AOGC 2013: Malaysia setting up to become regional energy hub – Prime Minister

July 5, 2013

Dateline 2013-06-09, Platts:

Malaysia has set itself a key strategic objective of becoming a regional energy hub, Prime Minister Najib Razak said Monday.

Speaking at the opening ceremony of the 17th Asia Oil and Gas Conference in Kuala Lumpur, Najib said the energy sector plays a pivotal role in the Malaysian economy with oil and gas contributing to more than 40% of the country’s national income.

Najib said that Malaysia has halted a decline in its domestic production with 24 new discoveries made in 2012 alone. Malaysia produced 1.69 million b/d of oil equivalent in the first quarter of 2013, up 3% from 1.64 million boe/d in Q1 2012.

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Malaysia Pushes Joint Development to Solve Asia Sea Disputes

June 22, 2013

Dateline 2013-06-03, Business Week:

Malaysian Prime Minister Najib Razak called for claimants in the South China Sea to jointly develop resources to avoid conflict and prevent “extra-regional states” from becoming involved.

Najib cited a joint development zone in waters claimed by Thailand and Malaysia as a precedent that could be applied in the South China Sea. Vietnam and the Philippines reject China’s map as a basis for joint development in the waters, part of which are also claimed by Malaysia, Brunei and Taiwan.

“Agreeing to share prosperity, rather than let it divide us, is infinitely preferable to the alternative,” Najib said in a speech yesterday in Kuala Lumpur.

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PM: PETRONAS’ tender decision entirely its own

April 25, 2013

Does this mean that before this, the decision to award tenders was the PM’s?

From the Malaysian Chronicle, dateline 2013-04-03:

Decisions on tender awards for upstream and downstream activities in the oil and gas sector are left in Petronas’ (Petroliam Nasional Bhd) hands, said Prime Minister Datuk Seri Najib Razak.

The government does not want to have a say in the decision-making process.

“A few months ago, I decided that all the tenders be decided by the board’s wisdom … I don’t want to make the decision,” Najib said during a townhall session with Petronas staff yesterday.

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PM warns PETRONAS of disaster if opposition promises done

April 18, 2013

From the Edge (which has disabled text copying on its pages) dateline 2013-04-02. And when he coming round to see us poor folks?

Prime Minister Datuk Seri Najib Razak warned staff of national oil and gas firm Petroliam Nasional Bhd (Petronas) that the opposition’s promises on Malaysia’s resources could bring “economic disaster” if implemented.

At a meeting with Petronas employees today, Najib took the opportunity to demolish the four key promises made by Pakatan Rakyat with regards to oil and gas management and Petronas.

Although he did not name the opposition pact, he alluded that his administration’s plans for the country were facing “threats,” including from those “who have come up with grandiose manifestos”.

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Fuel subsidies must come to an end, says Malaysia PM Razak

July 24, 2012

Dateline 2012-07-03:

As Malaysia enters the developed world status, the country’s Prime Minister Najib Razak has said that the government must look at ending fuel subsidies in the near future.

The announcement has left some Malaysians worried that they could be forced to pay higher premiums even as minimum wages in the country remain somewhat stagnant.

“I have no problem losing the subsidies, but we also have look at increasing our wages to combat the extra money we’d be forced to pay,” transport driver Mohsen Saturk told Bikyamasr.com.

“We all want to keep moving forward, but the people can’t be lost in the process,” he added.

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Special Report: Petronas chafes at its role as Malaysia’s piggy bank

July 22, 2012

Piggy bank is such a Malaysian unfriendly word. Porcine bank? Khindzir bank?

Dateline 2012-07-02:

State-owned oil company Petronas is tired of being Malaysia’s cash trough. Its growing pique at the government flared into public view here in early June at the World Gas Conference.

Chief executive Shamsul Azhar Abbas took to the stage and declared that the government’s policy of subsidizing fuel was plain wrong. A murmur ran through the crowd – his boss, Prime Minister Najib Razak, was sitting in the front row.

Moments later, Najib went to the podium himself to remind everybody that the subsidies – for which Petronas foots the bill – have “social-economic objectives.”

The subtext of that rejoinder: Malaysians pay among the lowest electricity rates and petrol-pump prices in Asia. While the government has vowed to “rationalize” that, it’s highly unlikely to happen before elections expected in a few months.

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PM: Country can’t run forever on fuel subsidy

July 21, 2012

Yes we can, right up to the next election at least.

Dateline 2012-07-02:

The country cannot rely on fuel subsidy-driven consumption to prop up the economy in the long run, said Prime Minister Datuk Seri Najib Tun Razak.

He acknowledged that Malaysia has one of the lowest pump prices in Southeast Asia – second only to Brunei Darussalam – but pointed out that the country needed to reposition its oil-based revenue towards economic development.

“If we use all our riches to provide fuel subsidies, that will increase consumption. If we increase consumption, we do not build productive assets for our country’s future and, one day, oil will be depleted, there will be less oil, the amount of oil production will go down and at that time we will face a grave situation.

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