Malaysia’s Petronas warns on 2017 outlook despite swing to Q4 profit

April 27, 2017

Dateline 2017-03-14, Reuters:

Malaysia’s Petroliam Nasional Bhd warned on Tuesday of a cautious outlook for 2017, although sharp cutbacks in expenses by the state-run oil major allowed it to swing to a fourth-quarter profit from a loss in the year-ago period.

Petronas maintained what it called a “conservative” outlook for this year – despite also posting a higher profit for 2016 – saying it expects oil prices to remain uncertain and that it will continue to pursue lower costs.

Petronas, as the company is known, is relying on lower operating expenses, job cuts and project rollbacks to help it navigate through a low oil price environment.

Malaysia relies on its only Fortune 500 company for nearly a third of its oil and gas-related revenue. Petronas is one of the country’s largest employers with a workforce of over 50,000.


April 26, 2017

At the last AGM, thanks to you, myself and Ir. Abd Razak have been appointed to Council. We shall see how long we last before we are caught transfering funds to Bermuda.

Malaysia Petchem JV Search Continues After Saudis Join Hub

April 25, 2017

Dateline 2017-03-14, Bloomberg:

Petronas Chemicals Bhd., a unit of Malaysia’s state energy company, said it’s in talks with petrochemical firms from Asia and Europe to invest in a $27 billion oil refining and petrochemical project, sustaining hope the country can find a partner after at least three previous deals fell through.

Companies from Japan, South Korea, China, Taiwan and Italy have expressed interest in joining the Refinery and Petrochemicals Integrated Development, or RAPID, said Chief Executive Officer Sazali Hamzah, declining to identify them. Earlier plans by Petronas Chemicals’ parent, Petroliam Nasional Bhd., to develop petrochemical plants at the complex in the southern state of Johor with Evonik Industries AG, BASF SE and Kuokuang Petrochemical Technology Co. never materialized.


Saturday Star 2017-04-22 – Job Opportunities

April 24, 2017

Happy Pertabalan Week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). Where are those corporate sponsors? Or throw donations at me, my camera dive case flooded, and I need a new replacement. Heck, if you want to send me a Canon 5D Mk III plus dive case, I will not say no.

  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now. I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 3Q2017. Send me your POs.

Food choice of the week? The nostalgic food stall, near your parents home. McD Bangsar Baru does not count.

Seeing that Joe Dever has passed away, you may want to revisit his books:

Flight from the Dark (Lone Wolf, Book 1), Legends of Lone Wolf Omnibus 1, War of the Wizards (The World of Lone Wolf, Book 4)

Malaysia O&G services, equipment firms’ combined profit down 52% in FY15

April 23, 2017

Let’s see.. Yup, this is a optimistic reduction.

Dateline 2017-03-07, Astro Awani:

Malaysia Petroleum Resources Corp (MPRC) disclosed that overall profit for the Malaysian oil & gas services and equipment (OGSE) companies here slumped by more than half to 3.1 billion ringgit in financial year 2015. This is considering how badly the O&G sector was hit following the crude oil price crash.

Malaysia’s Petronas Swings to Profit Amid Higher Oil Prices

April 22, 2017

Dateline 2017-03-14, Bloomberg:

Petroliam Nasional Bhd., Malaysia’s state oil company, swung to a profit last quarter amid higher oil prices and as the company recorded lower impairment costs.

Net income was 9.42 billion ringgit ($2.1 billion) in the three months through December, from a loss of 4.69 billion ringgit a year ago, the company said Tuesday. Revenue fell 2.6 percent to 58.6 billion ringgit.

While cost-cutting helped improve performance and the global oil market is expected to rebalance, the outlook remains uncertain, Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters in Kuala Lumpur. “We are preparing ourselves for a very uncertain second half of this year.”


Malaysia risked transformation to reduce oil dependence, says Najib

April 21, 2017

Dateline 2017-03-06, The Star:

Deliberate efforts taken by the government under its Economic Transformation Programme (ETP) have reduced reliance on petroleum-related income to 14% today from up to 41% in 2009, says Prime Minister Datuk Seri Najib Tun Razak.

“Had we not made the transformation that we risked, we would have been suffering today from great difficulties because of the sharp and sudden decline in oil prices which would have affected the government’s revenues that depend on it to a large extent,” he said.

Najib, who is also Finance Minister, said this during a recent interview with Al Arabiya News Channel’s General Manager Turki Aldakhil.

He was asked about the recipe for success in achieving Malaysia’s experience as some countries have been describing Malaysia as a successful example of good governance and development.