Minister: Govt needs time to finalise targeted petrol subsidy

September 1, 2019

Dateline 2019-07-13, Malay Mail:

The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) has urged the public to give the government time to finalise the implementation mechanism of the targeted petrol subsidy for the lower income group or B40.

Its minister Datuk Seri Saifuddin Nasution Ismail said although the implementation date did not meet the set target of the second quarter of this year as announced in the 2019 Budget, he was optimistic that it could be implemented this year.


Malaysia seizes pipeline company’s RM1 bil funds, says report

August 30, 2019

Dateline 2019-07-13, FMT:

More than RM1 billion in a Malaysian bank account of a Chinese state-owned company is reported to have been transferred on government orders to a company owned by the finance ministry.

The Straits Times newspaper in Singapore described the seizure and transfer of funds by the Malaysian authorities as “an unprecedented move in Malaysian banking”.

It said global banking giant HSBC was told earlier this month to transfer the money, held in the Malaysian account of China Petroleum Pipeline Engineering Ltd, to Suria Strategic Resources Sdn Bhd, wholly owned by the finance ministry.


Ministry to hold meeting on targeted petrol subsidy

August 29, 2019

Dateline 2019-07-13, The Sun Daily:

The Ministry of Domestic Trade and Consumer Affairs will hold meetings with stakeholders and media agencies to convey information on the implementation of targeted petrol subsidy before it is introduced later this year.

Minister Datuk Seri Saifuddin Nasution Ismail (pix) said among the stakeholders were consumer associations, petrol station operators, oil companies and other agencies including Bank Negara Malaysia, Department of Statistics and Customs Department.

“The stakeholder engagement has been made and the session will be continued from time to time. We are very committed to delivering information to them.


Natural gas tariff to go up by 5.3% in 2H, says Gas Malaysia

August 27, 2019

Dateline 2019-07-12, The Edge:

Gas Malaysia Bhd will raise average natural gas base tariff for the non-power sector in Peninsular Malaysia to RM32.74 per million British thermal units (MMBtu) for the period of July 15 to Dec 31, 2019, from RM32.69 per MMBtu currently.

A surcharge of RM1.92/MMBtu will apply to all tariff categories under the gas cost pass-through (GCPT) mechanism, Gas Malaysia said in an exchange filing today.


Malaysia wants more solar investments

August 26, 2019

Dateline 2019-07-11, NST:

 The government is committed to fulfilling its promise in the Pakatan Harapan manifesto to raise Malaysia’s installed capacity of renewable energy from two per cent last year to 20 per cent by 2025.

“We are on track. Although some detractors say this renewable energy target in our country’s power mix may seem ambitious, I believe it is doable,” said Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin.

In making renewable energy financing more attractive, Yeo said the government had expanded the list of assets available for the Green Investment Tax Allowance from nine to 40 items.


Petronas explores renewable energy market

August 25, 2019

When will PETRONAS divest its hydrocarbon assets?

Dateline 2019-07-10, FMT:

Petroliam Nasional Bhd (Petronas) has taken steps to explore new growth areas beyond the conventional oil and gas sectors, says president and group CEO Wan Zulkiflee Wan Ariffin.

Wan Zulkiflee said against the backdrop of demand for more sustainable energy sources, Petronas is considering viable investments in renewable energy, namely in solar, wind and biomass projects on a commercial scale.

“To cater to the growing energy demand, the company has embarked on numerous energy investments anchored to its three-pronged strategy to develop an energy mix that effectively balances the energy trilemma of security, affordability and sustainability of energy supply,” he said at the World Economic Forum’s roundtable discussion on Malaysia’s energy landscape today.


Murphy Oil Corporation Announces Close of Malaysia Portfolio, Executes $300 Million Share Repurchase Program

August 24, 2019

Dateline 2019-07-10, Business Wire:

Murphy Oil Corporation (MUR) (“Murphy”) announced its subsidiary closed the sale to divest the fully issued share capital of the entities primarily conducting Murphy’s operations in Malaysia to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”). The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019. After closing adjustments, Murphy will receive proceeds of approximately US$2.035 billion, and expects to report a gain on the sale of approximately $1.0 billion. Murphy does not anticipate tax liabilities related to the transaction.

“We would like to congratulate PTTEP on the purchase of their new asset. As our talented and committed Malaysia team transitions to their new owner, I am confident they will diligently work to ensure continued success in the country. Also, I would like to thank our long-term partners PETRONAS, PETRONAS Carigali and Pertamina. They too have diligently worked to ensure our long-term success in the region,” stated Roger W. Jenkins, President and Chief Executive Officer.