Over 50 proposals submitted on petrol subsidy system

January 26, 2019

Dateline 2018-12-21, Malaysian Reserve:

The government has received more than 50 proposals to develop a nation-wide petrol subsidy distribution checking and monitoring system, a project which will allow only eligible Malaysians to buy fuel at discounted price at petrol stations.

The fuel subsidy programme for targeted recipients, which was announced during the tabling of the 2019 budget, is expected to be rolled out by the second quarter of next year.

But the system to be selected for the scheme must be secure and abuse-proof as the subsidy will involve millions of Malaysians who use over 1.2 billion litres of fuel monthly.

A source close to the development said the Ministry of Finance (MoF) has received over 50 proposals to develop the fuel subsidy distribution system before the tender deadline, which ended on Dec 10.

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Abang Johari: No multi-layer sales tax on petroleum products

January 25, 2019

Dateline 2018-12-14, FMT:

Sarawak Chief Minister Abang Johari Openg today clarified that only the export sales tax will be imposed on petroleum products.

Clarifying that there would be no multi-layer sales tax on petroleum products, he said there was a lot of misunderstanding on the export sales tax for petroleum and gas product,s which was announced in the state assembly last month.

“People in the industry interpreted that raw materials (sold) to the liquefied natural gas (LNG) plant will be taxed at 5% and there will be another 5% tax when the LNG is produced and exported, which is not the case.

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CIDB, Petronas to drive oil and gas construction excellence

January 24, 2019

Dateline 2018-12-14, The Star:

The Construction Industry Development Board Malaysia (CIDB) has partnered with Petronas to drive construction excellence in the oil and gas (O and G) sector through the Construction Industry Transformation Programme 2016-2020 (CITP).

CIDB Chief Executive Datuk Ahmad Asri Abdul Hamid said the collaboration would focus on five key areas, namely corporate agreement, procurement best practices, technology development, material and quality assurance, as well as contractor and construction personnel development.

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Diving Komodo 2018-11 5 of 8

January 23, 2019
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Petronas Wants Malaysia to be Regional LNG Bunkering Hub

January 22, 2019

Dateline 2018-12-14, MarineLink:

Malaysian oil and gas company Petronas plans to introduce liquefied natural gas (LNG) bunkering operations at the country from the second half of 2019.

“As a major player in the LNG business, PETRONAS is well-positioned to support the strategic intent for Malaysia to become the regional LNG bunkering hub,” it said in the Petronas Activity Outlook 2019-2021 report.

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Calmer O&G environment should drive up prices

January 21, 2019

Dateline 2018-12-14, Borneo Post:

 The calmer operating environment in the oil and gas (O&G) sector should drive up oil prices, analysts observed.

In a report, the research arm of AffinHwang Investment Bank Bhd (AffinHwang) noted that a total of 1.2 million barrels of oil per day (mmbpd) will be removed from the oil market for six months from January 2019 onwards, representing 1.2 per cent of the total supply.

It also pointed out that the Organisation of Petroleum Exporting Countries (OPEC) members pledged to cut 800,000 bpd of output, while the rest of countries including Russia with a lion’s share, will cut 400,000 bpd.

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Fixing of floor price for oil bodes well for Malaysia

January 20, 2019

Dateline 2018-12-14, The Star:

Amid an uncertain oil and gas (O&G) environment, it would seem that a floor price for crude oil has been fixed at US$60 per barrel since the collective agreement by global oil producers to cut supply.

This development bodes well for Malaysia, both the government and local O&G industry players, as it signifies some clarity ahead.

While the crude oil price assumption of US$70 per barrel used for the tabling of Malaysia’s Budget 2019 may be high, it is still well within the US$60 to US$70 per barrel range. Tumbling crude oil prices would create increasing challenges for the government to finance Budget 2019.

According to the recently published Petroliam Nasional Bhd (Petronas) Activity Outlook for 2019 to 2021, Petronas has raised its assumed oil price on a planning basis to between US$60 and US$70 per barrel for 2019.

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Oil prices to remain volatile in 2019, says Petronas

January 19, 2019

Did the papers just extract phrases from the Outlook?

Dateline 2018-12-11, FMT:

National oil and gas (O&G) company Petronas today said it expects volatility seen in oil prices this year to persist in 2019 as well.

In its annual Petronas Activity Outlook (PAO) report for 2019-2021 released today, Petronas shared its perspective on industry trends, demand outlook and activities in the upstream and downstream sectors.

“Petronas, in this edition of the PAO, maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” it said in a statement today.

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Malaysia’s Petronas says cautious on new projects amid market volatility

January 18, 2019

Dateline 2018-12-11, Xinahunet:

Malaysian state-owned oil and gas company Petronas said Tuesday that it expects market volatility to persist next year, and remains cautious on new capital projects.

“Greater market volatility is expected to persist in 2019. Petronas maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” Samsudin Miskon, vice president of the group’s procurement, said in an activity outlook report for the period 2019-2021.

Oil prices have been fluctuating this year, with Brent crude oil prices rising to 86 U.S. dollars per barrel in early October, from 67 U.S. dollars per barrel at the beginning of the year. However, the prices declined by 30 percent to 57 U.S. dollars in early December due to oversupplied market.

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Dr Mahathir : Malaysia moves towards greener diesel

January 17, 2019

Dateline 2018-12-11, The Edge:

Malaysia is going for a greener diesel in February next year.

Prime Minister Tun Dr Mahathir Mohamad today launched the B10 Biodiesel Programme that will see the fuel – comprising 10% palm oil biodiesel and 90% fossil diesel – used by all types of diesel vehicles in the transportation sector beginning Feb 1, 2019.

The use of 10% palm oil biodiesel in Malaysia for vehicles such as four-wheel-drive vehicles, lorries and buses will reduce the emission of greenhouse gases by 1.6 million tonnes of carbon dioxide equivalent per year, he said.

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