PETRONAS launches liquefied natural gas virtual pipeline system

October 13, 2020

Dateline 2020-09-09, Hydrocarbons Technology:

Oil and gas firm Petroliam Nasional Berhad (PETRONAS) has launched its liquefied natural gas (LNG) virtual pipeline system (VPS) via its regasification terminal in Pengerang in the Malaysian state of Johor.

The project, which is the company’s latest customer-centric solution, aims at facilitating the growth of cleaner energy use across Peninsular Malaysia.

Developed by the Gas and New Energy business Gas & Power and marketed by Petronas Dagangan Berhad, the VPS solution delivers LNG using trucks equipped with cryogenic tanks to off-grid customers.

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Tengku Zafrul: Govt committed to ensuring Petronas returns to profitability

October 8, 2020

hahahahahahahaha, to carry on from yesterday’s laugh. Or should it be (sad face) as this smacks of subsidy. To PETRONAS. To get profitability and dividends. From PETRONAS.

How about just not getting dividends for the next say 2 years and letting us service providers gracefully transition (with subsidies) to other industries?

Dateline 2020-09-06, Malay Mail:

The government is committed to ensuring that Petroliam Nasional Bhd (Petronas) is able to return to profitability, but it depends on world oil prices.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the loss announced by Petronas two days ago were due to the fall in oil prices but for now they have shown an increase.

“If I am not mistaken, in March and April (Brent crude) oil price fell to US$20 per barrel. At least now there is an increase (in oil price) in the global economy … the projected oil price this year is about US$40 per barrel, so the projection is still within our range,” he told reporters here today.

Tengku Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second quarter (Q2) ended June 30 2020, dragged by huge impairments on assets and weaker oil prices, against a profit of RM14.7 billion in the same quarter last year.

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Petronas CEO: Dividend payout to Malaysian govt will depend on affordability

October 7, 2020

Hahahahahahahahahaha (snort). Seriously, pigs have been equipped with jetpacks already?

Dateline 2020-09-04, Malay Mail:

National oil company, Petroliam Nasional Bhd (Petronas) says dividend payout to the government this year will depend on its affordability in light of the plunging oil prices and Covid-19 pandemic, which has taken a toll on its financial performance.

President and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said Petronas’ year-end results would be the guidance to set the expectation and the group would have to deliberate on the board subject to the company’s affordability.

He also stressed that there is no pressure from the government on it given the unprecedented challenges that oil and gas companies were facing.

“This industry is volatile and like other oil and gas companies, the shareholders will tend not seeing so much returns.

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Limbang among blocks where Petros may lead petroleum management

October 6, 2020

Dateline 2020-09-06, Malay Mail:

 The federal government is currently in discussions with Petronas for Petros to lead the petroleum management site regulations on onshore activities at blocks including Limbang.

Petros vice-president portfolio and planning Abang Arabi Abang Narudin disclosed this in reply to Deputy Minister of Transport and Limbang MP Hasbi Habibollah during a question and answer session at the Parti Pesaka Bumiputera Bersatu (PBB) Convention for the northern region here yesterday.

Hasbi said Chief Minister Datuk Patinggi Abang Johari Tun Openg had previously mentioned the possibility of oil being found in Limbang.

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Malaysia’s Petronas looks to reshape portfolio after quarterly loss

October 4, 2020

Wait, it made a loss 5 years ago? Last election?

Dateline 2020-0916, Reuters:

Malaysian state-owned energy giant Petroliam Nasional Berhad said on Friday it would reshape its portfolio after reporting its first quarterly loss in nearly five years following a coronavirus-related demand slump and lower oil prices.

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Incident At PETRONAS LNG Complex In Sarawak

September 29, 2020

Dateline 2020-09-01, petronas.com:

Malaysia LNG Sdn. Bhd. (MLNG) wishes to confirm that an incident involving one fatality and one injury had occurred at PETRONAS LNG Complex, Sarawak at approximately 2pm on 31 August 2020. The incident occurred at the Acid Gas Removal Unit (AGRU) drain containment which is currently under maintenance. Both contractors were sent immediately to the hospital where it was confirmed that one of the contractors had passed away while the injured contractor is currently receiving medical treatment. 
Investigation is currently being carried out and all relevant authorities have been informed of the incident. The operations at PETRONAS LNG Complex remains unaffected and further information with regard to the investigation outcome will be provided in due course. 
MLNG is deeply saddened by the incident and we would like to extend our heartfelt condolences to the family of the deceased.

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Petronas slate change prompts off-specification bitumen

September 14, 2020

Dateline 2020-07-24, Argus Media:

Malaysia’s state-owned Petronas has started to run more lighter crude at its 270,000 b/d Malacca refinery since mid-July, resulting in an increase in off-specification bitumen supplies.

Malacca typically blends Saudi Arabian crude with fuel oil to produce pen 60/70 bitumen. It has raised the amount of light sweet crude it uses, together with its typical medium sour crude slate, to take advantage of more attractive prices for lighter grades. This has resulted in the refinery producing off-specification bitumen stocks of grade pen 80/100 instead of pen 60/70.

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Petronas eyes growth in local RE business

September 13, 2020

I’m pretty sure there is a sales tax on that.

Dateline 2020-07-21, The Malaysian Reserve:

PETROLIAM Nasional Bhd’s (Petronas) new energy business unit foresees growth in the local renewable energy (RE) market through NE Suria Satu Sdn Bhd (NESS), a joint-venture company between Petronas and NEFIN Group.

With Tesco Stores (Malaysia) Sdn Bhd as its first commercial customer, NESS will be providing a solar rooftop solution covering design, installation, operation and maintenance of solar photovoltaic (PV) panels for selected Tesco stores nationwide.

The provision of the solar rooftop solution is now ongoing until 2040, after the signing of a 20-year power purchase agreement (PPA) between NESS and Tesco, the largest commercial solar PPA of its kind in Malaysia.

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No lawsuit, but Petronas must pay what is owed to Sabah

September 11, 2020

Dateline 2020-007-16, The Malaysian Reserve:

SABAH state government is not planning to file a lawsuit against Petroliam Nasional Bhd (Petronas), but the company should pay what is owed to the state, says Chief Minister Datuk Seri Mohd Shafie Apdal.

Mohd Shafie told The Malaysian Reserve in a recent interview that Petronas should have afforded Sabah the same treatment as Sarawak, based on the court ruling.

The Kuching High Court ruled on March 13 this year that Sabah and Sarawak have the right under the Federal Constitution to impose sales tax on petroleum products.

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When politics weighs on Malaysia’s only Fortune 500 company

September 7, 2020

Dateline 2020-06-29, The Edge:

IT must have been a difficult decision for Petroliam Nasional Bhd (Petronas) to back-track and stop contesting in court the petroleum product sales tax imposed by Sarawak last year.

The national oil firm is slated to pay more to the state when it has just halted exploration and slashed 2020 capex and opex in the face of volatile oil and gas prices.

Benefitting from the decision are the Gabungan Parti Sarawak (GPS) political coalition, which can ride on the success of getting a higher share of oil money, and indirectly, Petronas’ sole shareholder — the new Perikatan Nasional (PN) government, which may have to face a no-confidence vote in the Dewan Rakyat next month.

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