Petronas: Defers $20 Billion Petrochemical Plant Decision to 2014

June 15, 2013

Isn’t the reason for deferment obvious? Can you spell “1AkuJanjiLepasUndi?”

Dateline 2012-05-22, Fox Business News.

Malaysia’s Petroliam Nasional Bhd. has deferred for another three quarters a decision to proceed with what the government describes as one of the country’s most important oil-and-gas projects.

A decision about building the $20 billion petrochemical complex in the southern state of Johor has been deferred until the first quarter of 2014, Petronas Chief Operating Officer Wan Zulkiflee Wan Ariffin said on Wednesday. He didn’t give a reason. It had been scheduled to announce if it will go ahead by next month. Petronas is currently conducting a new “front-end engineering design study,” Mr. Zulkiflee told a news conference.

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Third PSC contract attracts much interest

June 14, 2013

Dateline 2013-05-19, Borneo Post:

The announcement of the third round of Petroliam Nasional Bhd’s (PETRONAS) risk service contract (RSC) licensing for 10 marginal fields has excited the sector favourably, attracted up to two dozen players in its process.

According to AmResearch Sdn Bhd (AmResearch) in a sectoral outlook previously, the fields for this third round include Bunga Pelaga, Rompin, Endau, Lada Hitam, D41 and A21 off Sarawak, Rusa Timur, Mutiara Hitam and Kuda Terbang off Sabah and Ophir, the lone field on offer off Peninsula Malaysia.

The research firm noted that five of the fields — Ophir, Bunga Pelaga, Lada Hitam, Rusa Timur and Mutiara Hitam — were offered in two earlier licensing rounds in 2011 and 2012.

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IEM Shout Out – Technical Visit To Gas Malaysia Berhad

June 10, 2013

This is a shout out for the IEM. My Technical Division will be visiting Gas Malaysia Berhad, No.5 Jalan Serendah 26/17, Shah Alam, Selangor on Tuesday 25th June, 2013.

Gas Malaysia is a natural gas distribution company in Malaysia. The company headquarters is located in Shah Alam. It has three regional offices, located in Prai, Gebeng and Pasir Gudang, and seven branch offices located throughout Peninsular Malaysia.

The company was incorporated on 16 May 1992 to construct and operate the natural gas distribution system within Peninsular Malaysia. In December 2000, Gas Malaysia expanded its business to include the reticulated liquefied petroleum gas.
As of July 2005, the company had 452 industrial customers, more than 600 commercial customers and over 3,000 residential customers.As of February 2011, Gas Malaysia had 33,707 residential and commercial customers as well as 691 industrial customers. In 2010, total gas sold by Gas Malaysia was 117.8 million British thermal unit throughout Peninsular Malaysia. As of February 2011, its network of gas pipelines covered a total of 1,726.6 kilometers (1,072.9 mi)

Register for this event here. Download the brochure here.

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‘Open up PETRONAS’ books’

June 6, 2013

Too bad we can’t open up our elected reps (all of them) offshore bank account books.

From FMT, dateline 2013-05-19:

A Sabah state legislative assembly representative has called for greater  transparency, accountability and creditability in the shadowy world of the nation’s oil wealth that is now only privy to the Prime Minister.

Luyang representative Hiew King Cheu said the need to amend the Petroleum Development Act 1974 is in line with Prime Minister Najib Tun Razak’s declared intentions of creating a more responsible government.

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Petronas announces successful drilling at biggest oilfield

May 16, 2013

FMT, dateline 2013-05-02:

Petronas, the national oil company, today announced the successful drilling of the Cendor Graben-2 appraisal well within Block PM304, offshore Peninsular Malaysia.

In a statement here, Petronas said the well was drilled to a depth of over 1,000 metres and confirmed the presence of oil and some gas-bearing reservoirs.

Drilling was undertaken by Petrofac (Malaysia PM304) Ltd, the operator for Block PM304, together with joint-venture partners Petronas Carigali Sdn Bhd, Kuwait Foreign Petroleum Exploration Company and PetroVietnam Exploration Production Corporation Ltd.

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Fighting Off Trouble at Home, Petronas Tries to Beef Up Oil & Gas Production

May 9, 2013

From Energy Tribune, dateline 2013-04-xx:

Malaysia’s oil and gas major PETRONAS has seen better days. The state-owned company is vested with the entire oil and gas resources in the country as well as its exploration and production (E&P) and is subject only to the prime minister who controls appointments to the company’s board.

Until recently, Fortune listed PETRONAS as one of the largest and most profitable companies in the world and the most profitable in Asia. However the company’s size hasn’t help it ward off recent problems.

Net profit decline

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Malaysia MISC says PETRONAS $3 billion revised buyout offer not fair

May 2, 2013

Dateline 2013-04-08:

Malaysian shipping group MISC Bhd (MISC.KL) said a revised $3 billion offer from shareholder Petronas to buy out all remaining stock was not fair, because it was lower than the combined valuation of its different divisions.

State oil company Petroliam Nasional Bhd, which already owns nearly 63 percent of MISC, on Friday raised its offer to 5.50 ringgit per share from 5.20 ringgit after the Employees Provident Fund, MISC’s other major shareholder with nearly 10 percent, said the original bid was unattractive.

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Be transparent with PETRONAS money first

April 30, 2013

Dateline 2013-04-07:

Malaysia’s non-commodity Khazanah Nasional, founded in 1993, is ranked 23 with US$34 billion in assets and a Linaburg-Maduell Transparency Index (LM-TI) of 5.

The world’s largest sovereign wealth fund (SWF) is Norway’s oil-based Government Pension Fund-Global. It was set up in 1990 and is currently registered with assets worth US$664.3 billion with a perfect 10 LM-TI.

UAE-Abu Dhabi’s oil-based Abu Dhabi Investment Authority, established in 1976, is ranked second with US$627 billion with a 5 LM-TI.

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Malaysia’s Petronas makes higher offer for MISC in $3 billion deal

April 28, 2013

From Reuters, dateline 2013-04-05:

Malaysia’s state owned oil and gas firm Petroliam Nasional Bhd (Petronas) PETR.UL raised the offer price to take over shipping firm MISC Bhd (MISC.KL) in a deal valued at 9.2 billion ringgit ($3 billion).

The revised offer of 5.50 ringgit per share comes after MISC’s other major shareholder, the Employees Provident Fund found the original bid of 5.30 per share to be unattractive.

Petronas did not disclose reasons behind the revised offer on Friday, which is 0.73 percent or four sen higher than MISC’s share close of 5.46 ringgit per share.

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Former PETRONAS chief named chairman of energy company

April 27, 2013

Dateline 2013-04-05, The Malaysian Insider:

Former Petronas CEO Tan Sri Hassan Marican has been named as chairman of Pavilion Energy Pte, a new energy company under Singapore’s investment fund Temasek Holdings.

Hassan, who left the national oil company at the beginning of 2010 allegedly due to friction with the government, has been accepting directorships with several foreign firms in the energy sector, including as chairman of Singapore Power Ltd in February last year.

According to a Bloomberg report, Hassan was appointed together with chief executive Seah Moon Ming who joined Temasek in March.

The report pointed out that Pavilion Energy was set up with an initial authorised capital of S$1 billion (RM2.47 billion), to capitalise on the growing demands in Asia, especially on liquefied natural gas (LNG).

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