Petronas pays over 2bn ringgit in sales tax to Sarawak

October 21, 2020

If TSWZ stepped down due to “fighting demands”, what does that say of the current leadership?

Dateline 2020-09-18, Argus:

Malaysia’s state-owned Petronas has paid the country’s Sarawak state over 2bn ringgit ($480mn) in sales taxes on oil products for 2019, putting a dent in the oil firm’s coffers just weeks after it posted a 21bn ringgit loss for April-June.

“The payment represents Petronas’ full and final settlement for the sales tax for the year 2019 and is evidence of Petronas’ commitment towards achieving a commercial resolution,” the company said. “The payment for year 2020 will be made upon assessments by the Sarawak Comptroller of State Sales Tax.”

The move follows a long dispute that led to Petronas’ former chief executive Wan Zulkiflee Wan Ariffin stepping down after fighting demands by Sarawak, the country’s biggest oil-producing state, for additional tax payments.

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Sarawak to finally receive SST cheque from Petronas tomorrow

October 20, 2020

Apparently, they were still waiting.

Dateline 2020-09-16, Malay Mail:

Sarawak’s endeavour to reclaim its rights on its oil and gas resources will reach a milestone tomorrow with Petroliam Nasional Berhad (Petronas) finally handing over a cheque to the state government for the State Sales Tax (SST).

According to a media invite from the Chief Minister’s Office today, Chief Minister Datuk Patinggi Abang Johari Tun Openg will receive the cheque from Petronas at Wisma Bapa Malaysia here at 4pm.

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Sarawak to finally receive SST cheque from Petronas tomorrow

October 19, 2020

Will the check bounce?

Dateline 2020-09-16, Malay Mail:

Sarawak’s endeavour to reclaim its rights on its oil and gas resources will reach a milestone tomorrow with Petroliam Nasional Berhad (Petronas) finally handing over a cheque to the state government for the State Sales Tax (SST).

According to a media invite from the Chief Minister’s Office today, Chief Minister Datuk Patinggi Abang Johari Tun Openg will receive the cheque from Petronas at Wisma Bapa Malaysia here at 4pm.

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MOGEC Live Webinar: EPC 4.0: From concept to Digital Twin – the Unified Engineering approach

October 17, 2020

21 Oct 2020 | 10.00am – 11.30am MY Time | MS Teams

Register Here

Dear MOGEC members & friends,
Join this free webinar organised jointly with AVEVA.
The oil & gas and the construction industries lag other industrial sectors in performance and productivity. Low productivity growth, low degree of digitalization, low investment in R&D has disconnected the oil and gas industry from the positive evolution that other industries have experienced over the last ten to 20 years.
In this 1 hour session, AVEVA will be addressing the challenges faced on Oil & Gas capital projects today and how you can identify the right approach and drivers to transform your business into winning Contracting strategy lump sum and framework agreements, improve the productivity and profitability and upskill your business competitiveness to winning new projects. This session also includes an interactive 30-mins Q&A.

The webinar will cover:
• What is Digital Twin? And what does it mean for Owner Operators and EPCs?
• EPC 4.0 Strategy: Why is it important to move from Document-centric into Integrated and Data-centric for capital projects?
• How can the EPC 4.0 Unified Engineering approach can help save your Total Investment Cost by reducing man-hours, breaking down silos and improving multi-discipline collaboration between departments, reducing material costs and field labour cost?

Speaker – Suresh Nadasan

Suresh Nadasan has over 20 years’ experience in the industry. After graduating as an Electrical & Electronics Engineer from University Science Malaysia he joined GE as a field Instrument and Control Engineer and over 15 years progressed through to Sales Director for SEA. He is currently Regional Sales Director, AVEVA where has been for 5 years looking across the EPC and Owner Operators in the region, focused on Digital Transformation to help customers to unlock the potentials of their business by moving towards Digital Platforms.
He has helped key customers to realize the new business values via Digital Transformation /Digital Acceleration – Suresh has successful business stories with Petronas, TNB, Pertamina, Shell and Exxon Mobil… the key operators in the region and strong business relationships and success stories with major EPC and Engineering companies in the region… to name a few : Technip, Worley Parson, Aker Solutions, Sapura, Petrofac, RNZ, MMHE, MMC , PT Rekayasa, Tripatra, PT IKPT.

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Sarawak Petroleum Contractors Association plans talks with Petronas

October 17, 2020

What, as if they don’t get priority now?

Dateline 2020-09-14, Malay Mail:

The Sarawak Petroleum Contractors Association (Speca) is expected to start talks with Petroliam Nasional Bhd (Petronas) to give priority to oil and gas contractors from the state this November.

Its president, Datuk Rahman Lariwoo, today said this was because the association had received a letter from the Registrar of Societies (ROS) confirming that it had already approved the registration of SPECA.

“The letter is dated Aug 19, 2020, officially this organisation has been approved (its registration with ROS). After this we want to meet with the top management of Petronas to give us more opportunities (to get contracts),” he told a press conference at Wisma Bapa Malaysia, Petra Jaya, here.

He said the association would invite the top management of Petronas to Sarawak to attend the launching ceremony of the association in November.

“If they (Petronas top management) can’t come, we will go there (Kuala Lumpur) to meet and discuss with them,” he said.

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PDA 1974 should be rejected as revenue derived from O&G to S’wak is insufficient – Rayong

October 16, 2020

Dateline 2020-09-13, Borneo Post:

The Petroleum Development Act 1974 (PDA 1974) should be rejected as the revenue derived from oil and gas (O&G) resources to the state was considerably insufficient, said Parti Sarawak Bersatu (PSB) Youth chief Dr Johnical Rayong Ngipa.

“We assessed the annual sale value of oil and gas resources from Sarawak at normal time could reach at least RM70 billion, almost exceeding 30 per cent of the total annual operating revenue of Petroliam Nasional Berhad (Petronas),” said Rayong during a PSB seminar on Malaysia Agreement 1963, PDA 1974 and Native Customary Rights land at a restaurant in Crown Square here today.

Rayong pointed out the state only received about RM3 to RM3.5 billion in its five per cent annual royalty from oil and gas resources and another RM3 billion from the five per cent state sales tax imposed on petroleum products in 2019.

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Sarawak asst minister: Petronas expected to pay up over RM2b in SST by end of Sept

October 15, 2020

Did I miss the check handover ceremony, or soming?

Dateline 2020-09-13, Malay Mail:

Petroliam Nasional Bhd (Petronas) is expected to pay up over RM2 billion for the sales and services tax for the oil and gas to the State government by this month end, said Assistant Minister in the Chief Minister’s Department (Law, State-Federal Relations and Project Monitoring) Datuk Sharifah Hasidah Sayeed Aman Ghazali.

She said the payment should be done soon, after the computation of the process which includes the penalty and interest.

“The wait will not be much longer, by end of September we should be done. On the exact amount, I’m not sure as it is still being computed,” she told reporters at the Surau Darul Nur Dini upgrading works completion event at Kampung Sungai Midin today.

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PETRONAS launches liquefied natural gas virtual pipeline system

October 13, 2020

Dateline 2020-09-09, Hydrocarbons Technology:

Oil and gas firm Petroliam Nasional Berhad (PETRONAS) has launched its liquefied natural gas (LNG) virtual pipeline system (VPS) via its regasification terminal in Pengerang in the Malaysian state of Johor.

The project, which is the company’s latest customer-centric solution, aims at facilitating the growth of cleaner energy use across Peninsular Malaysia.

Developed by the Gas and New Energy business Gas & Power and marketed by Petronas Dagangan Berhad, the VPS solution delivers LNG using trucks equipped with cryogenic tanks to off-grid customers.

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Bakong gas field goes onstream offshore East Malaysia

October 12, 2020

Dateline 2020-09-03, Offshore:

 SapuraOMV Upstream says production is now stable from its Bakong gas field offshore Sarawak, which came onstream in June.

Bakong is part of the same SK408 production-sharing contract (PSC) as the company’s operated Larak gas field, which entered production started last December, and the Shell-operated Gorek field which came online this May.

Phase 1 of the SK408 development is now fully onstream. Under a long-term agreement with Petronas, the PSC partners are exporting the gas to the Petronas LNG complex in Bintulu, Sarawak.

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Posted by Wata

Do not cry, Petronas. It is just a cycle…

October 10, 2020

Mark this writer. He believes it just a cycle. I posit the cause of the hit are non-cyclic events. Perhaps he will have a different opinion if s/he is personally affected by The Cooties, not in a good way.

Dateline 2020-09-07, Malaysian Reserve:

IN 2014, the world’s oil market crashed, sending the industry into tatters. The oil price plunge of 2014 came after more than six years of above US$100 (about RM415) a barrel oil price average.

After the spike of oil price after 2008, producers were demonised to ride the high price, pumping more oil and gas (O&G) from the ground, leading to an oil glut before prices fell like a meteor shower. Brent oil prices plummeted from US$120 to US$28.55 a barrel in January 2016.

It is a great plunge considering that crude oil spiked to more than US$160 per barrel after 2008.

…

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