July 12, 2018
Oo, does that mean we will have ‘Malay’ and ‘Sia Republic’?
Dateline 2018-06-06, FMT:
Parti Solidariti Tanah Airku (STAR) president Jeffrey Kitingan today warned that any court ruling favouring Petronas in the matter of petroleum resources ownership could signal “the end” of Malaysia.
“If the federal government insists on this, we will go back to the basis of the formation of Malaysia.
“What do they want to do? Break up Malaysia? This is a big case, and I am surprised the state government is not saying anything about it,” he told reporters after attending the annual Double Six memorial day here.
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Malaysia, Malaysian election, oil and gas | Tagged: Jeffrey Kitingan, star | 
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Posted by Wata
July 11, 2018
Dateline 2018-06-05, Straits Times:
Malaysia’s Finance Ministry has discovered dubious payments made in two pipeline projects, with nearly 90 per cent of the contracts worth RM9.4 billion (S$3.2 billion) being paid out but only 13 per cent of the work being completed.
The projects – one multi-product petroleum pipeline running from Melaka and Negeri Sembilan to Kedah, and a gas pipeline from Kimanis to Sandakan and Tawau, all in Sabah – were handled by Suria Strategic Energy Resources (SSER), a wholly owned subsidiary of the Ministry of Finance.
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Posted by Wata
July 10, 2018
Dateline 2018-06-05, FMT:
A Sarawak minister has welcomed Petronas’ move to let the Federal Court settle the issue of ownership of petroleum resources in the country.
“It’s good that Petronas is finally taking the matter to court for clarification so that Sarawak and Malaya can revisit what they negotiated and agreed to when they formed Malaysia,” said Abdul Karim Rahman Hamzah, the state minister for tourism, arts, culture, youth and sports.
“As far as Sarawak is concerned, resources within the state’s territory, which includes its continental shelf, belong to the state and require the state’s permission to extract.”
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Leave a Comment » | Malaysia, Malaysian election | Tagged: Abdul Karim Rahman Hamzah, Petronas, Sarawak | Permalink
Posted by Wata
July 9, 2018
Dateline 2018-06-04, Straits Times:
Malaysia’s national oil company Petroliam Nasional (Petronas) has gone to court for a declaration that it is the exclusive owner of the petroleum resources in the country, including in Sarawak state.
Petronas said on Monday (June 4) it had filed an application before the Federal Court seeking the declaration under the Petroleum Development Act 1974 (PDA), which governs the petroleum industry in Malaysia.
The application also seeks a declaration that Petronas is the regulator for the upstream oil industry throughout Malaysia, including in Sarawak.
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Posted by Wata
July 8, 2018
It’s news like this that makes one take a look at their legacy, their mark on this earth. Congratulations, you!
Dateline 2018-06-03, The Star:
Even though they began with zero knowledge of nuclear energy, three secondary school students made Malaysia proud when they emerged champions in the Human Resource Development for Nuclear Power competition organised by the International Atomic Energy Agency in Gyenongju, South Korea, on May 30.
Safyyah Muhammad Nasir, 16, Muhammad Syazwan Mat Sidik, 17, and Muhammad Anuar Abd Ghani, 17, from SMK Kuala Besut, Terengganu won with their project “100 Things About Nuclear Science And Life”.
The trio produced a computer game application which could channel information on nuclear science and the uses of nuclear energy in everyday life.
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Leave a Comment » | engineering | Tagged: IAEA, Muhammad Anuar Abd Ghani, Muhammad Syazwan Mat Sidik, Safyyah Muhammad Nasir, SMK Kuala Besut | Permalink
Posted by Wata
July 7, 2018
Apologies for focussing on market news, its a slow news cycle.
Dateline 2018-05-31, NST:
The oil and gas companies under Kenanga Research’s coverage are likely to see deteriorating performance with lower number of outperformers.
Kenanga Research said only two out of seven companies that released their latest interim results had outperformed. They were Dialog Group Bhd and Sapura Energy Bhd.
Another company in the firm’s universe is Bumi Armada Bhd, which is due to release its first quarter results today.
“The disappointment ratio was also higher at 31 per cent (assuming Bumi Armada’s results came within expectations) versus 13 per cent in the fourth quarter of 2017 even with the anticipation of first quarter being a seasonally weak quarter,” Kenanga Research said today.
It noted that upstream services players such as Alam Maritim Resources Bhd, Coastal Contracts Bhd and Dayang Enterprise Holdings Bhd had missed expectations due to stubborn fixed costs amidst unsatisfactory vessel utilisation.
Gas Malaysia Bhd and Petronas Dagangan Bhd also had a soft start dragged by higher product costs and sliding sales volume.
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Leave a Comment » | engineering, investment | Tagged: Alam Maritim, Bumi Armada, Coastal Contracts, Dayang Enterprise, Dialog, Kenanga, Sapura Energy | Permalink
Posted by Wata
July 6, 2018
Avast there, maties! BTW, when does Datuk Seri get his Tun?
Dateline 2018-05-31, The Star:
Former prime minister Datuk Seri Najib Tun Razak (pic) has urged the new government not to plunder funds from Petronas for bailouts.
“I urged the new government to continue to give sufficient space and capital to Petronas to fulfil their vision and not to plunder funds from Petronas or through bail-out missions as what was done during the 22 years of Tun Dr Mahathir Mohamad’s previous administration,” he said on his Facebook post on Thursday (May 31).
Najib noted the new Pakatan Harapan government recently stated that the shortfall in revenue due to the abolishment of the Goods and Services Tax (GST) would be made up by Petronas, Khazanah, and Bank Negara Malaysia by making higher dividend payments to the government.
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Posted by Wata
July 5, 2018
Dateline 2018-05-30, The Edge:
The government will retain the current price of RON95 and diesel at the pumps, but the price of the premium RON97 petrol will be subject to a float system, Prime Minister Tun Dr Mahathir Mohamad said today.
“The price for diesel and RON95 will be maintained, but the price for RON97 will be floated according to the market,” Dr Mahathir told reporters after chairing the second weekly Cabinet meeting here today.
At present, RON95 and diesel are sold at RM2.20 per litre and RM2.18 per litre respectively, while that of RON97 is priced at RM2.47 per litre. The retail fuel prices have remained unchanged ahead of the 14th general election on May 9, despite crude oil prices rising to US$75.39 per barrel at the time of writing.
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Posted by Wata
July 4, 2018
Dateline 2018-05-30, Reuters:
Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.
The new administration led by Mahathir Mohamad is relying more on Petronas – a significant contributor to government revenue and the country’s largest employer – to offset a revenue shortfall from the government’s plan to scrap a consumption tax.
Oil prices were trading close to 3-1/2-year highs on Wednesday as Petronas reported a 26-percent surge in first quarter profit.
With oil prices improving, Malaysia may collect 8-9 billion ringgit ($2-$2.26 billion) more in revenue from Petronas this year, Ong Kian Ming, a special officer to the finance minister, told Reuters.
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Posted by Wata
July 3, 2018
Dateline 2018-05-29, NST:
The Pakatan Harapan (PH) government may not be able to keep subsidising fuel price for too long if global oil price remains above US$70 per barrel, analysts said.
They estimated that based on the current oil price at about US$76 per barrel, the local fuel price at service stations should be about 40 sen higher than what it is now.
For the week just ended, the benchmark Brent crude oil price suffered its first weekly loss of 2.64 per cent after six straight weeks of gains, settling at US$76.44 per barrel.
Over the past seven weeks, the price of RON95 petrol remained at RM2.20 per litre, RON97 at RM2.47 per litre, diesel at RM2.18 per litre and Euro 5 diesel at RM2.28 per litre.
Prime Minister Tun Dr Mahathir Mohamad recently said the government would no longer be using the weekly fuel price adjustments under the managed float system.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 