2020 Budget: RM2.2 billion for targeted fuel subsidy scheme

December 15, 2019

Dateline 2019-10-11, NST:

The government will allocate RM2.2 billion for the proposed Fuel Subsidy Programme (PSP), which is set to benefit more than eight million motorists nationwide.

Motorists in Sabah and Sarawak, meanwhile, will continue to enjoy a fuel price ceiling of RM2.08 per litre for RON95 and RM2.18 per litre for diesel, said Finance Minister Lim Guan Eng in his 2020 Budget speech today.

“Should the Sabah or Sarawak governments wish to participate in the PSP, the federal government is ready to accept the request.

“Individuals who own no more than two cars and two motorcycles are eligible to receive PSP for (only) one vehicle. All luxury vehicles will not qualify to receive the targeted subsidies,” he said.

He said the PSP will be launched in Peninsular Malaysia in January next year, with two eligible recipient categories.

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2020 Budget opens up new investment opportunities, says JPDC

December 14, 2019

Dateline 2019-10-12, Malay Mail:

The 2020 Budget tabled by Finance Minister Lim Guan Eng yesterday will present a new economic direction for Malaysia, providing catalysts for the country to compete in the global stage, said Johor Petroleum Development Corporation Berhad (JPDC).

According to its chief executive Mohd Yazid Ja’afar, the budget also provides equal economic opportunities to all its citizens, ensuring the existence of physical infrastructure and facilitating a system to support economic growth.

The focus on the development of the digital economy and the provision of highly skilled workforce, particularly in the technical and technology-related areas will also be a factor in attracting foreign investment, and opening up many opportunities for new industries to be based in Malaysia, he said.

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No discrimination over Kelantan petroleum royalty issue, says Husam

December 13, 2019

Dateline 2019-10-12, Malay Mail,

The federal government does not discriminate against the Kelantan state government over the payment of petroleum royalty, state Pakatan Harapan chairman Senator Datuk Husam Musa said.

He said the Kelantan state government needed to scrutinise the reason why the federal government had not paid the petroleum royalty to the state when the full payment had been made to Terengganu.

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No fuel subsidies for East Malaysia as consumption is lower than in peninsula: Saifuddin

December 12, 2019

Don’t know about you, but that is a lousy excuse no matter which side of the pagar you are on.

Dateline 2019-10-08, The Sun:

Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail (pix) says vehicle owners in East Malaysia will not receive petrol subsidies as consumption in Sabah and Sarawak is relatively lower than in the peninsula.

However, he said the price of RON95 petrol in the two states will be capped at RM2.08 per litre.

He also reiterated that the subsidy programme is meant to benefit those in the lower income group.

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IOGP JIP33

December 11, 2019

The International Association of Oil & Gas Producers (IOGP) joint industry project (JIP33) on Standardization of Equipment Specifications for Procurement had a Industry Day on 18th November, 2019. I was one of those invited to attend.

My notes and photos (contributed by others) can be  accessed here. If you have your notes, you can comment on mine. The actual presentation slides are here.

The docs are available at https://www.iogp-jip33.org/ (subscription required),

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MGA welcomes industry’s first third-party LNG cargo

December 10, 2019

Dateline 2019-10-10, Hellenic Shipping News:

The Malaysian Gas Association (MGA), the nation’s lead advocate for the local gas industry, welcomed the delivery of the first third party liquefied natural gas (LNG) cargo, a testament that the natural gas market reforms in Malaysia remain on track to ensure sustainability of the industry.

The regasification terminal at Sungai Udang in Melaka received the cargo on October 7, – the first since the Third Party Access (TPA) came into force, said MGA in a statement today.

It said the first third party LNG cargo proved that Malaysia is on course to a transition towards a vibrant and sustainable gas market.

“Efforts must also be focused on increasing demand for gas within the country. Higher demand will create more opportunities for third party to enter the market and spur investment to develop upstream indigenous gas that will further strengthen the long-term security of supply.

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Exxon ropes in BAML to run sale of Malaysian oil and gas assets

December 9, 2019

Dateline 2019-10-10, Deal Street Asia:

Exxon Mobil Corp has appointed Bank of America Merrill Lynch to run the sale of its Malaysian oil and gas assets as the U.S. firm accelerates a vast disposal program, banking and industry sources said.

The Malaysian assets, which include stakes in two large fields, are expected to fetch up to $3 billion, the sources said.

Exxon is exploring a sale of its Malaysian oil-and-gas producing assets, among a number of other properties worldwide, confirmed spokeswoman Julie King.

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Sarawak cannot impose sales tax on petroleum products, says expert

December 8, 2019

Dateline 2019-10-08, FMT:

 The Sarawak government’s move to impose sales tax on petroleum products may hit a snag as the state can only impose the tax on items under the state list of the Federal Constitution.

Constitutional law expert Shad Saleem Faruqi said petroleum products are stated in the federal list under the Ninth Schedule of the constitution.

This follows a dispute between Petronas and Sarawak on the state’s rights to impose sales tax on petroleum products under Article 95B(3) of the Federal Constitution and Sales Tax Ordinance 1998.

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Exxon considering Malaysian offshore asset sale

December 7, 2019

Dateline 2019-10-09, World Oil:

Exxon Mobil is considering a sale of its offshore Malaysia upstream assets as part of U.S. energy giant’s divestiture program, according to people with knowledge of the matter.

The company is working with an adviser on the potential sale of the Malaysian assets, which could raise about $2 billion to $3 billion, the people said, asking not to be identified because the matter is private.

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Government announces new fuel subsidy; here’s how it works & who would benefit

December 6, 2019

Dateline 2019-10-08, The Rakyat Post:

The new petrol subsidy mechanism outlined by the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) will gradually float the price of RON95 petrol in Peninsular Malaysia.
This means that the retail price for RON95 will be set by the cabinet based on global market prices.
For those living in Borneo, the price of RON95 will still be capped at RM2.08 per litre.
So who exactly benefits?
Under the new petrol subsidy mechanism, ONLY vehicle owners on Bantuan Sara Hidup (BHS) will be able to access subsidised petrol
Recipient’s household income must not be more than RM4,000.

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