Production at Malaysian gas field to resume full production by August 2019

January 8, 2019

Dateline 2018-11-26, LNG Industry:

According to Reuters, Petronas has announced that production at the Kebabangan gas field in Sabah is expected to resume working at full capacity by August next year.
This follows disruption that was caused by a gas leak at the related Sabah Sarawak Gas Pipeline in January this year. Reuters reports that repairs have now been completed, but that integrity assurance tests are still being carried out on the 500 km pipeline. These tests are reportedly expected to be completed by July next year.

Reuters quotes Petronas as saying: “The supply disruption, however, did not impact our LNG cargo deliveries to customers.”

According to Reuters, the finance minister of Malaysia recently announced that the nation’s economic growth has been significantly affected by the supply disruption. He reportedly noted that gas exports have been seriously impacted since 2Q18.


Malaysia’s Petronas sets up team for renewable energy push

January 7, 2019

Is PETRONAS exceeding its mandate, and a prime candidate for monopoly laws? Which parlimentary constituency are they part of?

Dateline 2018-12-27, Reuters:

Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.

Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.


Moody’s changes Petronas’ ratings outlook from stable to negative

December 31, 2018

Now, local banks can lend obscene amounts of money to the golden goose.

Dateline 2018-11-08, FMT:

Moody’s Investors Service has affirmed the A1 domestic issuer and foreign currency senior unsecured ratings of Petronas, but changed the outlook from stable to negative.

The rating agency also affirmed the A1 rating for Petronas Capital Ltd’s senior unsecured notes and the US$15 billion medium-term note (MTN) programme as well as sukuk issued through Petronas Global Sukuk Ltd, but changed its outlook to negative from stable.

Moody’s said the rating action was due to the government’s announcement that Petronas would be paying RM26 billion in dividends in 2018 and RM54 billion (inclusive of a one-off special dividend of RM30 billion) in 2019.


5pc tax on petroleum products will affect market, says Azmin

December 28, 2018

Dateline 2018-11-07, The Star:

The Sarawak government’s move to impose a 5 per cent sales tax on petroleum products produced in the state will not only affect Petronas but also the market, said Economic Affairs Minister Datuk Seri Azmin Ali.

He said the matter should be discussed further as any increase in costs due to additional tax would lead to lesser demand as it would be more expensive than products produced in other oil producing countries.

 


Thanks to 1MDB, Petronas now enjoys huge reserves, says Najib

December 25, 2018

There you go.

Dateline 2018-11-06, FMT:

Days after two former ministers blamed 1MDB for Barisan Nasional’s defeat in the May 9 polls, Najib Razak has defended the state investment arm and says it indirectly helped Petronas increase its reserves.

In a Facebook post, the former prime minister said that for 15 years up to 2012, the national petroleum company was forced to subsidise gas that it supplied to independent power producers (IPP).

This led to Petronas incurring losses of over RM10 billion every year.

 


Malaysia’s Petronas completes first commercial LNG cool-down service at Bintulu

December 21, 2018

So before this, what did they do at Bintulu Port?
Dateline 2018-11-05, S&P Global:

Malaysia’s state-owned Petronas has completed its first commercial gassing up and cooling down service at the Bintulu LNG export plant in northern Borneo, adding to the company’s portfolio of LNG-related services in Southeast Asia.

The operation, which consists of cooling down an LNG carrier’s tanks to cryogenic temperature after dry-docking and before loading its next cargo, was performed on the vessel Singapore Energy in approximately 11 hours, Petronas said in a statement on Monday


STAR: Sarawak should get part of Petronas dividend

December 20, 2018

Dateline 2018-11-03, Malay Mail:

Sarawak should have a fair share of the RM30 billion special dividend that state-owned Petroliam Nasional Berhad (Petronas) will pay to the federal government, State Reform Party (STAR) president Lina Soo said today.

She said Sarawak is producing as much as 800,000 boe (barrel oil equivalent) per day, and with the oil price hovering around US$77 per barrel, it is equivalent to RM250 million on a daily basis.