Kuala Besut students win nuke energy contest

July 8, 2018

It’s news like this that makes one take a look at their legacy, their mark on this earth. Congratulations, you!

Dateline 2018-06-03, The Star:

Even though they began with zero knowledge of nuclear energy, three secondary school students made Malaysia proud when they emerged champions in the Human Resource Development for Nuclear Power competition organised by the International Atomic Energy Agency in Gyenongju, South Korea, on May 30.

Safyyah Muhammad Nasir, 16, Muhammad Syazwan Mat Sidik, 17, and Muhammad Anuar Abd Ghani, 17, from SMK Kuala Besut, Terengganu won with their project “100 Things About Nuclear Science And Life”.

The trio produced a computer game application which could channel information on nuclear science and the uses of nuclear energy in everyday life.

…

 

 

Leave a Comment » | engineering | Tagged: , , , , | Permalink
Posted by Wata

Oil and gas companies not looking fine with Q1 results

July 7, 2018

Apologies for focussing on market news, its a slow news cycle.

Dateline 2018-05-31, NST:

 The oil and gas companies under Kenanga Research’s coverage are likely to see deteriorating performance with lower number of outperformers.

Kenanga Research said only two out of seven companies that released their latest interim results had outperformed. They were Dialog Group Bhd and Sapura Energy Bhd.

Another company in the firm’s universe is Bumi Armada Bhd, which is due to release its first quarter results today.

“The disappointment ratio was also higher at 31 per cent (assuming Bumi Armada’s results came within expectations) versus 13 per cent in the fourth quarter of 2017 even with the anticipation of first quarter being a seasonally weak quarter,” Kenanga Research said today.

It noted that upstream services players such as Alam Maritim Resources Bhd, Coastal Contracts Bhd and Dayang Enterprise Holdings Bhd had missed expectations due to stubborn fixed costs amidst unsatisfactory vessel utilisation.

Gas Malaysia Bhd and Petronas Dagangan Bhd also had a soft start dragged by higher product costs and sliding sales volume.

…

Leave a Comment » | engineering, investment | Tagged: , , , , , , | Permalink
Posted by Wata

Don’t plunder Petronas, Najib tells Pakatan government

July 6, 2018

Avast there, maties! BTW, when does Datuk Seri get his Tun?

Dateline 2018-05-31, The Star:

Former prime minister Datuk Seri Najib Tun Razak (pic) has urged the new government not to plunder funds from Petronas for bailouts.

“I urged the new government to continue to give sufficient space and capital to Petronas to fulfil their vision and not to plunder funds from Petronas or through bail-out missions as what was done during the 22 years of Tun Dr Mahathir Mohamad’s previous administration,” he said on his Facebook post on Thursday (May 31).

Najib noted the new Pakatan Harapan government recently stated that the shortfall in revenue due to the abolishment of the Goods and Services Tax (GST) would be made up by Petronas, Khazanah, and Bank Negara Malaysia by making higher dividend payments to the government.

…

Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: , | Permalink
Posted by Wata

RON95 and diesel price to stay, RON97 will be floated — PM

July 5, 2018

Dateline 2018-05-30, The Edge:

The government will retain the current price of RON95 and diesel at the pumps, but the price of the premium RON97 petrol will be subject to a float system, Prime Minister Tun Dr Mahathir Mohamad said today.

“The price for diesel and RON95 will be maintained, but the price for RON97 will be floated according to the market,” Dr Mahathir told reporters after chairing the second weekly Cabinet meeting here today.

At present, RON95 and diesel are sold at RM2.20 per litre and RM2.18 per litre respectively, while that of RON97 is priced at RM2.47 per litre. The retail fuel prices have remained unchanged ahead of the 14th general election on May 9, despite crude oil prices rising to US$75.39 per barrel at the time of writing.

…

Leave a Comment » | Malaysian election, oil and gas | Tagged: , | Permalink
Posted by Wata

UPDATE 2-Malaysian govt may seek more revenue from Petronas as profit jumps

July 4, 2018

Dateline 2018-05-30, Reuters:

Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.

The new administration led by Mahathir Mohamad is relying more on Petronas – a significant contributor to government revenue and the country’s largest employer – to offset a revenue shortfall from the government’s plan to scrap a consumption tax.

Oil prices were trading close to 3-1/2-year highs on Wednesday as Petronas reported a 26-percent surge in first quarter profit.

With oil prices improving, Malaysia may collect 8-9 billion ringgit ($2-$2.26 billion) more in revenue from Petronas this year, Ong Kian Ming, a special officer to the finance minister, told Reuters.

…

 

Leave a Comment » | engineering, investment, Malaysia | Tagged: | Permalink
Posted by Wata

‘Higher oil price makes fuel subsidy less viable’

July 3, 2018

Dateline 2018-05-29, NST:

The Pakatan Harapan (PH) government may not be able to keep subsidising fuel price for too long if global oil price remains above US$70 per barrel, analysts said.

They estimated that based on the current oil price at about US$76 per barrel, the local fuel price at service stations should be about 40 sen higher than what it is now.

For the week just ended, the benchmark Brent crude oil price suffered its first weekly loss of 2.64 per cent after six straight weeks of gains, settling at US$76.44 per barrel.

Over the past seven weeks, the price of RON95 petrol remained at RM2.20 per litre, RON97 at RM2.47 per litre, diesel at RM2.18 per litre and Euro 5 diesel at RM2.28 per litre.

Prime Minister Tun Dr Mahathir Mohamad recently said the government would no longer be using the weekly fuel price adjustments under the managed float system.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Uncertain days for Malaysia’s oil industry

July 2, 2018

Dateline 2018-05-18, Petroleum Economist:

Malaysia’s new prime minister, Mahathir Mohamad, has moved quickly to make good on an election campaign pledge to scrap a goods-and-services tax (GST) blamed for rising living costs. Speculation is now mounting over whether state-controlled oil and gas giant Petronas could be tapped to fill any resulting hole in the country’s finances.

…

 

Leave a Comment » | engineering | Tagged: | Permalink
Posted by Wata

Listing of Petronas among options to increase revenue

July 1, 2018

For the historical record.
Dateline 2018-06-26, The Star:

THE government’s liabilities are out in the open. Finance Minister Lim Guan Eng revealed details to substantiate his point of national liabilities and debt have breached not only the RM1 trillion-mark but also reached 80.3% of gross domestic product.

The numbers are disputed by the former Finance Minister and Prime Minister Datuk Seri Najib Tun Razak.

Apart from a higher national debt, the new government faces a loss of revenue from the abolition of the goods and services tax (GST). The GST is to be zerorised from June 1 and will see a shortfall in revenue that will be only plugged once the sales and services tax (SST) is introduced later this year.

…

Leave a Comment » | engineering | Permalink
Posted by Wata

O&G players see impact from new industry updates

July 1, 2018

Dateline 2018-05-17, Borneo Post Online:

With just two more months before Sarawak state-owned Sarawak Petroleum Bhd (Petros) assumes full regulatory authority over the upstream and downstream aspects of the state’s oil and gas (O&G) industry, existing industry players are wondering if their business activities will be impacted.

During an industry engagement session on the implementation of the Oil Mining Ordinance (OMO) and Distribution of Gas Ordinance (DGO) in Sarawak held yesterday, Petros’ chief executive office Saau Kakok explained that most, if not all, entities undertaking activities in the O&G industry will need to apply or reapply for their respective licenses and leases.

Under the amended OMO which will come into effect on July 1, players will be required to apply for their licenses and leases to the State Minerals and Management Authority (SMMA) through Petros.

Similarly, under the newly passed GDO in 2016 which will be gazette on July 1, players will be required to reapply for their licenses as licenses granted under the gas supply act 1993 is not applicable in the state. This includes any licenses issued by the Secretary General of Ministry of Domestic Trade, Co-operatives and Consumerism under the Petroleum Regulations 1974 or the Control of Supplies Act 1961.

…

 

Leave a Comment » | engineering | Tagged: , , , , | Permalink
Posted by Wata

Fuel prices to remain the same, says Dr Mahathir

June 30, 2018

Don’t you miss the Wed night rush before fuel prices go up?

Dateline 2018-05-16, NST:

 The current fuel retail price will not change, said Prime Minister Tun Dr Mahathir Mohamad today.

“If required, we will subsidise (to keep the fuel prices remain at current rate,” he told reporters at the Perdana Leadership Foundation, here , today.

For the past seven weeks, the price of RON95 remained at at RM2.20 per liter; RON97 at RM2.47 per liter; Diesel at RM2.18 per-litre and Euro 5 Diesel at RM2.28 per litre.

The previous government had set the prices of petrol and diesel on a weekly basis since March last year.

…

Leave a Comment » | engineering | Permalink
Posted by Wata

« Previous Entries
Next Entries »