Malaysia says Saudi Aramco will invest $7 billion in oil hub

April 7, 2017

Dateline 2017-02-27, Seattle Times:

Malaysian Prime Minister Najib Razak said Monday that oil major Saudi Aramco will invest $7 billion in a mammoth oil processing hub in Malaysia, making it the single largest investor in the Southeast Asian country.

The announcement came on the second day of a visit by Saudi King Salman, who is on a multi-nation tour to boost economic ties with Asia.

Najib said Aramco and Malaysia’s national oil company Petronas, which is leading the project, will sign the agreement Tuesday.

 “This is a significant investment and more details will be announced tomorrow,” Najib told a news conference after meeting with the king. He said Aramco’s investment is a “strong vote of confidence” in Malaysia’s economy and that bilateral relations are at an “all-time high.”
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GLOBAL OIL WARS: Malaysia impacted, Najib squeezed

January 11, 2015

Dateline 2014-11-03, Malaysian Chronicle:

IN AN article titled “A Pump War?” Thomas Friedman raises an intriguing question: is there a global oil war under way pitting the United States and Saudi Arabia against Russia and Iran?

“Think about this: four oil producers – Libya, Iraq, Nigeria and Syria – are in turmoil today, and Iran is hobbled by sanctions. Ten years ago, such news would have sent oil prices soaring. But today, the opposite is happening,” Friedman writes.

If Friedman is right, oil prices could remain stagnant for a long time and this could impact Malaysia negatively.

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ConocoPhilips invests US$1.5bil in oil production in Malaysia

June 13, 2012

Dateline 2012-05-18:

ConocoPhilips, among the world’s biggest oil producer from the United States, has invested US$1.5bil (RM4.6bil) in Malaysia so far for oil production in offshore Sabah.

Prime Minister Datuk Seri Najib Tun Razak said the company’s investment was to realise the 300,000 barrels per day production target in 2016.

“Conoco has invested in three areas off Sabah, but that takes end of 2013 for the first production, but the peak will be in 2016, where they expect the production to touch 300,000 barrels a day, about half of our current production,” said Najib to Malaysian journalists after his meeting representatives of America’s leading corporate companies at Havard Club of New York here.

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Ex-Petronas chief to helm Singapore power giant

March 1, 2012

Dateline 2012-02-15:

 Ex-Petronas CEO Tan Sri Hassan Marican is set to become chairman of Singapore Power Limited (SP) in June succeeding Ng Kee Choe who will retire on June 12, according to Energy Asia.

The news portal that focuses on the energy industry reported this yesterday, citing the island republic’s utility giant.

Marican, who left the national oil company at the beginning of 2010 allegedly due to friction with the Najib administration, has been accepting directorships with several foreign firms in the energy sector.

Among them are Singapore government-linked companies including SembCorp Industries Limited, SembCorp Marine Limited and Singapore Power, which he joined on February 15, 2011. He is also a director at Sarawak Energy Berhad and US oil and gas giant ConocoPhillips.

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