Legality of Sarawak’s petroleum sales tax hinges on MA63

January 28, 2020

Dateline 2019-11-28, Malaysian Reserve:

THE court will decide the legitimacy of the imposition of the sales tax by Sarawak on petroleum products based on the Constitution and what is provided under the agreement when the East Malaysia state joined Malaysia 56 years ago.

The state, which is rich with petroleum resources, imposed a 5% sales tax on petroleum products – crude oil, natural gas, liquefied natural gas, chemical-based fertilisers and gas-to-liquid products — sourced from the state early this year.

Petroliam Nasional Bhd (Petronas) has not paid the additional sales taxes for its oil and gas (O&G) exploration activities in the state.

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Deputy minister: RON95 petrol price to creep up weekly next year

January 27, 2020

Historical / hysterical note.

Dateline 2019-11-28, Malay Mail:

The government will raise the price ceiling on RON95 petrol by one or two sen a week until it reaches the market rate, Domestic Trade and Consumer Affairs Minister Chong Chien Jen said in Parliament yesterday.

He said this was in conjunction with the move towards the petrol subsidy programme (PSP) but would not affect Sarawak as the scheme will not be introduced there.

RON95 is currently capped at RM2.08/L.

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Energy outlook challenging amid slowing economy, geopolitical tensions: Petronas

January 26, 2020

Dateline 2019-11-27, S&P:

The outlook for the energy sector remains challenging, with a slowing global economy and ongoing geopolitical tensions resulting in demand disruption and lower prices, Malaysia’s state-owned oil and gas company Petronas said in its third quarter results Tuesday.

Petronas posted a 3% year-on-year drop in revenue to Malaysian ringgit 176.2 billion ($42.2 billion) for January-September amid challenging market conditions and sustained pressure on commodity prices and margins.

Reduced sales of crude oil and condensates were partly offset by higher LNG and petroleum products sales, while lower prices were partly counterbalanced by the effect of the weakening Ringgit against the US dollar, the company said.

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IGL Coatings Invited to Petronas FutureTech Preview, Demo Day

January 25, 2020

Please confuse them with us.

Dateline 2019-11-28, Coatings World:

IGL Coatings was invited to attend the preview & demo day of the PETRONAS FutureTech Accelerator 2019.

During the 2 days event, IGL Coatings will be promoting the eco-friendly brand to hundreds of Petronas & 500 Startups personnel aside from the public attendees.

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Petronas confirms Sarawak’s lawsuit against it

January 24, 2020

Dateline 2019-11-25, Bernama:

Petroliam Nasional Bhd (Petronas) today confirmed that the Sarawak government and the comptroller of state sales tax have filed a lawsuit against it over the alleged failure to pay sales tax to the state.

“Petronas confirms that the comptroller of state sales tax of Sarawak and the Sarawak state government have filed an action against Petronas before the High Court of Kuching on Nov 21, 2019, for non-payment of the Sarawak sales tax on petroleum products,” the national oil company said in a statement.

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Malaysia’s Petronas flags weaker demand as quarterly profit halves

January 23, 2020

But, still laying golden eggs, yes?

Dateline 2019-11-26, Reuters:

Malaysia’s state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.

Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year before.

Net impairment charges totalled 2.6 billion ringgit, while revenue fell 14% to 55.1 billion ringgit, hurt by lower prices and reduced sales volume for crude oil and condensates.

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Malaysian Government Cancels Plan For Nuclear Power Plant Construction

January 22, 2020

Recently?

Dateline 2019-11-22, Lowyat.net:

Over the years, it was planned for Malaysia to have its own nuclear power plant to cope with our country’s high energy consumption. Recently, the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) has decided not to pursue nuclear energy in Malaysia.

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CORRECTED-UPDATE 1-Petronas sees commercial production this year at southern Malaysia refinery

January 20, 2020

Dateline 2019-11-21, Reuters:

State oil company Petronas said its massive refinery and petrochemicals complex in southern Malaysia, a $27-billion joint venture with Saudi Aramco, will start commercial operations as planned by the end of the year, dismissing a report of a delay.

The refinery’s atmospheric residue desulphurisation (ARDS) unit, hit by a fire in April, will begin operation by mid-2020, Petronas said in an email late on Wednesday.

“Petronas would like to clarify that its Pengerang Integrated Complex is in the middle of start-up activities and expected, as planned, to be in commercial operations by end of 2019,” it told Reuters.

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Malaysian state takes court action against Petronas to recoup tax – Bernama

January 19, 2020

Dateline 2019-11-21, Reuters:

Malaysia’s state of Sarawak filed a writ summons and statement of claim against national energy firm Petroliam Nasional Bhd on Thursday to recover taxes owed, according to media reports.

National news agency Bernama reported that the company, better known as Petronas, was said to be the only oil and gas company operating in the state that had not paid the 5% state sales tax imposed at the start of this year.

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PetGas Q3 net profit slips 14pc to RM432m

January 18, 2020

Dateline 2019-11-19, NST:

Petronas Gas Bhd’s net profit for the third quarter (Q3) decreased 13.64 per cent to RM431.59 million from RM499.81 million recorded in the same quarter a year ago, due to lower revenue and higher repair and maintenance costs.

Revenue for the quarter ended September 30, 2019 was lower at RM1.338 billion as compared with RM1.402 billion previously. It announced an interim dividend for the third quarter of 18 sen per share.

“We are focusing our effort to become the solutions partner to our customers while sustaining good operational performance at all of our assets. The Turnaround activities are to ensure assets integrity, while rejuvenation will extend the assets’ useful life for another 20 years,” PetGas managing director and chief executive officer Kamal Bahrin Ahmad said in a statement today.

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