DNeX Energy unit buys 20% stake in TI Exploration & Production

KUALA LUMPUR, 1 AUGUST 2026 —

Dagang NeXchange Bhd’s energy unit Ping Petroleum Ltd has acquired a 20% stake in TI Exploration & Production Sdn Bhd from TI Petroleum Sdn Bhd, a subsidiary of Terengganu Inc.

Tan Sri Dato’ Sri Hamed Syed Zainal Abidin Syed Mohamed Tahir, DNeX chairman, said the acquisition advances the group’s strategy to expand its domestic energy portfolio while leveraging TI EP’s local expertise in supply chains, regulations and state development priorities.

TI EP, owned by TI Petroleum, is the upstream vehicle under Terengganu Inc, the state government’s investment holding company that manages commercial and investment assets. The partnership is expected to create operational synergies by aligning TI EP’s expansion plans with Terengganu Inc’s oversight of state assets.

TI EP will use both shareholders’ support to strengthen its upstream capability, with the goal of delivering sustainable economic benefits for Terengganu.

A document exchange ceremony in Kuala Lumpur followed the conclusion of DNeX’s 55th annual general meeting. DNeX was represented by its chairman and Muhamad Azhar Md Zain, senior vice president development & operations at Ping Petroleum. Terengganu Inc was represented by its president and group chief executive Dato’ Burhanuddin Hilmi bin Mohamed @ Harun and Noor Tuah Jaafar, vice president and head of the petroleum cluster.

Tan Sri Dato’ Sri Hamed Syed Zainal Abidin Syed Mohamed Tahir said the acquisition builds a platform for future growth in Malaysia’s upstream sector. Dato’ Burhanuddin said the collaboration reinforces Terengganu’s role in the oil and gas industry and supports the state’s aim to create long-term value.

The Abu Cluster redevelopment is already under way. DNeX did not disclose the financial terms of the acquisition.

Related: Kuala Lumpur