Targeted fuel, cooking oil subsidies in the works

August 16, 2022

Ah, debate date will track election dates:

Dateline 2022-06-07, FMT:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs. “The target is to ensure that those who need subsidies will get the subsidies,” economic affairs minister Mustapa Mohamed said in a Bloomberg TV interview today. “The sooner it is done, of course, (the sooner) it will relieve pressure on the government’s budget.” The finance ministry had said on Friday that anticipated subsidies are expected to push the government’s total spending in 2022 “significantly higher”, by about RM30 billion.

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Malaysian tax: Hibiscus takes action against Sabah government

August 15, 2022

Dateline 2022-06-08, Upstream Online:

Malaysian independent Hibiscus Petroleum said it has elected to stop paying the Sabah state government a tax levy that it previously paid “under protest”.

The state sales tax is levied by the Sabah government in relation to the sale of oil, produced from the Kinabalu oilfield, according to the terms of the Kinabalu oil production sharing contract, Hibiscus said.

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Malaysia Says Fuel, Cooking Oil Targeted Subsidies in the Works

August 10, 2022

Dateline 2022-06-07, Bloomberg:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs.

“The target is to ensure that those who need subsidies, will get the subsidies,” Economy Minister Mustapa Mohamed said in a Bloomberg TV interview Tuesday. “The sooner it is done, of course, it will relieve pressure on the government’s budget.”

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Malaysia’s Petronas sells rare atmospheric residue

August 9, 2022

From the article ‘rare’ is an adjective.

Dateline 2022-05-27, Argus:

Malaysian state-owned Petronas’ trading arm Petco has sold a rare atmospheric residue (AR) cargo for prompt-loading from Pengerang, as its refining and petrochemical joint venture with Saudi Arabia’s Saudi Aramco is in the process of restarting.

The 300,000 b/d Pengerang refinery and cracker complex, run by the PRefChem 50:50 joint venture between Petronas and Saudi Aramco, was shut after an explosion in March 2020, and restarts were delayed several times after. It possibly started feeding crude into its primary units in early-May, according to market participants.

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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”.

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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.

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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.

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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.

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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.

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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.

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