O&G index hit by coronavirus outbreak, lower oil prices

April 3, 2020

For the historical record. And I did not know there is a Bursa Malaysia Energy Index.

Dateline 2020-02-05, The Malaysian Reserve:

BURSA Malaysia Energy Index, which tracks oil and gas (O&G)-related 6stocks on the local exchange and is highly correlated to energy prices, is downtrending as oil prices trade between US$50 and US$55 (RM226.05) a barrel levels on expectations of lower global oil demand due to the coronavirus (nCoV) outbreak in China.

The index closed slightly lower, down 0.07% to 1,146.40 points. In the past five days, the index has been down 5.72% and 9.31% lower in the past 30 days.

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Federal Constitution empowers Sarawak to impose state sales tax, court told

April 2, 2020

Dateline 2020-02-04, FMT:

The Federal Constitution does not limit the powers of the Sarawak legislature on the type of goods to be subjected to state sales tax, Sarawak legal counsel JC Fong said today.

Submitting at the hearing of Petronas’ judicial review application against the state sales tax in the High Court here, Fong said Article 95B(3) did not restrict or limit the range of goods that may be subject to state sales tax.

“It is not for the judges who are not legislators to make the law or rewrite the constitutional provision,” he said.

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Hess, Petronas deliver first gas from North Malay Basin

April 1, 2020

Dateline 2020-02-04, Yahoo News:

Hess Malaysia said it and partner Petronas Carigali delivered first gas from Phase 2 of the North Malay Basin Integrated Gas Development Project on schedule.

Delivery of first gas expected to come onstream in April 2020.

Hess Malaysia is moving forward with Phase 3 of the North Malay Basin development, with first gas planned for the fourth quarter of 2021.

North Malay Basin, located off peninsular Malaysia in the Gulf of Thailand, holds more than 1.5 trillion cubic feet of natural gas and more than 20 million barrels of condensate, according to Hess Malaysia.

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Invest more on workforce, O&G players encouraged

March 31, 2020

Dateline 2020-02-04, Borneo Post:

The oil and gas (O&G) industry players should consider investing continuously into their workforce through training and retraining, in view of today’s challenging landscape.

In this regard, Minister of Transport Datuk Lee Kim Shin believes that the economic prospects in Miri as far as O&G is concerned are ‘looking brighter’, with tens of millions of ringgit worth of investments being injected into projects.

As such, he sees the need to revitalise the industry, where there is a high demand for workforce.

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Coronavirus affects oil demand, Opec+ viewing deeper cuts

March 30, 2020

Man, for the history books:

Dateline 2020-02-03, FMT:

Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by Opec and its allies offered some price support.

Brent crude was down 48 cents at US$56.14 a barrel by noon, having earlier lost more than US$1 to its lowest since January last year at US$55.42.

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Petronas claims Sarawak sales tax law ‘unconstitutional’

March 29, 2020

Haha haha ha. Are there positions in the legal team now?

Dateline 2020-02-03, FMT:

Petronas has claimed that some parts of the state Sales Tax Ordinance 1998 which require the national oil company to pay the 5% sales tax on petroleum products to Sarawak are “unconstitutional”.

Petronas lawyer Malik Imtiaz Sarwar.

Therefore, the notice of assessment issued by the Sarawak government to Petronas, seeking payment of the state sales tax on petroleum products, was also considered to be invalid, said Petronas lawyer Malik Imtiaz Sarwar.

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Bursa O&G counters decline as oil trades below US$60 amid coronavirus outbreak

March 28, 2020

For the historical record.

Dateline 2020-02-03, The Edge:

Bursa Malaysia-listed oil and gas (O&G) counters Sapura Energy Bhd and Bumi Armada Bhd declined about 4% each in mid-morning trades today as crude oil prices traded below US$60 a barrel as the coronavirus outbreak, which started in China, led to lower global oil demand concerns.

Reuters reported that oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus outbreak. It was reported that Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China.

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Sharifah: Only RM33 bln of RM660 bln in oil revenue mined by Petronas returned to Sarawak

March 27, 2020

Dateline 2020-02-02, The Sun:

Since national oil company Petronas began extracting oil and gas in Sarawak from 1976 to 2017, it had earned a total revenue of about RM660 billion, but only RM33 billion was returned to Sarawak, said Datuk Sharifah Hasidah Sayeed Aman Ghazali.

The state de facto law minister said if Sarawak were to have a hand in its own oil and gas resources since then, it would have been in a better economic position now to attain a high income economy and develop the state by the year 2030.

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Oil rebounds after WHO says no need for travel bans

March 26, 2020

For the history books:

Dateline 2020-01-31, FMT:

Oil jumped after the World Health Organization said there’s no need for travel and trade bans due to the coronavirus, but was still set for its worst month since May as the outbreak sapped the demand outlook.

The WHO declared a public health emergency of international concern, but said restrictions on commerce weren’t necessary and that it had confidence in China’s ability to control the virus.

However, that was undercut by the US government telling Americans not to travel to China.

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Two new standards to support national B20 biodiesel fuel programme

March 25, 2020

Dateline 2020-01-29, The Edge:

The Department of Standards Malaysia (Standards Malaysia) has developed two new Malaysian standards, namely MS123-4 High PME diesel fuel — Specification — Euro 2M and MS 123-5 High PME diesel fuel — Specification – Euro 5, in support of the national B20 biodiesel programme.

B20 is a blend of 20% palm methyl ester and 80% petroleum diesel.

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