TRDI

KUALA TERENGGANU, June 14 - Terengganu continues to strengthen its position in the national energy sector following Dagang NeXchange Berhad’s (DNeX) move, through its subsidiary Ping Petroleum Limited, to acquire a 20 per cent equity stake in TI Exploration & Production Sdn Bhd (TI EP).

TI EP is a subsidiary of Terengganu Inc Petroleum Sdn Bhd, or TI Petroleum, under the Terengganu Inc group.

The strategic collaboration is seen as an important step in expanding Terengganu’s participation in the energy value chain, particularly in the country’s oil and gas industry.

According to Terengganu Inc, DNeX’s participation through Ping Petroleum reflects investor confidence in the vast potential of Terengganu’s energy sector.

The development also further strengthens the state’s position as one of the key players in Malaysia’s oil and gas industry.

The transaction forms part of Terengganu Inc’s long-term strategy to enhance the State Government’s participation across the energy value chain.

It is also expected to open up opportunities for sustainable economic value creation for Terengganu, in line with Terengganu Inc’s role as the state’s investment holding company.

The collaboration was represented by DNeX Chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir and Ping Petroleum Senior Vice-President of Development and Operations, Muhamad Azhar Md Zain.

Terengganu Inc was represented by its President and Group Chief Executive Officer, Dato’ Burhanuddin Hilmi Mohamed @ Harun, who is also a board member of TI Petroleum, together with Vice-President and Head of Petroleum Cluster, Noor Tuah Jaafar.

Through this collaboration, Terengganu Inc is expected to leverage its strength as the state’s investment holding company to explore new growth opportunities and business value in the energy sector.

DNeX’s participation also reflects the growing trend of state-linked entities taking part in the country’s upstream oil and gas sector.

It is seen as supporting broader industry efforts to strengthen domestic participation and create long-term value within the national energy ecosystem.

The development is significant for Terengganu as the energy sector remains one of the state’s key strengths, with the potential to generate economic spillover through business opportunities, local expertise and wider participation in the oil and gas industry.

With the entry of a strategic partner such as DNeX through Ping Petroleum, Terengganu is no longer merely recognised as a petroleum-producing state, but is increasingly strengthening its role as an active player in the national energy sector with the potential to contribute to the state’s long-term economic growth.