Barakah gets RM260m gas project

June 17, 2014

Dateline 2014-04-24, FMT:

 Barakah Offshore Petroleum Bhd has won a RM260 million contract from Petronas Gas Bhd (PetGas) for the procurement, construction and commissioning (PCC) of the Pengerang gas pipeline.

The project is undertaken by PetGas as part of the expansion of the Peninsular gas utilisation pipeline network to Pengerang Integrated Complex, Johor.

The project is awarded to Barakah’s subsidiary PBJV Group Sdn Bhd in a 50:50 consortium with CPM Construction Sdn Bhd, a subsidiary of Indonesian company PT Citra Panji Manunggal, according to both Barakah and PGB in separate exchange filings on Tuesday.

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Malaysia to boost oil storage business as new terminal starts on Saturday

May 23, 2014

Dateline 2014-04-11, Reuters:

Malaysia’s biggest commercial oil storage facility will start operations on Saturday when it receives its first fuel shipment, expanding Southeast Asia’s share in the oil storage business and also raising competition with neighbouring Singapore.

The $600 million oil storage terminal with a capacity of 1.28 million cubic meters at Pengerang in the southern Malaysian state of Johor will receive a clean oil product shipment on Saturday morning, Dialog Group Bhd, one of the owners of the terminal, confirmed to Reuters in an email.

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Rapid investment may top US$50b

May 2, 2014

NST, dateline 2014-03-24:

Mida confident that investment outlook on O&G sector will remain positive.

INVESTMENTS at the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, could top US$50 billion (RM165 billion) by 2020, 150 per cent more than the initial
target of US$20 billion.

Malaysian Investment Development Authority (Mida) said Pengerang will serve as catalyst for development in areas such as refinery, petrochemicals, power, naptha cracker and regasification plants, as well as crude oil storage and liquefied natural gas storage tanks.

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Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward Read more: Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward

April 12, 2014

Dateline 2014-03-07, NST:

The oil and gas sector is to emerge as the “rising star” and significantly drive the Malaysian economy forward this year, Prime Minister Datuk Seri Najib Razak said today.

He said the expectation was based on the number of oil and gas projects that would be awarded when the massive RM61 billion Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor, gets off the ground by year-end.

“This will have a major impact on the economy. I’m also hoping for some recovery in other commodity prices as well this year.

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PTT cancels Malaysia venture Projects in China and Indonesia to go ahead

April 1, 2014

Investment interruptus? Not a good sign for Pengerang.

Dateline 2014-02-22, Bangkok Post:

The SET-listed PTT Global Chemical Plc (PTTGC), Thailand’s largest petrochemical producer, has decided to cancel its US$200-million petrochemical project in Malaysia due to lower-than-expected returns.

Through a joint venture with the Malaysian national oil and gas company Petronas and Japan’s Itochu Corporation, the downstream petrochemical project in Pengerang, Johor state, is set to produce polyol and poly carbonate for the automotive parts industry.

The three investment partners signed a “head of agreement” in Malaysia in May 2012.

Bowon Vongsinudom, PTTGC’s chief executive and president, yesterday said the feasibility study showed that the project has Internal Rate of Return (IRR) of less than 15%.

”That IRR is not justified under our benchmarked investment return,” he said.

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High activity levels for O&G players

March 21, 2014

Dateline 2014-02-13, Borneo Post:

It is with much optimism that oil and gas players enter 2014 in Malaysia with projects progressing to the next stage and massive job awards on the line.

According to analyst Aaron Tan from MIDF Amanah Investment Bank Bhd (MIDF), Petroliam Nasional Bhd (Petronas) will have the final investment decision (FID) on the RM60 billion Refinery and Petrochemicals Integrated Development (Rapid) complex in Pengerang, Johor whithin the first quarter of 2014.

“We view this as a positive sign as it will spur the downstream petrochemical sector. So far, Petronas has signed agreements with Versalis SpA (Italy), Itochu (Japan) and PTT Global Chemicals (Thailand) as joint-venture partners to build specialty chemical plants,” he said in the MIDF Equity Beat report yesterday.

“We do not, however, think that the Rapid initiative will directly benefit most Bursa-listed oil and gas service providers these companies are mainly upstream offshore support service providers.

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Local sources for Malaysia’s gas needs

February 12, 2014

Dateline 2013-12-20, The Star:

Malaysia may see almost all of its gas production requirements being sourced from local means from 2015 as soon as the second regassification terminal in Pengerang, Johor is up and running.

Petroliam Nasional Bhd general manager for Malaysia gas management Ezhar Yazid Jaafar said that the additional supply would be sourced from east Malaysia to be processed in Pengerang.

Speaking at a press conference on Wednesday, Ezhar said the country now sourced about 15% of its local requirements from overseas.

“In 2015 or 2016 we will source most of our supplies locally. We presently import LNG from countries such as Brunei, Nigeria, Qatar and Norway,” he said.

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Much riding on Petronas’ project

November 1, 2013

Dateline 2013-09-07, Malaysia Chronicle:

 The bulk of that comes from the national oil company, Petronas. Over its lifespan, Petronas has accounted, at times, for up to 50 per cent of the government’s annual revenue.

These exclude the various economic spin-offs from its investments and business activities. It provides, directly or indirectly, tens of thousands of jobs, hundreds of millions of ringgit in business opportunities and other value-added services.

With its huge operations built over the years in Malaysia and around the world, Petronas has emerged as the 25th largest oil and gas company in the world, the 68th largest company in the world, 12th most profitable globally and most profitable in Asia.

Much of the success comes from its investments in various upstream and downstream petroleum activities and prudent management of its financial reserves.

There are not many state oil companies that have been as successful as Petronas.

Petronas needs to step up investments to expand its operations, weather the vagaries of global petroleum prices and boost its earnings to ensure its financial sustainability and that of the country’s economy.

That was the rationale behind Petronas’s plan, announced last year, to turn Pengerang in Johor into a vibrant petroleum hub in Asia, rivalling Singapore.

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Petronas to delay $19 billion petrochemicals project

September 20, 2013

Okay, this is really out of date info, but I’m behind, so much news to share. “Water supplies”?

From FMT, dateline 2013-07-30:

Petronas will start up its $19 billion petrochemicals complex in Malaysia in 2018, the company told Reuters on Tuesday, signaling a further delay in the country’s largest-ever infrastructure project.

A delay to the project in  Johor could deal a potential blow to the economy of  as well as local oil and gas services firms hoping for work on the massive complex.

A source familiar with Petronas’ business strategy told Reuters the project had been complicated by a need to secure water supplies as well as cater for proposed international partners.

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Qatar plans to invest $5bn in Malaysia petrochem complex

February 7, 2013

Dateline 2013-01-30:

Qatar’s sovereign wealth fund plans to spend half of the $10bn it expects to invest in Malaysia on a petrochemicals complex aimed at transforming the southeast Asian nation into a global hub for the oil and gas trade.

The Pengerang Integrated Petroleum Complex in the southern state of Johor is expected to help Malaysia compete with neighbouring Singapore to become the region’s top petrochemical hub.

“We are in discussions about this. We may invest up to $5bn in the next three to four years into petrochemical projects here (in Pengerang),” Qatar Holding LLC Vice-Chairman Hussain Ali Al Abdulla told reporters in Kuala Lumpur yesterday.

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