Targeted fuel, cooking oil subsidies in the works

August 16, 2022

Ah, debate date will track election dates:

Dateline 2022-06-07, FMT:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs. “The target is to ensure that those who need subsidies will get the subsidies,” economic affairs minister Mustapa Mohamed said in a Bloomberg TV interview today. “The sooner it is done, of course, (the sooner) it will relieve pressure on the government’s budget.” The finance ministry had said on Friday that anticipated subsidies are expected to push the government’s total spending in 2022 “significantly higher”, by about RM30 billion.

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Malaysian tax: Hibiscus takes action against Sabah government

August 15, 2022

Dateline 2022-06-08, Upstream Online:

Malaysian independent Hibiscus Petroleum said it has elected to stop paying the Sabah state government a tax levy that it previously paid “under protest”.

The state sales tax is levied by the Sabah government in relation to the sale of oil, produced from the Kinabalu oilfield, according to the terms of the Kinabalu oil production sharing contract, Hibiscus said.

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Malaysia Says Fuel, Cooking Oil Targeted Subsidies in the Works

August 10, 2022

Dateline 2022-06-07, Bloomberg:

Malaysia has begun work on replacing its blanket petrol and cooking oil subsidies with a more targeted approach, as government spending rises to blunt higher living costs.

“The target is to ensure that those who need subsidies, will get the subsidies,” Economy Minister Mustapa Mohamed said in a Bloomberg TV interview Tuesday. “The sooner it is done, of course, it will relieve pressure on the government’s budget.”

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Malaysia’s Petronas sells rare atmospheric residue

August 9, 2022

From the article ‘rare’ is an adjective.

Dateline 2022-05-27, Argus:

Malaysian state-owned Petronas’ trading arm Petco has sold a rare atmospheric residue (AR) cargo for prompt-loading from Pengerang, as its refining and petrochemical joint venture with Saudi Arabia’s Saudi Aramco is in the process of restarting.

The 300,000 b/d Pengerang refinery and cracker complex, run by the PRefChem 50:50 joint venture between Petronas and Saudi Aramco, was shut after an explosion in March 2020, and restarts were delayed several times after. It possibly started feeding crude into its primary units in early-May, according to market participants.

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Rafizi’s day in court will put Sapura Energy under scrutiny

August 8, 2022

Dateline 2022-06-05, FMT:

Former Sapura Energy Berhad CEO Shahril Shamsuddin, upset with remarks by Rafizi Ramli, has taken the former Pandan MP to court.

Rafizi had issued the statements because he disagreed with Najib Razak’s suggestion on March 21 that the government inject funds to save Sapura Energy.

He said he would defend his remarks about Shahril’s remuneration in court, adding that what he had said was to “protect public interest”.

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PM Ismail Sabri: Oil and gas industry is backbone of Terengganu economy

August 5, 2022

Oo, looks like another 1MDB in the making, how do I get in at the ground floor?

Dateline 2022-06-04, Malay Mail:

Terengganu has undergone a rapid development transformation process with the implementation of various types of projects worth hundreds of millions of ringgit, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

He said the oil and gas industry, especially in Kerteh and Kemaman, was the backbone of the Terengganu economy, which not only attracted many foreign investors but also increased local employment opportunities.

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Rising tide does not lift all boats in O&G sector

August 4, 2022

Yup, I and some of my fellow OGSE seem to have been set adrif, ala USS Indiapolis. At least the sharks just ate you, not toy with you.

Dateline 2022-06-03, The Edge:

Given the high crude oil prices at above US$90 per barrel, not all domestic oil and gas (O&G) companies made handsome profits in the first quarter of 2022 (1Q22), although an increasing number of analysts have turned optimistic on the sector’s prospects ahead.

A random check on 35 O&G-linked companies by The Edge revealed that 23 companies or 66% of them posted year-on-year growth while 22 or 63% posted quarter-on-quarter improvements. However, 12 companies or 34% were still loss making in the quarter.

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Tap into huge potential of ‘mini’ power plants

August 3, 2022

Dateline 2022-05-30, FMT:

I say we go for Rolls Royce mini fusion (or fission) plants.

The government is aiming to achieve 40% renewable energy capacity by 2035 with a focus on green energy, including solar, hydro, and bio energy.

This aim, as outlined in the Malaysia Renewable Energy Roadmap (MyRER), is noble and progressive.

The reality is that while renewable energy is the buzzword for governments, NGOs, and climate change experts alike, it is not a new concept in Malaysia.

For many years, the government has supported efforts to increase renewable energy uptake in Malaysia.

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Sarawak aiming to cut greenhouse gas emissions by 45% in eight years

August 2, 2022

Our children are still screwed.

Dateline 2022-05-26, The Star:

The Sarawak government is conducting a climate change policy study with a view to developing strategies for a significant reduction of greenhouse gas emissions in the state.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan said it would also help the state draw up low-carbon society blueprints for its cities and towns.

“It will also include adaptation strategies to address climate change phenomena such as floods, droughts and threats to biodiversity,” he told the state assembly in his winding-up speech on Thursday (May 26).

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Serba Dinamik receives writ of summons from Malaysian Trustees Bhd, confirming The Edge’s story

August 1, 2022

Can be retitled as ‘I told you so’.

Dateline 2022-05-26, The Edge:

Serba Dinamik Holdings Bhd said on Thursday (May 26) that it received a writ of summons from Malaysian Trustees Bhd on May 18.

The company was responding to a Bursa Malaysia query seeking clarification on The Edge’s story entitled: “Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers”.

In a filing with Bursa on Thursday, the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company.

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