Malaysia’s Petronas posts lower profit, warns of market volatility

April 14, 2020

Talk about mixed messages (c.f. yesterday’s post).

Dateline 2020-02-26, Reuters:

Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products.

Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968.12 million) from 14.3 billion ringgit in the same period a year earlier. Excluding impairment charges, profit totalled 9.2 billion ringgit.

Revenue at the firm, formally known as Petroliam Nasional Berhad, slipped 8% to 64 billion ringgit.

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Petronas seen posting strong Q4

April 13, 2020

Dateline 2020-02-25, NST:

Operational efficiency may help Petroliam Nasional Bhd post better results in the fourth quarter (Q4) ended December 31, 2019 but low oil and natural gas prices could yet jeopardise it, analysts said.

In the third quarter, Petronas’ net profit was slashed by half to RM7.42 billion against RM14.62 billion the year before, mainly due to oil price downturn and net impairment on assets.

However, it was partially offset by lower net product and production costs, as well as lower tax expenses.

Petronas is expected to release its Q4 results this week.

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Malaysia eyes B30 biodiesel for 2025

April 12, 2020

Dateline 2020-02-21, Just Auto:

Malaysia will implement a B30 biodiesel programme for its transport sector by 2025 or earlier, prime minister Mahathir Mohamad said at the launch of the country’s National Automotive Policy plan.The policy will include supporting measures such as the development of testing and research standards to facilitate the adoption of biodiesel with a 30% palm oil content, Mahathir said, according to Reuters.

Malaysia’s primary industries ministry had said earlier it planned to test a B30 programme in June.

Last January, the Thai government announced plans to establish E20 ‘gasohol’ as the main fuel for passenger vehicles in the second half of 2020, as it looked to reduce its dependence on imported fossil fuels.

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B20 biodiesel to be sold in 3,400 petrol stations by mid-2021

April 11, 2020

Dateline 2020-02-20, FMT:

The government will be rolling out its B20 biodiesel programme in stages to cover 3,400 petrol stations nationwide in a push towards greener energy and increasing palm oil production.

The primary industries ministry today said the B20 biodiesel programme is expected to be fully implemented by the middle of next year.

It will be held in collaboration with petroleum companies like Petronas, Shell, Petron, Chevron and BHP.

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Malaysia’s Kimanis crude exports to halve in April due to maintenance

April 10, 2020

Dateline 2020-02-19, Reuters:

New repair works scheduled by Royal Dutch Shell in its oilfields in Malaysia are likely to halve exports of Kimanis crude cargoes in April and squeeze supplies in Asia, two sources said on Wednesday.

Kimanis is Malaysia’s largest export grade and it is produced from the deepwater fields of Gumusut-Kakap and Malikai offshore Sabah, which are operated by Shell.

Maintenance at Malikai were planned for April, but the operator recently scheduled repair works at Gumusut-Kakap during the same period, one of the sources said.

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Petronas’ 2nd FLNG Sets Sail for Malaysian Offshore Field

April 9, 2020

Dateline 2020-02-18, OE:

Malaysian oil and gas giant Petronas has said that its second FLNG Unit, the PFLNG Dua, has set sail from South Korea, and is on its way to the Rotan gas field, offshore Malaysia.

The journey, which started from the Samsung Heavy Industries yard in Korea, will cover 1,840 nautical miles over a course of approximately two-weeks.

Once moored at the Rotan gas field at a water depth of 1,300 meters, the 393-meters long FLNG DUA will start its installation, hook-up, and commissioning.

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Case closed on 20% oil royalty

April 8, 2020

Dateline 2020-02-14, FMT:

At a dialogue session organised by the Malaysian French Chamber of Commerce and Industry, Prime Minister Dr Mahathir Mohamd played down the state-federal tussle over the 20% oil royalty. The increase was promised to Sabah and Sarawak by the Pakatan Harapan government (PH) if it came to power.

After a long period of procrastination, it is clear and transparent that the PH government has no intention of keeping its promise. The hope for more oil royalty for development funds has now been marked down as another election promise meant to be broken.

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Sarawak gas deal expected to boost downstream activities

April 7, 2020

Dateline 2020-02-14, Malaysian Reserve:

THE recent natural gas deal between Petroliam Nasional Bhd (Petronas) and state-owned Petroleum Sarawak Bhd (Petros) is expected to provide a boost to Sarawak’s downstream operations.

The handover of authority over the supply, sales and distribution of natural gas in Sarawak to Petros effective Jan 1 this year has given the fuel-rich state room to manage its resources — which account for 54% of total national gas reserves and 29% of national oil reserves.

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Petros takes over control of Sarawak gas from Petronas

April 6, 2020

Dateline 2020-02-12, FMT:

Sarawak now has full control and authority over the supply, sales and distribution of natural gas within the state following an agreement signed between state-owned Petroleum Sarawak Berhad (Petros) and Petronas today.

Deputy Chief Minister Awang Tengah Ali Hassan is hopeful that the state would now be able to attract more investors, adding that in the past, Sarawak had missed many investment opportunities due to insufficient gas supply.

He said as a result, the state government was previously left with no choice but to “beg” from Petronas and even wrote to the prime minister for more gas supply.

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CM optimistic O&G industry in Sarawak will thrive, help boost economy

April 4, 2020

Kejap, JX Nippon recent set up an office in Miri?

Dateline 2020-02-04, Borneo Post:

Chief Minister Datuk Patinggi Abang Johari Tun Openg is optimistic that the oil and gas (O&G) industry in the state, particularly Miri as the O&G hub, will thrive and help boost the state’s economy.

In referring to the setting up of a new office by a Japanese company JX Nippon Oil and Gas Exploration (Malaysia) in Miri recently, Abang Johari said that it is a good sign as it shows that the oil and gas industry players are slowly coming back to Miri.

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