Malaysian state takes court action against Petronas to recoup tax – Bernama

January 19, 2020

Dateline 2019-11-21, Reuters:

Malaysia’s state of Sarawak filed a writ summons and statement of claim against national energy firm Petroliam Nasional Bhd on Thursday to recover taxes owed, according to media reports.

National news agency Bernama reported that the company, better known as Petronas, was said to be the only oil and gas company operating in the state that had not paid the 5% state sales tax imposed at the start of this year.

PetGas Q3 net profit slips 14pc to RM432m

January 18, 2020

Dateline 2019-11-19, NST:

Petronas Gas Bhd’s net profit for the third quarter (Q3) decreased 13.64 per cent to RM431.59 million from RM499.81 million recorded in the same quarter a year ago, due to lower revenue and higher repair and maintenance costs.

Revenue for the quarter ended September 30, 2019 was lower at RM1.338 billion as compared with RM1.402 billion previously. It announced an interim dividend for the third quarter of 18 sen per share.

“We are focusing our effort to become the solutions partner to our customers while sustaining good operational performance at all of our assets. The Turnaround activities are to ensure assets integrity, while rejuvenation will extend the assets’ useful life for another 20 years,” PetGas managing director and chief executive officer Kamal Bahrin Ahmad said in a statement today.

Malaysia’s govt tussles with Kelantan over oil royalty payments, offshore boundary

January 17, 2020

Dateline 2019-11-19, NST:

Malaysia’s Pakatan Harapan (PH) government and Kelantan state are in a tussle over some RM1 billion (S$330 million) a year demanded by the east coast state, in a tug of war over “oil royalties” that may well decide the political future of the east coast state.

Parti Islam SeMalaysia (PAS), a federal opposition party that has controlled Kelantan for 29 years wants the funds from Prime Minister Mahathir Mohamad’s government, as promised in PH’s election manifesto.

Petronas says still negotiating with Sarawak, Putrajaya over petroleum tax payment

January 16, 2020

Dateline 2019-11-15, Malay Mail:

Petroliam Nasional Bhd (Petronas) is still negotiating with Sarawak government with regard to payment of the five per cent petroleum products sales tax that it owes to the state, said its chairman Datuk Ahmad Nizam Salleh.

He said the negotiations also involved the federal government.


January 15, 2020

Dateline 2019-11-19, Malaysia Chronicle:

MALAYSIA’S only company in the Fortune 500 list has sometimes been touted as a listing candidate for the government – if it needs to raise funds. However, the listing exercise of Saudi Aramco – the national oil and gas arm of Saudi Arabia – underlines why a listing of Petronas is not a good idea and will probably not yield the desired results.

The prospectus of the much-awaited listing of Saudi Aramco was released last Saturday. The 658-page report had a lot of details on the workings of Saudi Aramco, its reserves and the reserves of the kingdom, the plans going forward, profitability, prospects and risks.

The company devoted more than 10 pages to the various risks it faces for its operations. It ranged from regional political conflict to demanding market conditions and constraints of it being a company that is owned by the government and being asked to undertake works outside its core business.

Gas Malaysia Q3 net profit up on higher natural gas volume, tariff

January 14, 2020

Dateline 2019-11-14, Malay Mail:

Gas Malaysia Bhd’s net profit rose to RM46.48 million in the third quarter ended Sept 30, 2019 (Q3) from RM41.42 million recorded in the same quarter last year.

Revenue surged 12.8 per cent to RM1.76 billion from RM1.56 billion previously on the back of higher volume of natural gas sold and higher natural gas tariff, the group said in a filing to Bursa Malaysia today.

Petronas awards 60% of contracts to local vendors

January 13, 2020

I would be interested in a more statistical analysis. Namely, what is the definition of ‘local’ vendors, how many of these vendors are linked to international companies, the value to ‘pure’ local companies (my definition), median, min, max of value, statistical deviation, how many ex-operating company C-suite influencers in these companies. MPRC should be able to help give The Gov more data.

Dateline 2019-11-14, Malaysian Reserve:

PETROLIAM Nasional Bhd (Petronas) has awarded 60% of its total contracts this year to local companies, a main contributor to the country’s oil and gas (O&G) growth.

Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said the state-owned oil company had prioritised local companies, except for specific and technical areas such as proprietary system and digital technology.

He said Petronas alone accounts for about 75% of the sector’s activities in Malaysia.