Can some trader tell me why this is important, and how it affects the rakyat? And interpret the ‘said’ as ‘CYA’.
Dateline 2012-04-19:
Petroliam Nasional Bhd., the Malaysian state oil company known as Petronas, sold a cargo of its Penara crude to Royal Dutch Shell Plc (RDSA) and a shipment of Labuan to Exxon Mobil Corp., said two traders who participate in the market, declining to be identified because the information is confidential.
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Malaysian election, oil and gas | Tagged: Exxon, Petronas, Shell | 
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Posted by Wata
Dateline 2012-04-12:
Malaysia’s huge fuel subsidy bill, estimated at RM20 billion last year, is overdue for an overhaul. While reforms are imminent, few expect any of it can happen until the general election (GE) is over.
An indication of how far off we are from real market prices is plainly seen at the pumps.
Last week, the price of the market-driven RON97 petrol blend was increased by 10 sen to RM2.90 a litre. The more widely-used RON95 blend and diesel selling prices were kept at RM1.90 a litre.
It was estimated that the cost of petrol is at least RM2.80 a litre based on the crude oil price of US$120 a barrel.
…
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Posted by Wata
Dateline 2012-04-09:
Deputy Prime Minister Muhyiddin Yassin today ridiculed Pakatan Rakyat’s plan to abolish the students’ loan scheme and offset it using the oil income, saying the idea would bankrupt the country’s oil company Petronas.
He called the idea mooted by Opposition Leader Anwar Ibrahim an irresponsible populist measure proposed without considering the repercussions.
Weak exports and domestic market makes oil Malaysia’s major income contributor. Muhyiddin claimed Petronas would have to spend as much as RM43 billion to offset the loans, something the country can’t afford.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Pakatan, Petronas, PTPTN | Permalink
Posted by Wata
Dateline 2012-04-08:
Datuk Seri Anwar Ibrahim has insisted that Malaysia’s oil revenue could cover shortages in the country’s education bill, dismissing Datuk Seri Najib Razak’s claim yesterday that abolishing a federal student loan scheme would cost taxpayers RM43 billion.
The opposition leader, speaking at a rally in Stadium Melawati here last night, also disputed the figure given by Najib and said his calculations were much lower.
The prime minister was reported as saying yesterday that Anwar’s proposal to abolish the National Higher Education Fund Corporation (PTPTN) loan scheme was not feasible as it would cost the government RM43 billion, thus incurring an additional tax burden on Malaysians.
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Posted by Wata
Dateline 2012-03-27:
The government’s subsidy burden for RON95 petrol rose by 10 sen per litre this month due to increasing global oil prices said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob today to the Star.
He said that the total subsidy per litre is now RM1.03. RON95’s pump price presently is RM1.90 per litre.
Ismail Sabri said the government does not want people to bear the burden.
Last December RON95 pump price was raised 5 sen.
Late last month, Prime Minister Datuk Seri Najib Razak assured Malaysians that RON95’s — which is used by most motorists — present price would be sustained regardless of global oil prices.
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: petrol price, subsidy | Permalink
Posted by Wata
Dateline 2012-03-25:
The Sabah-Sarawak Gas Pipeline (SSGP) project is now in its final phase with 85 per cent already completed
The massive multi-billion ringgit infrastructure project is expected to be ready by the first quarter of next year.
“We estimate the gas to start flowing by April next year if everything goes as planned,” SSGP senior project manager Shaiful Bahrin Hashim said during a media briefing at the SSGP Camp 5 in Long Bedian recently.
“The length of the pipeline is 94km in Sabah and 427km in Sarawak, and involves more than 3,000 workers, half of whom were recruited from local people.”
The other seven SSGP camps along the 521km route are Camp 1 Beaufort, Sabah; Camp 2, Lawas; Camp 3, Merarap; Camp 4, Limbang; Camp 6, Long Lapok; Camp 7, Niah; and Camp 8, Bintulu.
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2 Comments | business opportunity, engineering, Malaysia, Malaysian election, oil and gas | Tagged: pipeline | Permalink
Posted by Wata
Dateline 2012-04-07:
24 workers at the Petronas gas processing plant in Kertih were admitted to hospital with breathing difficulties caused by a gas leak on Thursday.
Around 300 workers were about to start maintenance work shortly after 8pm when they had to rush out of the plant after smelling the gas, believed to be ammonia.
Eight of the workers were sent to Dungun Hospital while 16 others received treatment at the Paka clinic.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: accident, ammonia, GPP, Petronas | Permalink
Posted by Wata
Dateline 2012-03-17:
Petronas Carigali Sdn Bhd’s (Petronas Carigali) agreement to buy natural gas from Natuna at a revised price of US$6 per million British thermal units (mmBtu) will expedite the process of raising domestic gas selling prices, which are heavily subsidised at present.
Theoretically, the adjusted Natuna price was 31 per cent higher than the price currently paid by the power segment (US$4.57 per mmBtu) but two per cent lower than industrial segment’s of US$6.12 per mmBtu, said Maybank Investment Bank Bhd (Maybank IB) in its report yesterday.
“While a hike in gas prices is inevitable, policymakers have yet to come out with a concise gas price blueprint,” it highlighted.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Natuna, PCSB, Petronas | Permalink
Posted by Wata
Dateline 2012-03-06:
Petroliam Nasional Bhd (Petronas) has proposed a pricing mechanism for natural gas once the regasification terminal in Melaka comes into operation in August.
“We have sat down with three [deputy ministers] a few weeks ago, and we proposed a review of the formula. It is now being brought to the Economic Council. So, we are waiting for that,” said president and CEO Datuk Shamsul Azhar Abbas at the national oil corporation’s financial results announcement yesterday.
The terminal will allow Petronas to import gas to make up for the current shortage. A pricing mechanism is necessary as currently Petronas’ supply of gas is heavily subsidised.
With the additional supply of imported gas, local prices will slowly rise to be on par with international market prices.…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Petronas, PGB | Permalink
Posted by Wata
And SOGCA wants 50% as well… And maybe Terengganu, Kelantan and Kedah want 50% too?
Dateline 2012-02-16:
The Sabah Oil and Gas Contractors Association (Sogca) wants Sabahans to look beyond the 5% oil royalty which the state is currently receiving from Petronas and instead seek at least half of every ringgit that is made from its oil and gas exports.
“We should not be asking for the royalty or the (oil) blocks… that’s secondary. We should be asking that for every ringgit taken from our oil revenue, at least 50 sen or 30 sen be given back to us, either directly or indirectly. That would be much fairer,” said Iskandar Malik, its president.
He also mocked local leaders for believing they had accomplished something important and triumphantly proclaiming to the media as though it was a coup whenever Petronas announced that it was giving some huge projects to Sabah.
Iskandar explained that this is because in one way or other, Petronas would still make its money out of Sabah people.
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1 Comment | business opportunity, Malaysia, Malaysian election | Tagged: SOGCA | Permalink
Posted by Wata
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Wata - Malaysian Oil and Gas Engineer 