Global energy recovery to take up to five years, PM says after talks with Emir of Qatar


PUTRAJAYA: Global energy supplies will take up to five years to fully recover from the destruction of the Middle East conflict even if the war ends tomorrow, warns Datuk Seri Anwar Ibrahim.

The Prime Minister revealed this sobering projection following a recent conversation with the Emir of Qatar, Sheikh Tamim Hamad Al Thani.

"Even if the war ends tomorrow, according to the Emir of Qatar who told me directly, it will take a minimum of three years to undertake minor repairs to allow gas operations to operate, and probably three to five years for complete performance," he said in his address to the Transport Ministry on Thursday (April 9).

Given these prolonged global disruptions, Anwar warned that Malaysia cannot entirely escape the broader economic fallout, even though the country's physical trade assets remain safe.

ALSO READAnwar: Strong foreign ties protect Malaysia’s shipping in volatile Hormuz Strait

Anwar also said the cost of doing business has already skyrocketed due to regional instability, with the global economy and Gulf states bearing the brunt of the violence initiated by Israel and backed by the United States.

"This is because insurance costs have surpassed 100%, and freight charges have also gone up.

"This means the oil that was supposed to be cheap to process in Pengerang has now seen its costs rise," he explained.

ALSO READAnwar: Brace for cost surge as Middle East conflict hits Malaysia’s supply chain

However, Anwar pointed out a silver lining: Malaysia's policy of maintaining strong and friendly diplomatic ties with all nations is actively shielding its critical assets in volatile shipping lanes.

Anwar cited the safe passage of national oil company vessels through the highly contested Strait of Hormuz as a direct result of this diplomatic balancing act.

"When it comes to shipping routes, Alhamdulillah, our good relations with Iran have allowed PETRONAS vessels to pass through safely, and they will arrive in Pengerang in a few days," he said.

ALSO READMalaysia ready to support peace efforts in US-Iran conflict, says Anwar

The Strait of Hormuz has become a major flashpoint following the outbreak of the US-Iran war in late February, which saw US and Israeli forces launch massive strikes targeting Iranian military and nuclear infrastructure.

While the United States and Iran recently agreed to a tentative two-week ceasefire, the regional situation remains highly volatile, with the conflict also spilling over into Lebanon.

 

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