July 24, 2012
Dateline 2012-07-03:
As Malaysia enters the developed world status, the country’s Prime Minister Najib Razak has said that the government must look at ending fuel subsidies in the near future.
The announcement has left some Malaysians worried that they could be forced to pay higher premiums even as minimum wages in the country remain somewhat stagnant.
“I have no problem losing the subsidies, but we also have look at increasing our wages to combat the extra money we’d be forced to pay,” transport driver Mohsen Saturk told Bikyamasr.com.
“We all want to keep moving forward, but the people can’t be lost in the process,” he added.
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Posted by Wata
July 22, 2012
Piggy bank is such a Malaysian unfriendly word. Porcine bank? Khindzir bank?
Dateline 2012-07-02:
State-owned oil company Petronas is tired of being Malaysia’s cash trough. Its growing pique at the government flared into public view here in early June at the World Gas Conference.
Chief executive Shamsul Azhar Abbas took to the stage and declared that the government’s policy of subsidizing fuel was plain wrong. A murmur ran through the crowd – his boss, Prime Minister Najib Razak, was sitting in the front row.
Moments later, Najib went to the podium himself to remind everybody that the subsidies – for which Petronas foots the bill – have “social-economic objectives.”
The subtext of that rejoinder: Malaysians pay among the lowest electricity rates and petrol-pump prices in Asia. While the government has vowed to “rationalize” that, it’s highly unlikely to happen before elections expected in a few months.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, Petronas, piggy bank, Shamsul Azhar Abbas | Permalink
Posted by Wata
July 21, 2012
Yes we can, right up to the next election at least.
Dateline 2012-07-02:
The country cannot rely on fuel subsidy-driven consumption to prop up the economy in the long run, said Prime Minister Datuk Seri Najib Tun Razak.
He acknowledged that Malaysia has one of the lowest pump prices in Southeast Asia – second only to Brunei Darussalam – but pointed out that the country needed to reposition its oil-based revenue towards economic development.
“If we use all our riches to provide fuel subsidies, that will increase consumption. If we increase consumption, we do not build productive assets for our country’s future and, one day, oil will be depleted, there will be less oil, the amount of oil production will go down and at that time we will face a grave situation.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, subsidy | Permalink
Posted by Wata
July 20, 2012
Ah… any comment I make is going to upset the left, right, conservatives, radicals and Jabba simultaneously. Who says I can’t create a lose-lose situation?
Dateline 2012-06-24:
Tun Dr Mahathir Mohamad has voiced his support for a proposal to set up a mega Islamic bank with Petronas and pension funds being used to underwrite some of the US$1 billion (RM3.2 billion) in start-up capital.
The influential former prime minister insisted last night there would be nothing wrong should the government decide to go ahead with Bank Negara Malaysia’s (BNM) proposal to use an injection from the cash-rich state oil firm as “Petronas money is government money.”
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Dr M, Dr Mahathir, Petronas, Tun Mahathir | Permalink
Posted by Wata
July 8, 2012
Dateline 2012-06-08:
Main Market-bound Gas Malaysia Bhd’s saw a 53.5% drop in its net profit for the first quarter ended March 31 to RM34.54mil from RM74.41mil a year earlier as a margin compression crimped earnings.
Its revenue increased 9.2% to RM506.58mil from RM464.06mil, said the company, which is scheduled for a listing on Monday.
In a statement to Bursa Malaysia, it said the rise in revenue in its natural gas and liquefied petroleum gas (LPG) segment RM506.6mil from RM464mil last year mainly due to the higher volume of gas sold and an upward revision in tariff effective June 1, 2011.
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Posted by Wata
July 7, 2012
Dateline 2012-06-08:
Petroliam Nasional Bhd (Petronas) expects the oil prices to decline on the back of economic uncertainty, said its chief operating officer and executive vice president (downstream business), Datuk Wan Zulkiflee Wan Ariffin.
“We’re not bullish in the coming quarters due to economic uncertainty and China as well as India are also starting to show weak growth,” he told reporters at the launch of its new oil and gas technology solutions here today.
The event was held on the last day of the 25th World Gas Conference.
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Posted by Wata
June 28, 2012
Dateline 2012-05-31:
Malaysia’s state oil firm Petroliam Nasional Bhd (Petronas) posted a 61.7 per cent increase in first-quarter profit today, saying the rise was mainly due to higher margins and the company’s sale of its stake in Centrica Plc.
The unlisted company said its net profit for the three-month period ended March 31, 2012 rose to RM20.7 billion (US$6.5 billion) from RM12.8 billion a year ago.
Revenue in the three months climbed 14.6 per cent to RM75.2 billion year on year.
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Read more: Petronas posts 61.7pc profit rise in Q1 http://www.btimes.com.my/Current_News/BTIMES/articles/20120531174059/Article/index_html#ixzz1xHb6SHrT
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Posted by Wata
June 23, 2012
This will be really old news once this gets out. Visit the Google links here:
Dateline 2012-05-19:
Gas Malaysia Bhd (Gas Malaysia) the sole licenced distributor of natural gas in Peninsular Malaysia launched its prospectus yesterday pursuant to its initial public offering (IPO) of 333.840 million offer shares, in conjunction with its listing on the Main Market of Bursa Malaysia Securities Bhd on June 11, 2012.
Gas Malaysia’s IPO comprises an offer for sale of 303.315 million offer shares to institutional and selected investors and Bumiputera institutional and selected investors approved by the Ministry of International Trade and Industry (Miti) at the institutional price which will be determined by way of book building.
The remaining 30.525 million offer shares will be offered to the general public in Malaysia, eligible directors and employees of Gas Malaysia at the indicative retail price of RM2.20 per offer share.
Read more: http://www.theborneopost.com/2012/05/19/gas-malaysia-launches-prospectus-aims-to-raise-rm734-45-million/#ixzz1xHXKEqkq
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Gas Malaysia, Petronas | Permalink
Posted by Wata
June 20, 2012
Dateline 2012-06-1701:
In order to develop the rich natural gas fields beneath the South China Sea, offshore Malaysia, Petronas proposed the Sabah Sarawak Gas Pipeline. However, construction of the project has by no means been a small feat, with construction contractor Punj Lloyd overcoming undulating mountains, dense rainforests, and unrelenting wet weather.
Petronas’ plans to develop the gas fields offshore Sabah involves construction of the proposed Sabah Oil and Gas Terminal (SOGT) at Kimanis, which is scheduled for completion in 2013. Once operational, the terminal will be able to receive, store, and export up to 300,000 bbl/d of crude oil, as well as receive, process, compress, and transport up to 1.25 Bcf/d of gas produced from the Gumusut/Kakap, Kinabalu Deep and East, Kebabangan, and Malikai fields.
The 512 km, 36 inch diameter Sabah Sarawak Gas Pipeline (SSGP) will transport 750 MMcf/d of gas from the SOGT to the Petronas LNG Complex at Bintulu, Sarawak. It is being constructed using API 5L X70 steel grade pipe, with a thickness range of 14, 17, and 20 mm, and will have a design pressure of 96 bar.
In 2008, Petronas awarded Punj Lloyd an engineering, procurement, construction, and commissioning contract for the SSGP, which includes:
- Cathodic protection
- A launcher station at Kimanis
- A compressor station at Bintulu
- Metering stations at both Kimanis and Bintulu
- Intermediate pigging stations at Lawas, Long Lama, and Bintulu
- 22 block valve stations
- Six future tap-off points along the pipeline.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Gas Pipeline, Sabah, Sarawak | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 