Highlight: PetGas 4Q profit jumps 33% y-o-y to RM394m

March 15, 2014

Does The Edge website purposely make it had to use the c-C and c-V commands?

Dateline 2014-02-10, The Edge:

Petronas Gas Bhd (PetGas)’s net profit jumped 33% year-on-year (y-o-y) to RM394 million in the fourth quarter ended Dec 31, 2013, from RM295 million in the fourth quarter of 2012.

Revenue also rose 13% y-o-y to RM1.028 billion, from RM909 million.

The company proposed a final dividend of 40 sen per ordinary share under a single tier system for the financial year ended Dec 31, 2013. This amounts to RM791 million.

In a statement to Bursa Malaysia, PetGas said the profit increase was in line with the increase in revenue. In addition, there was higher other income and share of profit from associate and joint ventures.

The firm also said its larger profit was due to lower tax expense resulting from a change in deferred tax estimates. This came on the back of a lower future statutory tax rate.

PetGas said its revenue increase was largely due to regasification revenue. This followed commencement of the LNG Regasification Terminal operations in the second quarter last year and higher gas transportation revenue.

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Vessel fire may delay Borneo project for Malaysia’s Petronas Chem

March 14, 2014

What vessel fire?

Dateline 2014-02-07, Reuters:

Malaysia’s Petronas Chemicals Group Bhd may face hiccups in its 4.5 billion ringgit ($1.35 billion) Sabah Ammonia and Urea (SAMUR) project after a vessel transporting equipment to the plant site caught fire.

The petrochemicals arm of Malaysia’s state oil firm Petronas said in a stock exchange filing on Friday that its wholly owned subsidiary Petronas Chemicals Fertiliser Sabah Sdn Bhd had been notified by its contractor of a fire aboard a vessel bound for the Borneo island.

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TH Heavy Engineering Lands Topside Deal for Kinabalu NAG Project off Sabah

March 13, 2014

THHE seems busy now. Permas, Layang and now Kinabalu NAG. Hold on, isn’t Kinabalu Talisman’s field?

Dateline 2014-02-06, Rigzone:

TH Heavy Engineering Berhad, a Malaysia-based engineering and marine contractor, revealed Wednesday that its subsidiary, THHE Fabricators Sdn. Bhd. (TFSB) has received a Letter of Award from Petronas Carigali Sdn Bhd (PCSB) Jan. 28 for the supply of a topside for the Kinabalu Non-Associated Gas (NAG) Development Project in Malaysia, the firm said in an announcement on local stock exchange Bursa Malaysia .

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Kampung Halaman 01

March 12, 2014

Come back and visit some time

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IEM Shout Out – Overview of Gas Turbine Overhaul in Power Plant

March 12, 2014

This is a shout out for the IEM. My Technical Division will be having a talk on 15th March 2014. It’ll be at 9 am (makan-makan at 8:30) at Wisma IEM.

A Gas turbine is an essential machine in power plants to drive generators for producing electricity. To maintain its efficiency and reliability, a planned overhaul is required. The overhaul is carried out in the plant in a specified duration involving specialists, manpower, material and equipment while maintaining high safety standard. Thus, this overview talk will explain the participants on the basic activities involved in gas turbine overhaul in a Power Plant. It will cover the preparation, execution, commissioning, and closing out of the overhaul including the gas turbine main components.

The above will be presented by Ir. Roznan, who has been working in the power plant industry for the past 9 years as Technical Support, Project Manager, Contract Management and Customer Service.

You can register for the event here, and get the flyer here.

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More electricity rate ‘shocks’ on horizon, ANZ warns

March 11, 2014

Where’s the portable nuclear reactor we were promised? Heck, have they selected the location of Malaysia’s first nuclear plant yet? I guess Bukit Merah, or next to Lynas.

Dateline 2014-02-03, The Malay Mail:

Malaysians consumers and firms still adjusting to the recent electricity tariff increase have been warned to expect more to come, with analysts at one of Australia’s biggest banks predicting ASEAN countries will hike power rates this year.

Pointing to steadily increasing prices for liquefied petroleum gas, the primary fuel source for power generation in Malaysia and many other ASEAN states, analysts at ANZ forecast that governments in the region will be under pressure to hike electricity rates further.
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Extract from “The Will to Compete”

March 9, 2014

About OPEC:

OPEC Head of States’ Algerian Declaration in 1974, stressed that OPEC member countries have the sovereign and inalienable right to the ownership, exploration and pricing of their natural resources…

Not less than five multinational oil companies were actively exploring for oil in Malaysia under the concession agreements.

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Visit here and buy books so I have some spending money. I expect you to buy the whole set of 4.

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Murphy, Petronas sanction Malaysia FLNG project, 2018 startup targeted

March 9, 2014

Dateline 2014-02-03, Platts:

A final investment decision for the floating LNG liquefaction project at the Rotan field in Malaysia has been reached, and it is on track to achieving first gas by 2018, US company Murphy Oil said Thursday during a presentation to discuss its 2013 financial results.

Murphy operates Block H offshore Sabah, where the gas will be sourced, while Malaysia’s state-owned Petronas will operate the 1.5 million mt/year FLNG facility.

On a call with analysts, Murphy CEO Roger Jenkins said the FLNG project “is now fully sanctioned by both parties and the oil-linked gas terms agreed. This is a major milestone for both companies.”

Petronas had said in June last year that it was aiming for FID by the end of 2013.

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Once ‘open’ Petronas now ‘closed’ to Borneo

March 8, 2014

Really? I thought that there was a pretty good clampdown in Sabah and Sarawak, with other Malaysians requiring a work permit to work there. I guess they should increase the cost of coffee to give these permits out to applicants from the Western Eleven?

Dateline 2014-01-28, FMT:

National oil and gas company, Petronas, which was once transparent and receptive to Sabah and Sarawakian employees underwent somekind of a  change in the 1990s, so much so that it reclused itself from Borneo, said opposition PKR.

Party vice-chairman See Chee How  said that in the past Petronas had been transparent about the number of Sarawakian workers it employed.

“But this openess diminished. There has been no disclosures in the last decade.

“Petronas was once conscientious and open with its employment of Sarawakians in the corporation’s operations in the state.

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Growing market for gas

March 7, 2014

The Star, dateline 2014-01-27:

It was recently reported that the Government is considering restricting the sale of RON 95 to only those in the lower-income bracket.

According to a report from market researcher Euromonitor International, fuel subsidies both help and hurt consumers. The report says that, on average, consumers in the richest 20% of the population get six times as much total benefit from fuel subsidies as do those in the poorest 20%

Over the last 10 years, crude oil prices has soared, affecting millions of Malaysians. Despite the constant increase, vehicle sales in Malaysia has never been better as fuel prices has always remained relatively low compared to our neighbours.

Last year, total vehicle sales hit an all-time high of more than 652,000 units, surpassing an initial forecast of 640,000 units by the Malaysian Automotive Association (MAA).

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