December 21, 2014
Crap. Possible replacement of PETRONAS chief?
Dateline 2014-10-15, The Star:
PETALING JAYA: Slower project rollouts and delays in new tenders are expected to translate into a cut in earnings for local oil and gas (O&G) players over the next two years, according to research house AmResearch.
It said in a report yesterday that the impact would be more significant for domestic-centric upstream players, as opposed to more globalised operators such as Bumi Armada Bhd and SapuraKencana Petroleum Bhd or downstream service providers such as Dialog Group Bhd.
“We have downgraded our sector view to neutral from overweight given the slow rollout of domestic developments, downscaled projects, declining marine charter rates, increasing competition from overseas fabrication players due to the relaxation of local content requirements and deteriorating visibility of regional prospects, especially in Australia’s mega-billion gas field developments.
“Additionally, there are concerns that the possible replacement of Petronas president and chief executive officer Tan Sri Shamsul Abbas next year may lead to further temporary delays in contract awards,” AmResearch said.
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Posted by Wata
December 19, 2014
Dateline 2014-10-09, Oilprice.com:
Helped along by a stable, transparent, pro-business government, Malaysia has been quietly building itself into an oil and gas hub, and the world’s oil and gas companies — who increasingly see this country as a natural base for their broader Asian operations — have noticed.
With Singapore now the world’s most expensive city, Jakarta in constant gridlock and Bangkok the center of recurring coup activity, Kuala Lumpur is fast becoming the preferred central location for businesses looking to take advantage of the expected growth in South East Asia.
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November 2, 2014
Why now? Did Matrix not have access to the right pockets? Please note the words ‘blank cheque’.
Dateline 2014-08-15, Reuters:
Malaysia’s securities regulator rejected a $317 million initial public offering of Matrix Capacity Petroleum, IFR reported on Friday, citing a source familiar with the deal.
The deal would be the biggest in the country for a special purpose acquisition company (SPAC), also known as blank check IPOs because companies raise money through the stock market without a single asset on their books.
Matrix Capacity planned to launch the IPO in the second half of 2014 and use the funds to buy oil and gas assets, added IFR, a Thomson Reuters publication. Malaysia’s Securities Commission didn’t immediately return a request for comment on the decision, IFR said.
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Posted by Wata
October 31, 2014
Dateline 2014-08-15, Malay Mail:
Reach Energy Bhd, set up by veterans in Malaysia’s oil and gas industry, made its market debut in Kuala Lumpur today after completing the country’s largest-ever initial public offering by a special purpose acquisition company (SPAC).
The RM750 million (US$236.44 million) IPO exceeded the initial share sales by other local SPACs such as Sona Petroleum Bhd and Cliq Energy Bhd, which raised between US$100 million and US$150 million last year.
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Posted by Wata
October 24, 2014
I don’t see IGL’s name here… Dateline 2014-08-11, Oil & Gas Journal:
Malaysia’s state-owned Petronas has confirmed the award of 11 major contracts related to critical milestones in the development of its refinery and petrochemical integrated development (RAPID) complex at Pengerang in southeastern Johor, Malaysia (OGJ Online, May 13, 2011).
Five of the contracts are for engineering, procurement, construction, and commissioning (EPCC) for RAPID’s refinery and steam cracker component, Petronas said.
The EPCC contracts were awarded to:
- A consortium of CTCI Corp., Chiyoda Corp., Synerlitz (Malaysia) Sdn. Bhd., and MIE Industrial Sdn. Bhd. for the residue fluid catalytic cracking units, LPG treating unit, propylene recovery unit, and caustic neutralization units.
- Sinopec Engineering (Group) Co. Ltd. and Sinopec Engineering Group (Malaysia) Sdn. Bhd. for the crude distillation unit, atmospheric residue desulfurization units, and hydrogen collection and distribution units (OGJ Online, Aug. 7, 2014).
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Leave a Comment » | investment, Malaysia, oil and gas | Tagged: Chiyoda, CTCI, MIE, Pengerang, Petronas, RAPID, Sinopec, Synerlitz | Permalink
Posted by Wata
October 16, 2014
Dateline 2014-08-05, The Sun Daily:
Maybank IB Research has maintained its overweight call on the oil and gas (O&G) services sector following a roadshow in July when it had discussions with fund managers from Malaysia, Singapore and Hong Kong. “We remain overall positive on the O&G services sector. We like KNM for its direct exposure to Refinery And Petrochemical Integrated Development (Rapid). Securing Rapid projects would lift our earnings and target price by up to 50%. Getting the Peterborough waste-to-energy project off the ground in Q4 2014 could drive further interest and re-rate the stock further,” it said in its research note yesterday. For OSV exposure, its top picks are Perdana Petroleum and Ezion, while UMW OG and Yinson are its top picks for jack-up rigs and FPSOs respectively. Nam Cheong and Vard are its preferred stocks in shipbuilding while SILK and Coastal Contracts are interesting from the perspective of value and earnings growth potential. …
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October 9, 2014
Dateline 2014-07-24, Malaysia Chronicle:
Tan Sri Tajudin Ramli, the former boss of Technology Resources Industries Bhd, is believed to be making a corporate comeback possibly via a takeover of loss-making CN Asia Bhd.
It is learnt that the possible deal will see oil and gas-based CN Asia’s managing director Ho Cheng San disposing of his entire 40 per cent stake to Tajudin.
K&N Kenanga is said to be one of the advisers for the deal.
CN Asia’s second largest stakeholder is Charles Ross McKinnon, a former special economic adviser to Kumpulan Darul Ehsan president, the investment arm of the Selangor government.
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October 5, 2014
Can all the SPACs give me a direct line into insider trading opportunities?
Dateline 2014-07-24, Bloomberg Businessweek:
Malaysia’s Reach Energy Bhd. has attracted investors including Norway’s $890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields.
Norges Bank Investment Management, the world’s largest sovereign wealth fund, and Malaysia’s pilgrim fund will invest in the 750 million-ringgit ($237 million) IPO, Managing Director Shahul Hamid Mohd Ismail said in a July 21 interview. Norway’s wealth fund will own a substantial stake in the special-purpose acquisition company, he told reporters today.
Rising energy demand is spurring companies such as Reach Energy to buy and develop smaller oil and gas fields ignored by their larger international counterparts. Malaysia’s Sona Petroleum Bhd. (SONA), also a special-purpose acquisition company, finalized an agreement this week to buy a stake in two Thai oil and gas blocks of U.K.-based Salamander Energy Ltd. (SMDR)
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Posted by Wata
October 3, 2014
Dateline 2014-07-22, The Malaysian Reserve:
Sona Petroleum Bhd is a step closer to concluding its maiden oil and gas (O&G) asset acquisition before year end after signing the Sale and Purchase Agreement (SPA) with UK listed Salamander Energy plc and Salamander Energy (Bualuang) Ltd (SEBG) for the purchase of a share in a brownfield asset off Thailand.
The SPA in relation to the proposed acquisition of shares of SEBG would give Sona 40% effective interest in SEBG’s Thai O&G blocks of B8/38 and G4/50, at a cost of of US$281.2 million (RM893.09 million) to Sona with the additional US$1.2 million representing 66.67% of the agreed net working capital amount in SEBG as at Jan 1, 2014.
Sona will do the deal via its wholly owned unit Sona Exploration and Production (Thailand) Ltd.
The acquisition will be funded with US$141.2 million cash raised from initial public offering in July 2013, and a bridging loan of US$140 million from BNP Paribas and the RHB Banking Group.
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Posted by Wata
September 28, 2014
We’ve had doctors leading the rakyat, why not the fifth estate?
Dateline 2014-07-14, MSN News:
A veteran newsman has cautioned Putrajaya against interfering with Petronas following the oil major’s success in moving up the ranks of the Fortune 500 list.
Datuk A. Kadir Jasin (pic), the former New Straits Times group editor-in-chief, said he hoped that Petronas, which ranked 69 on the list, would continue to be successful without any interference from the government.
“Our hope is that Petronas will continue to be successful without damaging interference from the government while dividends paid out to Putrajaya (RM27 billion last year) would be put to good use without wastage and leakages,” he wrote in his blog today.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 