Rafizi’s day in court will put Sapura Energy under scrutiny

August 8, 2022

Dateline 2022-06-05, FMT:

Former Sapura Energy Berhad CEO Shahril Shamsuddin, upset with remarks by Rafizi Ramli, has taken the former Pandan MP to court.

Rafizi had issued the statements because he disagreed with Najib Razak’s suggestion on March 21 that the government inject funds to save Sapura Energy.

He said he would defend his remarks about Shahril’s remuneration in court, adding that what he had said was to “protect public interest”.

PM Ismail Sabri: Oil and gas industry is backbone of Terengganu economy

August 5, 2022

Oo, looks like another 1MDB in the making, how do I get in at the ground floor?

Dateline 2022-06-04, Malay Mail:

Terengganu has undergone a rapid development transformation process with the implementation of various types of projects worth hundreds of millions of ringgit, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

He said the oil and gas industry, especially in Kerteh and Kemaman, was the backbone of the Terengganu economy, which not only attracted many foreign investors but also increased local employment opportunities.

Rising tide does not lift all boats in O&G sector

August 4, 2022

Yup, I and some of my fellow OGSE seem to have been set adrif, ala USS Indiapolis. At least the sharks just ate you, not toy with you.

Dateline 2022-06-03, The Edge:

Given the high crude oil prices at above US$90 per barrel, not all domestic oil and gas (O&G) companies made handsome profits in the first quarter of 2022 (1Q22), although an increasing number of analysts have turned optimistic on the sector’s prospects ahead.

A random check on 35 O&G-linked companies by The Edge revealed that 23 companies or 66% of them posted year-on-year growth while 22 or 63% posted quarter-on-quarter improvements. However, 12 companies or 34% were still loss making in the quarter.

Serba Dinamik receives writ of summons from Malaysian Trustees Bhd, confirming The Edge’s story

August 1, 2022

Can be retitled as ‘I told you so’.

Dateline 2022-05-26, The Edge:

Serba Dinamik Holdings Bhd said on Thursday (May 26) that it received a writ of summons from Malaysian Trustees Bhd on May 18.

The company was responding to a Bursa Malaysia query seeking clarification on The Edge’s story entitled: “Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers”.

In a filing with Bursa on Thursday, the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company.

Petronas: Decarbonising fossil fuel the way to go

July 27, 2022

Dateline 2022-05-26, The Edge:

OVER the years, there has been much debate on whether low-carbon solutions such as carbon capture technology are relevant in the light of renewable energy adoption and the energy transition.

The recent energy crunch, which saw oil and gas prices skyrocket amid high demand, and pushed some countries to even revisit coal for power generation, has proved that fossil fuel use cannot be avoided in the near term.

This means it is even more pertinent to explore technologies that allow carbon reduction and offset during the energy transition, says Petroliam Nasional Bhd (Petronas) vice-president and chief sustainability officer Charlotte Wolff-Bye.

Meet the farmer: Yit Tung

July 25, 2022

Someone played the exit from O&G card early. I still yearn for a vertical vanilla bean plant.

Dateline 2022-05-23, The Fish Site:

“Within three months of working in oil and gas I knew it was not a job that I could do for my whole career. But aquaculture – I can easily imagine doing this for 30 or 40 years,” he muses.

Tung moved into aquaculture in 2017, shortly after graduating from university, when – together with a few friends – he was looking to invest in a business.

“We bought an RAS from China and tried to use it to produce mud crabs. But the system didn’t work,” Tung recalls of his early efforts.

Azmin: Govt likely to introduce targeted fuel mechanism amid rising crude oil prices

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.

S’wak set to be first in Malaysia enforcing carbon emissions regulations

July 15, 2022

Dateline 2022-05-18, Borneo Post:

Sarawak will become the first state in Malaysia to have legislation that would see industries, including oil and gas, operating in the state needing to comply with international requirements when the proposed Land Code (Amendment) Bill, 2022 is passed, said Datuk Sharifah Hasidah Sayeed Aman Ghazali.

The Deputy Minister in the Premier of Sarawak’s Department (Law, MA63 and State-Federal Relations) said these international requirements include reducing carbon emission intensity under the United Nations Framework Convention on Climate Change (UNFCCC).

You said nothing about PH-era bailouts, Najib tells Dr M

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.

Singaporean cars can’t buy RON 95 fuel in Malaysia, but what about diesel, which is also subsidised?

July 13, 2022

For the love of Gentleminions, put subsidies into public transport, and other public utilities.

Dateline 2022-05-17, pualtan.org:

The reopening of the Malaysia-Singapore land border on April 1 saw no shortage of traffic heading into the country, and with it, plenty of reports of Singaporean motorists refuelling with RON 95 petrol at Malaysian fuel stations during the first week of the reopening.

This action is of course not allowed, as foreign-registered vehicles (including motorcycles) are prohibited from buying RON 95 – which is heavily subsidised by the Malaysian government – under a ban that has been in place since August 1, 2010.