Float system profits oil companies at the expense of the people, says Rafizi

February 7, 2015

Weren’t dealers complaining recently that they were not making enough money?

Dateline 2014-11-24, The Malaysian Insider:

The government’s move to scrap the fuel subsidy and base the prices of RON95 petrol and diesel on a managed float system starting next month means that the rakyat will have to bear the extra burden of guaranteeing the profits of oil companies and petrol dealers, a PKR lawmaker said today.

Party secretary-general Rafizi Ramli said this was because under Malaysia’s version of the managed float system, about 30 sen was padded into the per litre cost of petrol and diesel, which was for profits guaranteed to oil and gas companies and petrol dealers.

This covers their costs of transportation, distribution, marketing and operations and also protects them from global price fluctuations.

…

 

Leave a Comment » | Malaysia, Malaysian election | Tagged: , | Permalink
Posted by Wata

First batch of Master of Engineering (Oil and Gas) grads receive scrolls

February 6, 2015

Remember Doctor Who? Doctor, Master? Go watch it, it is not your grandfather’s Doctor.

Dateline 2014-10-23, Daily Express:

The first batch of Master of Engineering (Oil and Gas) graduates received their scrolls during the Universiti Malaysia Sabah (UMS) 16th Convocation Ceremony held at its Chancellor Hall, here, Saturday.

One of the graduates, Chung Chen Chong, 63, said by having a Master’s Degree in the field, he hoped to contribute to the Government’s vision in getting more than 20,000 individuals involved in the oil and gas sector in the future.

During an interview, Chung took the opportunity to express his gratitude to all those who had supported him throughout the course of his studies.

“I would like to thank my superior, family members, especially my wife, professors especially my course director, Professor Pogaku Ravindra, and classmate, Mooganamoorthy Ganesan, who had supported and helped me throughout my studies.

“My wife, throughout my studies, had been very understanding as I was seldom at home and often spent my time doing revisions and assignments,” he said.

Chung, who is currently working but decided to take a full time master’s programme, said he had also divided his time well between attending classes and working.

…

Leave a Comment » | engineering, Malaysia | Tagged: | Permalink
Posted by Wata

Pakatan hits out at government for ‘irresponsible’ and ‘drastic’ removal of subsidies

February 5, 2015

Dateline 2014-10-21, Malay Mail Online:

Opposition leaders have hit out at the rolling back of subsidies on RON95 fuel and diesel as “irresponsible” and “too drastic”.

PKR secretary-general Rafizi Ramli said that for decades Malaysia has been able to share part of its oil wealth with its citizens through a system of subsidised fuel, adding that part of the oil wealth flowed to the people directly and that they did not have to wait for the government to make allocations.

“The issue of petrol and diesel subsidies in this country should not be to the decided by whether the subsidies are good or bad for the economy.

“The bigger principle is whether the wealth from oil and gas found in this country is shared with the people, and not just spent arbitrarily by the government.

…

Leave a Comment » | Malaysia, Malaysian election | Tagged: | Permalink
Posted by Wata

International Brotherhood of Weighing Artificers, Chapter 1119

February 4, 2015

Where were you?

IMG_20141201_122159 IMG_20141201_122140

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

IEM Shout Out – Talk on Essential Soft Skills to be A High Performance Engineer

February 4, 2015

This is a shout out for the IEM. My Technical Division will be having a talk on 14th Feb, 2015 by Ir. Low Chew Eow (Rocky). It’ll be at 9:00 am (makan-makan at 8:30) at Wisma IEM.

Very often, we have the perception that technical (hard) skills are the key to become a successful engineer. It is true but the technical skills are not the only ingredient. In fact, soft skills are also essential to become a high performance engineer in the competitive, challenging and dynamic working environment today.

Due to the above mentioned perception, most of the students in university and the engineers in the work place do not pay enough attention to learn the required soft skills.

…

Ir. Low Chew Eow (Rocky) graduated from the University of Glasgow with a degree in Mechanical Engineering in 1990. He has more than 24 years of working experience in various roles.

He is appointed as Industry Advisor of Universiti Tunku Abdul Rahman, Faculty of Engineering and Science.

He is currently the Head of Package Equipment Department in Technip Consultant (M) Sdn. Bhd. He is also the Member of Expert Network specializing in Pneumatic Conveying System within the Technip group.

He has presented talks at the Institution of Engineers, Malaysia.

You may register here, and download the form here.

Leave a Comment » | Chemical, engineering, Malaysia | Tagged: , , | Permalink
Posted by Wata

Malaysia to cut fuel subsidies to shore up finances

February 3, 2015

Anyone know which petrol station is shown in the photo? This must be one of the more popular photopics.

Dateline 2014-10-21, Gulf Times:

Malaysia will abolish subsidies for petrol and diesel from December 1, the government said yesterday, taking a bold step that could potentially save the government some 20bn ringgit ($5.97bn) annually.

Malaysia joins Indonesia and India in cutting fuel subsidies amid a sharp decline in oil prices, ending decades-long policies of cheap fuel that have contributed to fiscal deficits.

Prime Minister Najib Razak has pledged to beef up Malaysia’s public finances by cutting expenditure and subsidies, as well as expanding the tax base by implementing a 6% goods and services tax from April next year.

The price of the widely used RON95 grade of petrol and diesel will be fixed according to an automatic managed float – a system that adjusts prices according to the market rate, the same mechanism as for the price of premium petrol RON97, the Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said yesterday.

…

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

Saturday Star 2015-01-31 – Job Opportunities

February 2, 2015

Happy Happy Week. Buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). Where are those corporate sponsors? Or throw donations at me.

  • Nothing this week. Must be the calm before the USD35/barrel oil. Track prices here. Anyone have a spare hypertanker they can spare, that I can park offshore Cape Puchong?

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

As crude prices are low, you need all the help you can get to nail that elusive 2k job:

Social Engineering: The Art of Human Hacking, Ghost in the Wires: My Adventures as the World’s Most Wanted Hacker, The Art of Deception: Controlling the Human Element of Security

Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Shell, Petronas Carigali to Develop E6 Field Offshore Sarawak

February 1, 2015

Dateline 2014-10-20, Rigzone:

Royal Dutch Shell plc and the upstream division of Malaysia’s national oil and gas company Petroliam Nasional Berhad’ (Petronas) Petronas Carigali recently took the final investment decision (FID) to develop E6 field, offshore Sarawak, Malaysia, local news agency Bernama reported Wednesday .

The E6 field, discovered in 1970, will be the last field to be developed under the SK308 Production Sharing Contract (PSC).

The development concept leverages on existing infrastructure by evacuating gas from E6 to the E8 platform located around 10 miles (16 kilometers) away and crude oil to D35 located 41 miles (66 kilometers) away.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

Malaysia’s SapuraKencana buys Petronas’ blocks offshore Vietnam for $400 mln

January 31, 2015

So, I guess SKE is the new crony to PETRONAS. Are they pushing Vestigo down a level?

Dateline 2014-11-30, Reuters:

SapuraKencana Petroleum Bhd , Malaysia’s largest listed oil and gas services firm by market capitalisation, is buying state oil firm Petroliam Nasional Bhd’s entire interest in 3 blocks offshore southern Vietnam for $400 million.

The economic effective date of the transaction is Jan. 1, 2014 and SapuraKencana is entitled to net revenue from these blocks from then, the Kuala Lumpur-based company said in a press release on late Thursday.

“The transaction gives SapuraKencana an immediate foothold in the promising oil provinces offshore Vietnam with cash generating assets that will be earnings accretive to the group,” Chief Executive Officer Shahril Shamsuddin said in a statement.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysian oil well plugged, Enquest falls to record low

January 30, 2015

Something’s wrong with this title. Enquest has started drilling in Malaysia?

Dateline 2014-11-19, NST:

Enquest Plc fell to a record low after Barclays Plc said it and two other UK explorers were more exposed to an oil drop and after a well in Malaysia was plugged and abandoned.

The shares fell 2.7 per cent to 64.15 pence (RM3.36) at the close in London trading, the lowest close since April 7, 2010.

Enquest, Afren Plc and Ophir Energy Plc are the most exposed if the oil outlook moves toward US$70 (RM235) a barrel, Barclays’s investment-banking unit said in the note today. Brent, used to price more than half the world’s crude, has plunged 30 per cent since June and is trading below US$80 a barrel.

“Debt leverage combined with a limited tax cushion increase the impact of lower oil prices relative to other producer/developers,” Barclays said of Enquest and Afren.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

« Previous Entries
Next Entries »