From The Star – Bumi Armada’s shares in high demand

July 17, 2011

Change ‘shouldn’t’ to ‘will pay triple for to’, remove the subsidies altogether, create a zippy (doesn’t have to be efficient) public transport network, and I’ll be happier

Dateline 2011-07-02:

A cleverly-crafted fund raising exercise, offshore oil and gas services provider Bumi Armada Bhd’s initial public offering (IPO) has created an “artificially high demand” for the company’s shares amongst institutional investors in lieu of its flotation onto the Main Market of Bursa Malaysia this month, analysts and market observes say.

Market talk has been rife that Bumi Armada’s IPO has garnered strong interest from foreign and local institutional investors, with sources disclosing that the company saw its institutional offer 5.6 times oversubscribed on the first day its bookbuilding exercise, which had commenced on June 28 and is scheduled to close next Friday before the institutional price is determined on July 11.

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You can subscribe to an online version of the paper at the e-browse site. The site technology is a bit out of date. You have to use IE7-8 to pay for a subscription, and there is no app. How will I be able to read The Star on my Nokia N95?

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From Tempo

May 8, 2011

Some things are never meant to harden…

“…the oil in the ship with the capacity of 700,000 barrels hardened into asphalt.”

Tempo Economy 26 April 2011

3 Comments | business opportunity, engineering | Permalink
Posted by Wata

From Bloomberg – Petronas Shut Refinery Because of Power Loss

May 6, 2011

Loss of power, loss of refinery, loss of fuel … loss of power?

Dateline 2011-04-27:

Petroliam Nasional Bhd, Malaysia’s state-owned oil company, said its Melaka refinery was forced to shut yesterday after losing power from the national grid, the Malaysian news agency Bernama reported.

PETRONAS, as the company is known, is resuming operations, according to Bernama, which cited a statement by the company.

A call to Petronas’s head office in Kuala Lumpur wasn’t answered when Bloomberg News phoned today.

…

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From Upstream Online – MMHE denies Sime asset talks

May 5, 2011

Ah, did they or didn’t they?

Dateline 2011-04-27:

The heavy engineering unit of state-run Petronas has denied rumours it is in talks to buy oil and gas assets from fellow Malaysian company Sime Darby.

A spokesperson for Malaysia Marine and Heavy Engineering (MMHE) told Upstream today that there was no basis to reports the company was looking to buy any assets from Sime.

When questioned if the companies had entered any form of discussions over the assets the spokesperson simply replied “not at the moment.”

However there is little doubt that MMHE would welcome discussions to expand its current yard capacity.

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From Reuters – Malaysia’s Sime unit bags $384 mln fabrication job

May 3, 2011

Dateline 2011-04-25:

says unit Sime Darby Engineering Sdn Bhd has won a 1.15 billion ringgit ($384.3 million)contract to contruct topside facilities for the Kebabangan Northern Hub Development project off the coast of Malaysian Borneo state of Sabah.

The project is managed by Kebabangan Petroleum Operating Company, a joint venture between Malaysia’s state oil firm Petronas , ConocoPhillips’s local unit and a subsidiary of Shell (RDSa.L).

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From Reuters – Malaysia’s Petronas unit eyes Sime Darby oil and gas assets

April 28, 2011

Dateline 2011-04-23:

Malaysia Marine and Heavy Engineering Bhd (MMHE) is believed to be looking at taking over some or all of the oil and gas assets of conglomerate Sime Darby Bhd , The Edge weekly newspaper reported on Saturday.

The report said MMHE, the heavy engineering unit of Malaysia’s state oil firm Petronas , has been evaluating the assets for the past several months but that the plan was still in the preliminary stage.

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From the Star – Govt to set up firm to promote oil and gas sector

April 22, 2011

Dateline 2011-04-13:

The Government will soon establish the Malaysia Petroleum Resource Corp (MPRC) to spur the development of the country’s oil and gas sector.

MPRC interim chief executive officer Dr Shahreen Madros said Prime Minister Datuk Seri Najib Tun Razak would announce details of the agency soon.

“We are looking at human capital requirement, marketing portion and how we can promote the industry further,” he told reporters.

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You can subscribe to an online version of the paper at the e-browse site.

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From Rueters – Esso Malaysia unaware of parent’s plan to sell stake

April 17, 2011

dateline 2011-04-04:

Esso Malaysia said on Monday it was not aware of any plan by its parent Exxonmobil International Holdings Inc’s to sell its 65 percent stake in the company to plantation and shipping firm Boustead Holdings Bhd and the country’s armed forces pension fund.

The Edge business weekly had reported over the weekend that Exxonmobil was looking to exit its Malaysian retail operations as margins were relatively low and it preferred to focus on exploration and production of oil.

…

 

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From The Daily Express – Special clinic to help venture into oil and gas

April 9, 2011

And why aren’t there any “special clinics” held anywhere else?

Dateline 2011-03-25:

The Malay Chamber of Commerce of Malaysia (MCCM) and Sabah Oil and Gas Contractors Association (SOGCA) together with Petronas organised a special clinic to assist its members to register with Petronas and obtain a Petronas licence, Thursday.

According to MCCM Sabah Chairman Datuk Awg Buhtamam Ag Mahmun, the special clinic is for Petronas and Samsung/Naim to register and assist local MCCM members in Sabah who are interested in entering the oil and gas industry in the State.

“This clinic is specially set up for members of the MMCC and SOGCA who are interested to be involved in this field.

“With the decision by Petronas to set up the Sabah Oil and Gas Terminal (SOGT) in Sabah, we see many opportunities for local Sabah contractors.

 

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From Free Malaysia Today – Oil royalty suit: Court allows federal govt to be intervener

April 7, 2011

Dateline 2011-03-22:

The High Court here today allowed the federal government’s application to be an intervener in the suit filed by the Kelantan government against Petroliam Nasional Bhd (Petronas) over oil royalty.

High Court Judge Zabariah Mohd Yusof made the decision upon hearing submissions from both parties in chambers.

Counsel Tommy Thomas is representing Kelantan government, Cecil Abraham and Rishwant Singh for Petronas, and senior federal counsel Azizah Nawawi, from the Attorney-General’s Chambers, for the government.

With this decision, the federal government is to be part of the suit as the second defendant.

In the suit filed on Aug 30, last year, the Kelantan government named Petronas as the sole defendant.

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