CM: Sarawak to continue strengthening Petros to spearhead involvement in O&G

February 14, 2022

Dateline 2021-12-11, Malay Mail:

The state government will continue to strengthen Petroleum Sarawak Berhad (Petros) in spearheading Sarawak’s enhanced involvement in the oil and gas industry, said Chief Minister Tan Sri Abang Johari Openg today.

He said that this is being done through assuming regulatory control of onshore mining, enforcing Sarawak’s constitutional authority over the distribution of gas and increasing Petros’ participation in offshore petroleum production areas.

“A key enabler is access by the state for adequate natural gas supplies needed to drive the state’s industrial development agenda,” he said when speaking at the Memorandum of Understanding signing between Petroliam Nasional Berhad (Petronas) and Petros for the Revised Total Natural Gas Supply to Sarawak for the implementation of projects under the Sarawak Gas Roadmap (SGR).

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Johari: Impact of rising oil price on Malaysia’s revenue will only be known after one year

April 28, 2018

Dateline 2018-03-06, Malay Mail:

The impact of rising global oil prices on Malaysia’s revenue will only be known after one year, said Second Finance Minister, Datuk Seri Johari Abdul Ghani.

He said the ups and downs of oil prices would not provide accurate expectations on additional revenue as the oil price announced during the presentation of Budget 2018 was an estimated annual average price.

“During the Budget 2018 presentation, the government estimated 2018’s petroleum revenue to average RM37.8 billion, including petroleum income tax, royalties and ancillary income from Petronas.

“The estimate was based on average oil price of US$52 per barrel. For the period of Jan 1 to Feb 23, 2018, global average oil price was US$67.15 per barrel,” he said at the Dewan Rakyat here today.

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Govt to maintain float system in fixing fuel prices

January 5, 2018

Dateline 2017-11-11, FMT:

The retail prices of fuel will be maintained on a managed float system based on the world price of crude oil which is currently trading at US$63 per barrel, Second Finance Minister Johari Abdul Ghani says.

He said in 2008, the world crude oil price reached US$140 per barrel and RON 95 then was retailed at RM2.70 per litre compared with RM2.31 per litre now.

“When it comes to a stage where we have to have a discussion, we will discuss it. As for now, we have to remember that it was US$140 per barrel before,” he told reporters at the Kampong Bharu Food and Arts Festival 2017, organised by Kampong Bharu Development Corporation here today.

Johari, who is also Titiwangsa MP, said although the fluctuating price of crude oil was beyond the government’s control, it could still monitor the situation and distribute the 1Malaysia People’s Aid (BR1M) to prevent the lower income group from falling into poverty.

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Johari: Govt considering ceiling price for fuel

March 14, 2017

Dateline 2017-02-09, Bernama:

The setting of a ceiling price is one of the options the government is considering to tackle escalating fuel prices.

Second Finance Minister Johari Abdul Ghani said in certain advanced countries, the governments leave fuel prices to float, and the oil and gas (O&G) industry players determine them.

“It is up to the government to set a ceiling price which is deemed fair for all.

“When we, the government have decided on the ceiling price, whether the O&G industry players want to sell the fuel at lower prices for promotional purposes would be left to them. This is one of the options we are looking at.”

Johari told reporters this on the sidelines of the Chinese New Year Celebration 2017 hosted by the Malaysia Retail Chain Association here last night.

He said the government had also to be mindful whether the policy would be a problem for those living outside the city.

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Malaysia’s Petronas to pay 13 bln ringgit government dividend in 2017

December 1, 2016

Dateline 2016-10-21, Yahoo! (yodel it):

Malaysian state oil company Petroliam Nasional Berhad will pay the government a dividend of 13 billion ringgit ($3.11 billion) next year, lower than 2016 levels, the country’s second finance minister Johari Abdul Ghani said on Friday.

Petronas, as the company is known, has said it will pay 16 billion ringgit to the government this year.

Addressing reporters after tabling the country’s 2017 budget, Johari also the budget was based on an oil price assumption of $45 a barrel.

 

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Retail oil prices: no hidden tax, says johari

September 3, 2016

Dateline 2016-08-04, Borneo Post Online:

The retail prices of petrol and diesel for the month of August are set under the managed float mechanism as promised by the government with no hidden taxes involved, says Second Finance Minister Datuk Johari Abdul Ghani.

He was responding to claims by opposition MP Rafizi Ramli that oil prices are manipulated to enable the government to collect ‘hidden taxes’.

Speaking to reporters at a Hari Raya Aidilfitri function organised by Perbadanan Nasional Bhd here yesterday, Johari said the prices of RON95 and RON97 petrol for August were maintained at RM1.75 and RM2.10 a litre respectively while diesel price was raised by 10 sen to RM1.80 a litre.

Johari said although crude oil prices on the market were quite high in June and July, the government did not raise retail oil prices for the two months out of concern and consideration for the people.

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Govt loses around RM300m for every US$1 drop in oil prices, Dewan Negara told

May 28, 2016

So, if the government can maintain a balanced budget with oil at the current prices, will the rakyat be given RM150M for every US$1 rise? Probably the same time we see flying porcine products.

Dateline 2016-04-20, The Sun:

The government loses around RM300 million in oil revenue for every US$1 per-barrel drop in crude oil prices, said Deputy Finance Minister Datuk Johari Abdul Ghani.

Johari told the Dewan Negara that the global oil price has experienced a sudden drop, from US$115 per barrel (RM444.28) in June 2014 to US$30 per barrel in December last year.

“Just imagine how much the government lost due to the drop in global oil prices, from US$115 to US$30,” he said in response to a question from Senator Datuk Dr Johari Mat.

Dr Johari had asked about the impact of the drop in oil prices on Malaysia’s economy, particularly on its Gross Domestic Product.

The deputy minister replied that Malaysia was not badly impacted by the drop in oil prices as the economy was not dependent on the industry.

“In 2014, the oil industry only contributed about 30% to our revenue. This was reduced to 19% in 2015 and expected to drop to 14% this year.

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Govt open to weekly oil price revision

March 1, 2016

Heck, why not make it daily, or allow oil price wars as mentioned in The Will to Compete?

Dateline 2015-12-31, NST:

There will be a weekly fuel price revision if the government agrees with the idea mooted by the Petrol Dealers Association of Malaysia (PDAM).

Deputy Finance Minister Datuk Johari Abdul Ghani said the government was receptive to the idea, adding that PDAM was expected to submit a proposal to the ministry soon.

The retail fuel prices have been fixed on a managed float system since Dec 1 last year, where retail prices are based on the monthly average world price of crude oil.

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