September 19, 2017
So, do we get leaner, meaner expats than the current crop?
Dateline 2017-08-15, NST:
Malaysian state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as leaner and meaner for a medium-term period of relatively low oil prices.
Hurt by a slump in oil prices, Petroliam Nasional Berhad has cut its costs and its spending, deferring some projects in an effort to help profitability in a tough energy market.
Rather than having its operations “scattered all over the place,” CEO Datuk Wan Zulkiflee Wan Ariffin wants the company’s geographical profile to be concentrated, he said in an interview on Tuesday at the Petronas Towers, the world’s tallest twin towers.
“We must have geographical concentration to be more cost effective,” Wan Zulkiflee said.
For its upstream business, Petronas will focus on South East Asia and Canada, where it already has huge reserves, he said, adding that Mexico – where Petronas has recently picked up three blocks – will be another focus.
September 14, 2017
Sovereign wealth fund? Yeah, if that happens, can I ghostwrite “State + Business? Socialism Wins!”
Dateline 2017-08-10, Borneo Post:
The unprecedented step taken by the state administration to incorporate Petros, a Sarawak wholly-owned oil and gas company, as a vehicle to actively participate in the extraction and development of the state’s oil and gas is most welcomed by all Sarawakians, said Batu Lintang assemblyman See Chee How.
See, who is state PKR vice chairman, said Petros should be a sovereign wealth fund, which is a Sarawak-owned investment fund, answerable to the Sarawak Legislative Assembly to invest in, accumulate and manage the funds in the course of its exploration, management and development of all upstream and downstream petroleum-related projects in Sarawak.
September 12, 2017
MISC is still profitable? Wow. Keep an eye out for a spin off.
Dateline 2017-08-09, Nikkei Asian Review:
MISC, the shipping arm of Malaysia’s national oil company Petronas, said Wednesday its second-quarter net profit fell 58.7% on year, mainly due to write-down on assets, while revenue also declined.
Net profit for the three months ended Jun. 30 totalled 556.50 million ringgit ($129.78 million) compared with 1.35 billion ringgit a year ago, the company said in an exchange filing. Quarterly revenue was down 3.8% to 2.30 billion ringgit from 2.39 billion ringgit a year earlier.
Analysts said MISC’s latest set of results came in largely within expectation after stripping out the one-off impairment and other non-operating losses, although prospects of a sharp uptick in earnings remain bleak.
September 10, 2017
Dateline 2017-08-08, FMT:
Sabah DAP has urged the state government to acquire the “promised” 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) by the end of the year, saying “three years have been wasted with nothing achieved” on the delayed deal.
Sabah DAP secretary Chan Foong Hin said M3nergy, which was acquired by Sabah Development Bank Group Berhad, had changed its name to Sabah International Petroleum Sdn Bhd (SIP), which would be used as the vehicle to acquire the 10% share in PL9SB.
“SIP has not been generating any dividend for the state government as it is under a consolidating process now,” Chan told FMT in response to Chief Minister Musa Aman’s written answer to his question at the state legislative assembly sitting here today.
September 7, 2017
It’s the fumes, innit?
Dateline 2017-08-07, The Edge (no, not U2):
Last week, the Brent crude oil price rebounded to over US$50 (RM214) per barrel for the first time in two months, partly thanks to a drawdown in the US crude inventories, coupled with the threat of sanctions against Opec member Venezuela.
Interestingly, the news did not put a lid on the share price rally in Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd as higher crude prices mean more costly feedstocks for them.
Instead, the two stocks climbed further last week.
Petron’s shares surged to an all-time high of RM9.76 last Friday, while Hengyuan soared to a 42-month high of RM7.97. Both counters were in the top five gainers of Bursa Malaysia last Friday.
September 3, 2017
Consider this more of recording history, rather than relating news.
Dateline 2017-08-07, Nikkei Asian Review:
Petros, a petroleum exploration and production company owned by a Malaysian state government, has been officially formed, national news agency Bernama reported on Monday citing the state’s chief minister.
Petros was formed by the state of Sarawak to participate in the extraction of oil and gas in Sarawak “while still pursuing its request for a 20% royalty” from national oil company Petroliam Nasional, Bernama reported.
September 2, 2017
Interesting, nowhere near RAPID. Kuantan Boleh!
Dateline 2017-08-07, Reuters:
Hong Kong’s NewOcean Energy Holdings Limited said on Monday it planned to build a 5.1 billion ringgit ($1.2 billion) petroleum refinery complex on Malaysia’s east coast along with two partners.
NewOcean will partner Malaysia’s Kuantan Port Consortium Sdn Bhd and Malaysian east coast development body, the latter’s chief executive officer Jebasingam Issace John said.