‘Not a bailout’: Malaysia’s Anwar defends US$230 million ‘investment’ in Sapura Energy

Name: ‘Asean’s moment is now’: Malaysia’s Anwar on the bloc’s response to AI, tariff challenges
Uploaded: 2025-03-13T07:02:31.000Z
Duration: 4 min 41 s
Description: ‘Asean’s moment is now’: Malaysia’s Anwar on the bloc’s response to AI, tariff challenges

The prime minister says the move is needed to stabilise the sector, but critics call it hypocritical due to his past opposition to bailouts

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Malaysian Prime Minister Anwar Ibrahim gives a speech during a public lecture event with the attendance of the Turkish president in Putrajaya, Malaysia, on February 10. Photo: EPA-EFE

Hadi Azmi

Published: 3:02pm, 13 Mar 2025Updated: 3:41pm, 13 Mar 2025

Malaysian Prime Minister Anwar Ibrahim has defended a US$230 million state injection into struggling oil and gas firm Sapura Energy, insisting it is “not a bailout” but a strategic move to stabilise the sector, even as critics accuse him of hypocrisy over his past opposition to rescuing the company.

Sapura Energy, a key player in Malaysia’s oil and gas sector, faced scrutiny from auditors in 2023 over its ability to remain financially viable, prompting a debt-restructuring plan.

The company has received billions of ringgits in government funding since 2018, prompting public scrutiny over executive salaries that remained high despite substantial losses and reliance on taxpayer support.

This week’s funding decision has led to accusations of hypocrisy against Anwar, who opposed a 2022 proposal by former prime minister Najib Razak to bail out the same firm when he was the leader of the opposition.

04:41

‘Asean’s moment is now’: Malaysia’s Anwar on the bloc’s response to AI, tariff challenges

Speaking at the Finance Ministry’s monthly assembly in Putrajaya on Thursday, Anwar said the decision was necessary to prevent a domino effect in the oil and gas sector, which had become entangled in Sapura Energy’s troubles.