Petronas without political interference. They need only report the outcomes.”
The only asset sold thus far, he noted, was in South Sudan, due to severe safety concerns stemming from ongoing conflict in the region.
“Petronas had been operating there since 1993–1994 and recorded substantial profits. The sale was prompted not by financial factors, but by worsening security,” Anwar added.
He also noted that energy giants such as France’s TotalEnergies and Italy’s Eni have entered Southeast Asian markets, urging Petronas to remain competitive and forward-looking in response.
No Apology Yet on RON95 Remark – Pending MCMC Probe
In a separate matter, Anwar said he would await the Malaysian Communications and Multimedia Commission’s (MCMC) findings before deciding whether to apologise to Tan Sri Muhyiddin Yassin over a disputed remark concerning RON95 fuel subsidies.
On 5 October, Anwar had reportedly said that an opposition MP defended the right of foreigners to benefit from fuel subsidies — a claim Muhyiddin later denied, saying he never made such a statement.
Addressing the matter during Prime Minister’s Question Time, Anwar said:
“I have no issue apologising if it can be verified that the source was inaccurate. That would be a mistake, and I’m open to correcting it.”
He clarified that the MCMC’s role is to verify the information, not to investigate Muhyiddin personally:
“Some misunderstood it as an investigation into Pagoh (Muhyiddin), but that is not the case. We must await confirmation on whether the information is valid.”
Meanwhile, Anwar has pledged that the investigation into the recent assault on the child of Pandan Member of Parliament Datuk Seri Rafizi Ramli will be carried out with full transparency and diligence.
Addressing the Dewan Rakyat during Prime Minister’s Question Time on Thursday, Anwar revealed that he had personally contacted Home Minister Datuk Seri Saifuddin Nasution and the Inspector-General of Police, Datuk Seri Mohd Khalid Ismail, urging immediate action.
“The incident involving Rafizi’s child is disturbing. We are now witnessing an increasingly extreme culture — from bullying to fatalities — and now, an attack on a Member of Parliament’s child,” Anwar said.
“I have spoken to the Home Minister and the Inspector-General of Police to ensure a transparent and thorough investigation. This culture is concerning.
“I assure this House that both the Home Minister and the Inspector-General of Police have committed to taking swift and transparent action — not merely to punish, but to put an end to this vile behaviour,” he added.
Police earlier confirmed that the child of a former minister was assaulted in an incident at a shopping mall in Putrajaya.
According to Selangor Police Chief Datuk Shazeli Kahar, the assault occurred at around 2pm on Wednesday at a pick-up and drop-off area.
The victim, a young boy, is currently undergoing further medical assessment at a hospital in Selangor. - August 14, 2025
