Dateline 2018-05-18, Petroleum Economist:
Malaysia’s new prime minister, Mahathir Mohamad, has moved quickly to make good on an election campaign pledge to scrap a goods-and-services tax (GST) blamed for rising living costs. Speculation is now mounting over whether state-controlled oil and gas giant Petronas could be tapped to fill any resulting hole in the country’s finances.
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For the historical record.
Dateline 2018-06-26, The Star:
THE government’s liabilities are out in the open. Finance Minister Lim Guan Eng revealed details to substantiate his point of national liabilities and debt have breached not only the RM1 trillion-mark but also reached 80.3% of gross domestic product.
The numbers are disputed by the former Finance Minister and Prime Minister Datuk Seri Najib Tun Razak.
Apart from a higher national debt, the new government faces a loss of revenue from the abolition of the goods and services tax (GST). The GST is to be zerorised from June 1 and will see a shortfall in revenue that will be only plugged once the sales and services tax (SST) is introduced later this year.
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Dateline 2018-05-17, Borneo Post Online:
With just two more months before Sarawak state-owned Sarawak Petroleum Bhd (Petros) assumes full regulatory authority over the upstream and downstream aspects of the state’s oil and gas (O&G) industry, existing industry players are wondering if their business activities will be impacted.
During an industry engagement session on the implementation of the Oil Mining Ordinance (OMO) and Distribution of Gas Ordinance (DGO) in Sarawak held yesterday, Petros’ chief executive office Saau Kakok explained that most, if not all, entities undertaking activities in the O&G industry will need to apply or reapply for their respective licenses and leases.
Under the amended OMO which will come into effect on July 1, players will be required to apply for their licenses and leases to the State Minerals and Management Authority (SMMA) through Petros.
Similarly, under the newly passed GDO in 2016 which will be gazette on July 1, players will be required to reapply for their licenses as licenses granted under the gas supply act 1993 is not applicable in the state. This includes any licenses issued by the Secretary General of Ministry of Domestic Trade, Co-operatives and Consumerism under the Petroleum Regulations 1974 or the Control of Supplies Act 1961.
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Don’t you miss the Wed night rush before fuel prices go up?
Dateline 2018-05-16, NST:
The current fuel retail price will not change, said Prime Minister Tun Dr Mahathir Mohamad today.
“If required, we will subsidise (to keep the fuel prices remain at current rate,” he told reporters at the Perdana Leadership Foundation, here , today.
For the past seven weeks, the price of RON95 remained at at RM2.20 per liter; RON97 at RM2.47 per liter; Diesel at RM2.18 per-litre and Euro 5 Diesel at RM2.28 per litre.
The previous government had set the prices of petrol and diesel on a weekly basis since March last year.
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Dateline 2018-05-16, FMT:
Sarawak Chief Minister Abang Johari Openg says with effect from July 1, 2018, oil and gas (O&G) industry players must abide by state laws such as the Oil Mining Ordinance (OMO) 1958 and Gas Distribution Ordinance (GDO) 2016.
He said the state will continue to cooperate with the federal government and Petronas to ensure the local O&G industry continues to flourish and contributes to the country’s economic growth.
“We will update the federal government and its agencies on the steps taken to regulate the O&G industry in accordance with state laws.
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Dateline 2018-05-16, Saudi Gazette:
Nasional Berhad (Petronas), the national oil company of Malaysia and Saudi Arabian Oil Company (Saudi Aramco) Moday launched “PRefChem”, the corporate identity for their joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia. PRefChem comprises Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical), both will be collectively known as “PRefChem”.
Petronas and Saudi Aramco had earlier in March 2018 concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.
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Slow news week. My apologies for the slowdown in the O&G sector.
Dateline 2018-05-16, Bloomberg:
A promise to scrap the goods-and-services tax helped Prime Minister Mahathir Mohamad win an election that led to Malaysia’s first change in government since independence.
Now, the question is how he will fund the nation’s budget without the 44.3 billion ringgit ($11 billion) earned from the consumption tax in 2017 alone. The answer might lie in his coalition’s manifesto.The Pakatan Harapan alliance pledged to set up a sovereign wealth fund using profits from state-owned oil company Petroliam Nasional Bhd. to provide future welfare for the people and stability to the country. That may help the government balance its budget as it moves toward scrapping the GST.
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Dateline 2018-05-11, Platts:
The surprise outcome of Malaysia’s historic 2018 elections has elevated risks for the oil and gas sector in Southeast Asia, stemming from the winning coalition’s stance on fuel subsidies, its position on Chinese business investment and potential interference in the working of Petronas — one of the largest national oil companies in the region.
Malaysia is currently the world’s third-largest exporter of LNG, having been displaced by Australia from second place in 2017, and the second-largest oil and natural gas producer in Southeast Asia after Indonesia.
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Wata - Malaysian Oil and Gas Engineer 