Sarawak CM declines Dr M’s offer to buy stake in Petronas

February 12, 2020

Dateline 2019-12-14, Malay Mail:

The state government does not intend to buy a stake in Petroliam Nasional Berhad (Petronas), Chief Minister Datuk Patinggi Abang Johari said today, in response to a recent offer by Prime Minister Tun Dr Mahathir Mohamad to sell stakes in the company to Sarawak and Sabah.

“What is the point for us to buy the stakes?” he asked at the launch of a Blueprint for development programme here this evening.

He said it will be pointless for Sarawak to buy stakes even if Petronas were to give two or three per cent as the state government will not have a say in how Petronas should be managed.

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Sarawak minister says state won’t buy Petronas assets

February 11, 2020

Dateline 2019-12-14, Malay Mail:

The Sarawak government will not consider buying stakes in Petroliam Nasional Berhad’s (Petronas) assets in the state’s territorial waters, Law, State-Relations and Projects Monitoring Assistant Minister Datuk Sharifah Hasidah Sayeed Aman Ghazali said last night.

She said there is nothing to be happy about with the offer mentioned by Prime Minister Tun Dr Mahathir Mohamad that the federal government intended to sell stakes in Petronas to Sarawak and Sabah.

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Petronas expects challenging industry outlook in 2020

February 9, 2020

Dateline 2020-12-13, NST:

Petroliam Nasional Bhd expects the oil and gas industry to remain challenging next year amid a backdrop of global economic slowdown, geopolitical upheaval and prolonged trade tensions.

Petronas vice president of group procurement Liza Mustapha said the oil and gas giant maintained a prudent view and would continue to respond cautiously to the unpredictable landscape.

Petronas also encouraged partners to be conscious in managing costs, implement activity levelling to sustain offshore activities and pursue innovative solutions in unlocking value in the supply chain, she said in its Petronas Activity Outlook for 2020-2022.

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Private oil and gas firm to build RM9.5 bil refinery in Sabah

February 8, 2020

Interesting, why not just export one from PD?

Dateline 2019-12-13, FMT:

State-owned Sabah Oil and Gas Development Corporation (SOGDC) Sdn Bhd has signed an agreement with a private firm to build Sabah’s first petroleum oil storage and refinery with investments over US$2.3 billion (RM9.5 billion).

The agreement with Petroventure Energy Sdn Bhd will see the plant being built at the Sipitang Oil and Gas Industrial Park (Sogip) in southwest Sabah, with construction expected to take between three and five years.

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MAHATHIR’S CRUEL JOKE ON SABAH & SARAWAK – THE UNKINDEST CUT OF ALL? HOW DARE YOU ASK US TO BUY SHARES IN PETRONAS ‘IF WE HAVE THE MONEY’ WHEN ITS OIL & GAS COME FROM OUR STATES?

February 7, 2020

Dateline 2019-12-13, Malaysia Chronicle:

Anger is building up again in the East Malaysian states with Dr Mahathir Mohamad’s statement this week on the oil royalties.

Somehow we get the feeling that we have been led up the garden path by the Pakatan Harapan (PH) government.

Mahathir is now changing his stance and seems to have run out of ideas on how to deal with this sticky issue. His incoherent response to the oil royalties issue is sowing more confusion, creating a wider rift between the federal and state governments.

Mahathir in a Reuters interview said the government is considering selling stakes in Petronas to states where the company’s oil and gas fields are located. It seems odd that the oil-producing states like Sabah and Sarawak are now offered stakes in Petronas to help a debt ridden federal government.

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Malaysian state open to buying Petronas stake after Mahathir comment

February 6, 2020

Didn’t 1MDB start out in Terengganu? Just saying.

Dateline 2019-12-11, Reuters:

Malaysia’s Terengganu state said on Wednesday it was open to buying a stake in national energy giant Petronas, after Prime Minister Mahathir Mohamad said he was considering such a sale to raise funds for his heavily-indebted federal government.

Petronas, the world’s third-largest exporter of liquefied natural gas, is one of the biggest sources of revenue for the federal government that has a debt pile of more than 1 trillion ringgit ($239 billion).

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Sarawak minister says Petronas asset sale would complicate matters

February 5, 2020

Dateline 2019-12-12, Malay Mail:

A Sarawak minister today warned that existing disputes will become more complicated if Petroliam Nasional Berhad (Petronas) sold assets to oil-producing states such as Sarawak without resolving them.

State Tourism, Arts and Culture Minister Datuk Abdul Karim Rahman Hamzah said such sales should only be decided after ending negotiations on disputes involving the Petroleum Development Act 1974 (PDA) and the Territorial Sea Act 2012 (TSA).

“We are still having doubts on the legitimacy of the PDA which empowers Petronas the rights over oil and resources found within the territorial waters of Sarawak and Sabah,” he told reporters after receiving High Court, Court of Appeal and Federal Court gowns from former Federal Court judge Tan Sri Sulong Matjeraie on behalf of the Sarawak Museum.

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Malaysia’s PM Mahathir considering selling stakes in Petronas to Sabah and Sarawak

February 4, 2020

Dateline 2019-12-11, Straits Times:

Malaysia is considering selling stakes in energy giant Petronas to two of its 13 states where the company’s oil and gas fields are, Prime Minister Mahathir Mohamad told Reuters, in a bid to raise funds for the debt-laden government.

Such a move may also give states such as Sarawak and Sabah a say in the running of Petronas, the world’s third-largest exporter of liquefied natural gas.

Tun Dr Mahathir said on Tuesday in an interview that the government could not meet a demand made by the states for a quadrupling of the royalties paid by the government-owned company to 20 per cent of its profit.

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A taxing uncertainty: Petronas’ take on oil royalty, O&G industry and a low-carbon future

February 3, 2020

Dateline 2019-12-07, The Edge:

Sarawak’s legal pursuit for a higher share of proceeds from its hydrocarbon resources – the biggest among Malaysia’s oil and gas producing states – has once again put the national oil company Petroliam Nasional Bhd (Petronas) in the limelight.

The matter escalated just as Tan Sri Wan Zulkiflee Wan Ariffin approaches his five-year mark as Petronas president and group chief executive officer early next year.

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Petrofac considers offshore oil asset sale in Malaysia

February 2, 2020

I suggest that these assets are run by Local Community Companies (LCC) as practiced by Oman.

Dateline 2019-06-12, World Oil:

Petrofac is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.

The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304, one of the people said.

Petrofac is the latest oil company looking to monetize its investments in Malaysia. Exxon Mobil Corp. is considering a sale of its offshore assets in the Southeast Asian nation which could raise as much a $3 billion, Bloomberg News reported in October, while Murphy Oil Corp. in March agreed to sell its portfolio in Malaysia for $2.13 billion.

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