Fuel subsidy, costly as it is, will remain in Malaysia. However, it’s no secret that the government is looking at a more targeted approach to fuel subsidy, as opposed to the current blanket subsidised price, which is enjoyed by all Malaysians, whether rich or poor.
According to finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia’s rich are enjoying the bulk of government subsidies. He said that the T20 group, the top 20% earners, benefitted from more than half of the RM4 billion the government has spent on petroleum subsidies this year, till March, due to the blanket subsidy method.
Sarawak will engage seriously with Norway in an earnest effort towards the successful formation and management of its own sovereign wealth fund, Sarawak Premier Tan Sri Abang Johari Tun Openg said.
Given the widely acclaimed success of Norway’s sovereign wealth fund that had been managed with the highest standard of governance since its inception in 1996, it is a standard Sarawak needs to benchmark on, he pointed out.
Petronas Dagangan Bhd (PDB) and Petroleum Sarawak Bhd (PETROS) on Thursday (May 5) announced the completion of the business transfer and share subscription agreement for PETROSNiaga Sdn Bhd.
This conclusion marks the operationalisation of the partnership for the liquefied petroleum gas (LPG) business in Sarawak.
In a joint statement, the companies said that starting Thursday, all (green) Gas Petronas gas-filled cylinders are PETROS’ (red) as marketed by PETROSNiaga and all existing Petronas LPG dealers are now PETROS LPG dealers.
Oil company EnQuest has sent a notice of arbitration to the Malaysian offshore oilfields services firm Barakah Offshore Petroleum regarding a dispute in which an adjudication decision was made in January ordering EnQuest to pay around $17,1 million, plus interest to Barakah’s subsidiary PBJV.
Barakah Offshore’s subsidiary PBJV had in September 2021 filed an adjudication claim against EnQuest in Malaysia seeking around RM73,5 million plus interest for works done and/or services rendered for the Outstanding Sum up until the year 2020 under a letter of the award signed in July 2018, were PBJV was engaged by EnQuest as the contractor for the execution of the “Provision of Pan Malaysia Maintenance, Construction and Modification (“PM-MCM”) Contract.”
Malaysia is targeting start-up of its first carbon capture and storage (CCS) project in 2025 and the second such development – also offshore Sarawak – is touted for the following year.
For Petronas Carigali’s Kasawari phase 2 project – the nation’s maiden CCS development – the extracted and compressed carbon dioxide will flow some 135 kilometres via a pipeline to the M1 field where it will be injected into a depleted reservoir.
Malaysia’s state energy firm Petronas said it was offering 14 offshore exploration blocks, six clusters of discovered resource opportunities (DRO), and one cluster of late-life assets (LLA) in its annual bid exercise launched on Thursday.
The exploration blocks offered in the Malaysia Bid Round (MBR), aimed at attracting investors to undertake exploration activities, mostly contain existing oil or gas discoveries.
Those are located in prolific geological provinces within the Malay, Sabah and Sarawak basins, Petronas said in a statement.
For Ettol Kumpilon, the switch from growing rice to oil palm on his small family farm in Malaysia’s eastern state of Sabah has enabled him to renovate his home, send his eldest child to school and build up a healthy pot of savings.
But with climate change fuelling rising temperatures that are hurting his yields, the 40-year-old has joined an innovative scheme that aims to raise sustainability standards among all palm oil producers across the state on Borneo island.
Its goals are to protect wildlife and forests, tackle land disputes and worker abuses, improve harvests and open the door to premium-paying palm oil buyers from around the world.
Malaysia on Wednesday charged an official at Norway’s largest oil services provider Aker Solutions , accusing him of using false documents to secure a license renewal, according to the company and a court charge sheet.
Mohd Yusof Ab Rahman, 54, a manager at the Malaysian office of Aker Solutions, plead not guilty at a Kuala Lumpur court, a prosecutor told Reuters. He faces two years in jail, a fine, or both, if convicted.
The Petroleum (Safety Measures) (Amendment) Act 1993 (‘Amendment Act’) will come into operation on 2 February 2022 pursuant to Legislative Supplement B (P.U.(B)) 41/2022.
When the Amendment Act comes into operation, the Petroleum (Safety Measures) Act 1984 (‘Principal Act’) will be amended as follows:
Part V of the Principal Act (which provides for the transportation of petroleum by pipelines) will cease to apply to the supply of gas to consumers through pipelines under the Gas Supply Act 1993 (‘Gas Supply Act’); and Part VI of the Principal Act (which provides for the storage and handling of petroleum) will cease to apply to a licensee under the Gas Supply Act for the supply of gas to consumers through pipelines from the storage tank or cylinder specifically used for reticulation of gas to any apparatus in any premises.