July 23, 2022
Obvious open mic material.
Dateline 2022-05-23, NST:
Removing fuel subsidies for Malaysians and permanent residents with locally registered cars amid the soaring prices of goods and rising cost of living may backfire and cause higher inflation.
Federation of Malaysian Consumers Associations (Fomca) chief executive officer T. Saravanan said this was because suppliers and traders were extremely sensitive to fuel prices and would raise the price of goods whether or not they were affected by the subsidy removal.
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Posted by Wata
July 22, 2022
I repeat myself like a broken record: more carrot and stick for public transport.
Dateline 2022-05-21, Malay Mail:
The government is likely to introduce a targeted fuel mechanism to cushion the impact of the rising crude oil prices, especially for the lower-income group, said Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.
He said the government is still working on a suitable structure following the sharp jump in the fuel subsidy projection for 2022 to RM28 billion, compared to RM11 billion in 2021.
“We talked about the review in a special retreat recently.
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Posted by Wata
July 14, 2022
Dateline 2022-05-17, FMT:
It’s a slow news period, sue me.
Former prime minister Najib Razak has accused Dr Mahathir Mohamad of being hypocritical following the latter’s disagreement on bailing out Sapura Energy Bhd (SEB).
Yesterday, Mahathir was reported as saying that steps should be taken to trim losses incurred by the oil and gas services company, and that bailing out “failed people” was “not business”.
Taking to Facebook, Najib reminded Mahathir that when he was the prime minister under Pakatan Harapan, Permodalan Nasional Berhad (PNB), headed by then chairman Zeti Akhtar Aziz, had also “bailed out” SEB.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, Sapura Energy, Tun Mahathir | Permalink
Posted by Wata
July 11, 2022
Ah, the funny pages.
Dateline 2022-05-16, FMT:
Steps should be taken to trim losses incurred by Sapura Energy Bhd (SEB), Dr Mahathir Mohamad said today, disagreeing with calls for Putrajaya to bail out the oil and gas services company.
The former prime minister said bailing out “failed people” was “not business”, the New Straits Times reported.
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Leave a Comment » | investment, Malaysian election | Tagged: Sapura Energy, Tun Mahathir | Permalink
Posted by Wata
July 9, 2022
Man, I missed a good fight in May, shades of (no, not dirty white) Rumble in the Jungle.
Dateline 2022-05-15, FMT:
Former prime minister Najib Razak wants Pakatan Harapan (PH) to explain why it pumped RM2.7 billion into Sapura Energy Bhd (SEB) in 2019, despite knowing that its former CEO Shahril Shamsuddin was given a huge compensation the year before.
He was referring to the amount injected into the company by Perbadanan Nasional Bhd that made the GLC the largest shareholder in the oil and gas company.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, Perbadanan Nasional, Sapura Energy | Permalink
Posted by Wata
July 7, 2022
Wait, what? PETRONAS is proposing this? What about our fabrication yards?
Dateline 2022-05-14, FMT:
The government must look at the country’s financial performance before considering the proposal for Petroliam Nasional Bhd (Petronas) to take over Sapura Energy Bhd (Sapura Energy) to prevent the oil and gas company from going bankrupt.
Economic affairs minister Mustapa Mohamed said careful consideration must be taken as the oil and gas industry is a strategic industry and taking into account that Sapura Energy is the world’s second largest integrated oil and gas service provider.
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Posted by Wata
May 17, 2022
Dateline 2022-04-23, The Edge:
Sapura Energy Bhd is on the verge of bankruptcy, only three weeks shy of the 10-year anniversary of the mega-merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, which created SapuraKencana Petroleum Bhd back in mid-May 2012.
Its name was changed to the current one at end-March 2017.
From a merger valuation of RM11.85 billion, Sapura Energy’s market capitalisation swelled to RM28 billion in early 2014, following the acquisition of Seadrill’s rig business and Newfield’s Malaysian assets. At its peak, Sapura Energy was the world’s second largest integrated oil and gas service provider.
Leave a Comment » | investment, Malaysian election | Tagged: Kencana Petroleum, Sapura Energy, SapuraCrest, SapuraKencana | Permalink
Posted by Wata
May 10, 2022
Yes, Mr Incoming PM.
Dateline 2022-04-06, FMT:
KR vice-president Rafizi Ramli says he had disagreed with the Pakatan Harapan government’s decision to bail out Sapura Energy Bhd through the injection of funds from Permodalan Nasional Bhd (PNB) in 2019.
The former Pandan MP said he had no influence or position in the PH government but had spoken out against several decisions made by then prime minister Dr Mahathir Mohamad.
“I had disagreed with the decision by the Dr Mahathir Mohamad-led PH government to inject PNB funds to save Sapura,” he said in a statement today.
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Posted by Wata
May 9, 2022
Yeah, gomen, listen to your Glorious Leader. Maybe MOGEC or MOGSC should take over ownership. Or MTEM.
Dateline 2021-04-02, FMT:
Former prime minister Najib Razak insists that the government offer a loan guarantee to Sapura Energy Bhd in order to save its oil reserves from falling into foreign hands before its full potential can be realised.
He said the company’s subsidiary, Sapura OMV, owned oil and gas reserves of 264 million barrels with a gross value of RM110.8 billion.
If the subsidiary is put up for sale, as is being speculated, Sapura’s joint venture partner OMV of Austria, would likely be the first choice buyer as it already holds a 50% stake in Sapura OMV with the remaining 50% held by Sapura Energy.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: mogec, MOGSC, MTEM, Sapura | Permalink
Posted by Wata
April 28, 2022
And here’s what’s going to distract the masses for the next GE. And Sapura is a GLC? CLC, maybe.
Dateline 2022-03-22, FMT:
PKR vice-president Rafizi Ramli says that money used to bail out ailing oil and gas company Sapura Energy Bhd could be put to better use to serve the rakyat.
Rafizi was responding to a call by former prime minister Najib Razak to save Sapura from going bankrupt.
The government-linked company (GLC) announced a loss of RM8.9 billion last year, which Najib said was the largest for any Malaysian GLC in history.
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Leave a Comment » | Malaysia, Malaysian election | Tagged: Sapura | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 