Sabah BN MPs to bemoan RM2.4b oil hub deal

September 25, 2010

And the SOGT continues to be a grinding mill for complaints and accusations. Aren’t you glad you didn’t do the engineering?

From the Malaysian Insider, dateline 2010-09-22:

The RM2.4 billion job to build a fuel terminal in Kimanis has sparked widespread discontent in Kota Kinabalu, with the state’s Barisan Nasional (BN) MPs expected to publicly complain in Parliament next month about the contract given to a company linked to Sarawak Chief Minister Tan Sri Taib Mahmud’s family.

With little fanfare on September 1, Naim Holdings Bhd announced that Samsung-Naim JV, a joint venture between its subsidiary NCSB Engineering Sdn Bhd and Samsung Engineering Co Ltd, had won a contract worth US$766.39 million (RM2.40 billion) from Petronas Carigali Sdn Bhd to provide services for the Sabah Oil and Gas Terminal project (SOGT), one of the country’s largest infrastructure project.

…

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From the Borneo Post: Malaysian O&G companies need incentives to move up value chain

September 22, 2010

Taken from the Borneo Post, dateline 2010-09-17:

According to HwangDBS Vickers Research Sdn Bhd (HwangDBS Research), the local companies were keen to tap the potential of Malaysia’s deepwater projects.

However, the high capital investment outlay needed to acquire asset and technology deterred most from venturing aggressively.

Previous tax incentives given by the government to encourage transfer of technology through acquisition of high-technology companies were no longer in place and this could put off potential investment.

…

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From the Star – O&G firms seek better rapport with PETRONAS

September 21, 2010

Taken from The Star, dateline 2010-09-17:

PETALING JAYA: A key issue hampering the progress of the local oil and gas (O&G) industry hinges on better communication of Petroliam Nasional Bhd’s (Petronas) development plans with other players in the industry, according to analysts.

An analyst with HwangDBS Vickers Research said there was limited engagement between Petronas and local players and this impedes the growth of local O&G companies.

“We are of the view that active dialogue with Petronas would give local companies ample time and opportunity to carry out the necessary groundwork for future developments,” the analyst wrote in a report.

The analyst said top on a wish list by industry players was to have greater clarity and better communication of Petronas’ direction and development.

…

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Saturday Star 2010-09-18 – Job Opportunities

September 20, 2010

Support me by purchasing my recommendations, or buying through my Amazon store.

First off, if you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

  • RasGas is looking for field operators (onshore), shift supervisors, panel/senior operators. Walk-in on the 27th to 30th Sept 2010. The interviews will be held at AP recruitment offices. CVs to be submitted here. You can phone the local recruiters at +603 2078 1917/8. I believe RasGas is a JV, one of the partners being ExxonMobil.
  • I see that Qatar Petroleum is looking for people, and have a one page spread. You can visit  at AP‘s site for more information. Apply here.

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An Oil Rig’s Second, Scuba-Diving Life

September 19, 2010

An interesting combination of a hobby and work. Read about Seaventures.

From the Wall Street Journal, dateline 2010-09-18:

A onetime oil-drilling rig stands in crystal-clear waters dotted with tiny islands and their lush green hills. But most impressive is what’s underwater—an amazing array of coral reefs swarming with hundreds of species of multicolored tropical fish, sea turtles and other aquatic life. The rig has been converted to a hotel for snorkelers and especially for scuba divers.

…

“So far as we know, we’re the only ones in the world using an oil rig as a hotel and diving platform,” said Suzette Harris, the Singaporean owner. Her father-in-law, a regional Malaysian official, bought the rig in Singapore in 1988 (there, she said, “you can buy a used drilling platform just like you can buy a used boat.”). He had it towed into Borneo waters.

1 Comment | business opportunity, diving, Malaysia, oil and gas | Tagged: | Permalink
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From the FT – PETRONAS Chemicals’ IPO: so many unanswered questions

September 14, 2010

A commentary on PETRONAS Chemical’s listing by a Financial Times blog post, dateline 2010-10-09:

The publication of the draft prospectus for an initial public offering is rightly regarded as an important moment in the process. It tells investors that the sale really is going ahead. But sometimes it doesn’t tell them much more than that.

The draft prospectus for the IPO of Malaysia’s newly formed PETRONAS Chemicals Group is a case in point: large parts of the document filed with the Securities Commission of Malaysia consist of rows of black dots and notes on contingent uncertainties.

Add to that the lack of clarity about how much of the company PETRONAS is putting up for sale, and it’s not surprising that no analyst has yet felt able to produce a comprehensive analysis of the company’s financial prospects and potential market valuation. (If there’s one out there, please let us know; you can contact us as explained here.)

Uncertainties abound. The 22 companies that make up the group have no joint operational or financial history, except as subsidiaries of the main PETRONAS group, and the new Chemicals group management has not yet had a chance to run the unit as a single entity.

…

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From the Star – PETRONAS Chemicals to list at PE of 15 times

September 12, 2010

From the Star, dateline 2010-10-09:

PETALING JAYA: PETRONAS Chemicals Group Bhd is likely to list at a price earnings multiple of around 15 times earnings, similar to what analysts are expecting in the coming listing of Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), industry experts familiar with the exercise said.

The sources added that PETRONAS Chemicals would have a number of anchor investors, made up of both local and foreign institutions.

“As expected, the Employees Provident Fund will be wooed but so too will other funds, considering the size of the offering,” one banker said. Although no details have been revealed on the size of the offering, it has been reported that banking sources familiar with the company reckon it could be valued as much as US$2bil (RM6.2bil).

In a draft prospectus filed on Tuesday with the Securities Commission, PETRONAS said it had merged 22 chemicals companies to form the new group.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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Ethiopia denies rebels chased oil, gas firms away

September 11, 2010

Ah, so PETRONAS didn’t run away from Ethiopia because they were chased out by rebels?

From the Somaliland Press, dateline 2010-10-03,

Rebel claims that Malaysia’s PETRONAS has stopped oil and gas exploration in Ethiopia are lies and three more firms are in negotiations to start exploration in the country, said its mines minister.

Ogaden National Liberation Front (ONLF) separatists and local media said state-owned PETRONAS had pulled out of the Horn of Africa nation after a gas field it was exploring was overrun by the militants in May.

…

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From Business Times – PETRONAS sets Tapis oil at record high

September 10, 2010

And our contribution to the general rise of crude oil prices… not sure what a crack spread is, though.

From the BT, dateline 2010-09-08:

Petroliam Nasional Bhd, Malaysia’s state oil and gas company, increased a price-adjustment factor for its Tapis crude for this month’s shipments to a record.

The factor was raised by 40 cents, or 11 per cent, from August to US$4.10 a barrel for September, said an official at Petronas, as the Kuala Lumpur-based company is known, asking not to be identified because of corporate policy. Last year, the price factor averaged US$2.48.

The increase follows a recovery in margins for processing light crude such as Tapis into gasoil, or diesel. The product’s premium to Dubai crude, the Asian benchmark, was at US$11.38 a barrel today, up 42 per cent so far this year, according to brokers PVM Oil Associates. This crack spread is a measure of refining profit.

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Saturday Star 2010-09-04 – Job Opportunities

September 9, 2010

Support me by purchasing my recommendations, or buying through my Amazon store.

First off, if you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

  • Sabic has an advert. They are looking for a inspection & corrosion eng, rotating equipment eng, mech engineer (design), process eng, environment eng, project eng, SHE eng / industrial hygienist. You can apply via email here or here. Or key in your resumes online here. Login under candidate login and password at the website.
  • Wasco is looking for GM – Operations, PPSC Industries Sdn Bhd. You can apply via email here, or snail mail to Wasco Energy Group of Companies, Suite 19.01, Level 19, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 KL, Malaysia.

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