Miri, the ‘Oil Town’ Malaysia left behind

February 10, 2019

Dateline 2019-01-22, Sarawak Tribune:

The first oil well in Sarawak was drilled here in 1910 and led to the town’s initial development by Royal Dutch Shell and became an administrative centre in 1929.

During the Second World War, the Japanese came here for its oil. The fighting and air raids left much of it destroyed.

The presence of the oil industry, of course, ensured that Miri town was rebuilt.

To those who have not been here, Miri being an oil town might conjure up some elements of a place overflowing with wealth, magnificent infrastructure and plentiful of everything for all its citizens.

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Hengyuan Refining approves unit for Malaysian refinery

February 9, 2019

Dateline 2019-01-21, Oil & Gas Journal:

Hengyuan Refining Co. Bhd. (HRC)—a subsidiary of Shandong Hengyuan Petrochemical Co. Ltd.—has approved a $66.4-million investment to develop and build a hydrogen manufacturing unit as part of a hydrogen generation (H2Gen) project for production of cleaner fuels at its 156,000-b/d refining complex in Port Dickson, Negeri Sembilan, Malaysia.

Approved on Jan. 16, the primary objective of the H2Gen project is to supply the refinery with 30 tonnes/day of hydrogen for hydrotreating processes aimed at reducing sulfur content of the operator’s gasoline and diesel products, HRC said.

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Govt in bid to recover RM3.5 billion for Sabah’s incomplete pipeline project

February 8, 2019

Trying being the key word.

Dateline 2019-01-19, FMT:

Putrajaya is currently trying to recover the money it has already paid to the company contracted to build the Trans-Sabah Gas Pipeline (TSGP) project.

Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin said the company was paid 84% of the total cost of the project worth RM4 billion, but the project progress was only recorded at 14%.

“We have two options at the moment. Either to recover the fund which was paid prematurely or to carry on with the project,” she told reporters today after attending a briefing by indigenous empowerment group Pacos today.

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Perisai Petroleum facing delisting

February 7, 2019

Dateline 2019-01-15, The Edge:

The crash in crude oil prices in 2014 looks set to claim its first publicly listed victim, with Perisai Petroleum Teknologi Bhd headed for removal from Bursa Malaysia on Feb 13.

The former market darling last Friday failed to secure Bursa Securities’ approval for its regularisation plan and has received a notice from the regulator of its trading suspension starting Jan 22.

There is still hope for the company, in financial distress since October 2016, to appeal against the decision. It has until Feb 10 to do so.

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Diving Komodo 2018-11 7 of 8

February 6, 2019
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Petrol dealers may lose up to RM40m

February 5, 2019

Dateline 2019-01-05, NST:

PETROL station operators claim they could lose up to RM40 million following the dip in petrol pump prices.

Petroleum Dealers Association of Malaysia president Datuk Khairul Annuar Abdul Aziz said the drop in fuel prices by 14 sen per litre for diesel and 27 sen per litre for RON95 and RON97 petrol would result in RM30 million to RM40 million in petroleum retail losses, based on existing fuel stock.

“All operators will have to bear with it,” he said.

The government had decided to reinstate the Automatic Fuel Pricing mechanism to determine fuel prices on a weekly basis.

Finance Minister Lim Guan Eng confirmed the adoption of the former managed float system while announcing the new petrol rates, which will take effect from today until Jan 11.

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Aramco, Petronas near startup of Malaysia’s RAPID refinery

February 4, 2019

Dateline 2019-01-04, Oil & Gas Journal:

The jointly held Saudi Aramco–Petronas $27-28 billion Pengerang Integrated Complex (PIC) in southeastern Johor, Malaysia, is preparing for official startup of Pengerang Refining & Petrochemical (PRefChem) subsidiary Pengerang Refining Co. Sdn. Bhd.’s 300,000-b/d refinery and petrochemical integrated development (RAPID) project (OGJ Online, Mar. 29, 2018).

Mechanical completion at PIC’s RAPID project was achieved on Nov. 29, 2018, and all critical units under contractor Petrofac Ltd.’s scope have now started commissioning activities in advance of the fire up of the refinery’s crude distillation unit later this month, the service provider said.

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RON 95 petrol price will be capped at RM2.20 – LGE

February 3, 2019

Dateline 2019-01-02, Paul Tan:

The new weekly fuel price float system – which was supposed to go live today but is now scheduled to start later this week – will see RON 95 petrol prices capped at RM2.20 per litre, even if crude market price pushes the pump price beyond that level. This was revealed by finance minister Lim Guan Eng, reported by The Star.

Lim said the price float system was different from the previous government’s. “People will be paying less when petrol price drops but when it increases, they need not worry as any increase exceeding RM2.20 will be subsidised by the government,” he told reporters in Bukit Gelugor yesterday.

He explained that the implementation of the weekly price float was delayed because of objections from the Petrol Dealers Association of Malaysia (PDAM), adding that prime minister Tun Dr Mahathir Mohamad would hear the group out first before deciding on the prices, which would be announced after a cabinet meeting today.

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Sarawak party urges state govt to impose 20pc sales tax on petroleum

February 2, 2019

Dateline 2018-12-30, Malay Mail:

State Reform Party (STAR) president Lina Soo today urged the Sarawak government to impose a 20 per cent sales tax on petroleum and petroleum products to fund schools and infrastructures.

She said the state government should also start a sovereign fund for the future generations from a certain percentage of the revenue collected from the sales tax.

“It is time that Sarawak starts looking after ourselves to catch up with the other states, instead of being their cash cow for as long as we remain in the Federation of Malaysia,” Soo said.

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[OPINION] Returning petrol revenue to the rakyat may be easier said than done

February 1, 2019

Dateline 2018-12-29, Awani:

IT’S been called the black gold curse for a good reason.

In 2008, a movie was even produced with the title Curse of the Black Gold to depict how Nigeria, at a production rate of 2.1 million barrels a day and the sixth largest oil-producing country in the world is still subject to abject poverty and have not developed into a rich nation with the abundance of natural oil & gas resources at its disposal.

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