I told you so, Najib says on budget after drop in crude oil price

January 3, 2019

Dateline 2018-11-14, FMT:

Former prime minister Najib Razak continued to pour scorn on Pakatan Harapan’s (PH) maiden budget today, saying its decision to formulate the budget based on the Brent crude oil price of US$72 per barrel had backfired.

Najib (BN-Pekan) said he had warned the government, during his debate on the mid-term review of the 11th Malaysia Plan, not to use the pricing of US$70 per barrel to formulate the budget.

He noted that back then, the crude oil price was US$80 a barrel.


PIPC to garner RM8.3 billion income by 2020

December 5, 2017

So… where does 1MDB fit into this? Note that these are investments, not projected profit, so in theory, much easier to (ahem) integrate the funds into strategic investments to sustain interest by unnamed persons of interest.

Dateline 2017-10-24, NST:

Investments in the Pengerang Integrated Petroleum Complex (PIPC) are expected to generate RM8.3 billion to the country’s Gross National Income (GNI) by 2020.

Prime Minister Datuk Seri Najib Razak said of the amount, the Petronas’s Pengerang Integrated Complex (PIC) would be the biggest contributor in the oil and gas hub.

“PIPC is a strategically important project for the government. PIC, which I consider as the heart of the PIPC, will play a role to encourage new growth under the country’s Economic Transformation Programme.

 

 


(Update) PIPC to garner RM8.3 billion income by 2020

November 30, 2017

Dateline 2017-10-24, NST:

Investments in the Pengerang Integrated Petroleum Complex (PIPC) are expected to generate RM8.3 billion to the country’s Gross National Income (GNI) by 2020.

Prime Minister Datuk Seri Najib Razak said of the amount, the Petronas’s Pengerang Integrated Complex (PIC) would be the biggest contributor in the oil and gas hub.

“PIPC is a strategically important project for the government. PIC, which I consider as the heart of the PIPC, will play a role to encourage new growth under the country’s Economic Transformation Programme.

“This will eventually create the basis for a more dynamic and progressive oil and gas downstream industries in Malaysia in the future.

“PIC is expected to generate a rapid growth in the development of the value chain of the downstream industry,” said Najib, adding that he was informed that as at the end of September, the PIC was 77 per cent completed.

 


Malaysian LNG imports unlikely to falter

February 24, 2015

Delay in rise of industrial gas prices? Ah, shucks.

Dateline 2015-01-15, Interfaxenergy:

A decision by Malaysia’s government to postpone a plan to increase gas prices for the country’s industrial sector is unlikely to reduce LNG imports to the Malaysian peninsula. Instead, imports of the fuel could exceed expectations – as long as low prices and tepid demand for spot cargoes in Asia persist.

Malaysian Prime Minister Najib Razak outlined a revised national budget for 2015 on Tuesday that included delaying the price increases. The measure was introduced as part of an initiative to scale back subsidies for gas to encourage further investment in new supplies and promote greater efficiency.

Raising the gas prices for industrial buyers would also help pass through the higher price of LNG, which Malaysia started importing on a spot and short-term basis in 2013, when it received 1.5 mt at the Malacca terminal.


Contingency plan needed in view of declining crude oil prices, DAP tells Najib

January 23, 2015

Dateline 2014-11-17, The Malaysian Insider:

DAP lawmaker Liew Chin Tong today called on Prime Minister Datuk Seri Najib Razak to present a revised Budget 2015 or a contingency plan to take into consideration the declining prices of crude oil, which would severely dent the government’s revenue.

He said that Najib should at least present to parliament his plans if faced with three scenarios: of crude oil prices dropping to US$80 (RM267.40), US$70 (RM233.90) or US$60 (RM200.50) per barrel.

“The government had estimated its 2014 revenue with the crude oil price at US$110 (RM367.60) per barrel and US$105 (RM351) per barrel for 2015,” he said in a statement today.


Najib assures Sabah of more oil and gas revenue – Bernama

January 21, 2015

Dateline 2014-11-15, The Malaysian Insider:

Datuk Seri Najib Razak (pic) has assured Sabah that it would continue to get more revenue from its oil and gas resources.

The prime minister said apart from the oil and gas royalty of five per cent, Sabah was also given a 10% stake in Petronas LNG Train 9 Sdn Bhd in Bintulu, Sarawak, which would generate an additional revenue to the state and its people.

“That is why I had said, you can make a request, but let us negotiate and we have a formula that Sabah would receive more from the oil and gas revenue. This has been clarified by chief minister Datuk Musa Aman,” he said when opening the Pasokmomogun Kadazandusun Murut Organisation (UPKO) Convention in Kota Kinabalu, today.


Malaysia’s upstream O&G sector capex to near US$60b over 5 years, says Najib

May 3, 2014

Show us the money!

Malay Mail, dateline 2014-03-25:

The capital expenditure in Malaysia’s oil and gas sector’s upstream business is forecast to near US$60 billion (about RM198 billion) over the next five years, Prime Minister Datuk Seri Najib Tun Razak said today.

He said the amount contributed significantly to the total upstream spending in South East Asia, which was expected to receive one-fifth of the global upstream spending in the next decade.

“While global upstream spending in the oil and gas sector is expected to remain set at around US$700 billion (about RM2.31 trillion) over the next decade, close to 20 per cent of this spending will be here in South East Asia,” said Najib, who is also the Finance Minister, at the opening of the inaugural Offshore Technology Conference Asia 2014.