Dateline 2012-05-10:
Petronas Gas Bhd recorded net profit of RM333.4mil for its quarter ended March 31, 2012.
Revenue was at RM914.8mil. (There were no financial comparisons due to the changes in financial year from March 31 to Dec 31, effective from the financial period ended Dec 31, 2011).
In filings with Bursa Malaysia, the group said its earnings would remain stable as a result of the fixed fee structure under the Gas Processing and Transmission Agreement.
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Posted by Wata
Yup, you heard it here.
Dateline 2012-04-26:
Petronas confirmed today that the Terengganu government has withdrawn its RM2.8 billion oil royalty suit against oil company and Putrajaya, but stressed it has no links to any out-of-court settlement over the matter.
According to The Edge Financial Daily on Monday, the Barisan Nasional Terengganu government had withdrawn its civil suit against Petronas and the federal government on March 21 but did not provide details of its out-of-court settlement.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Barisan, BN, Petronas, terengganu | Permalink
Posted by Wata
I say, What¿
Dateline 2012-04-23:
The Terengganu government has dropped its long-standing legal battle with national oil corporation Petroliam Nasional Bhd (Petronas) and the federal government over unpaid oil royalty payments amounting to several billion ringgit.
In response to queries from The Edge Financial Daily, Petronas said the Terengganu government had withdrawn its law suit on March 21 in “respect of the payment of oil and gas royalties”.
The oil corporation, Malaysia’s only Fortune 500 listing, declined to provide details of the settlement.
“We are not in a position to explain the settlement terms as these are under the purview of the federal government and the Terengganu government,” Petronas said.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: oil, Petronas, royalty, terengganu | Permalink
Posted by Wata
Support me by purchasing my recommendations, or buying through my Amazon store. I need the money to pay for running this site. C’mone, where are those corporate sponsors?
If you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.
May I suggest that readers install the Waze app on their phones? And use it as much as possible? It says its a “a social mobile application providing free turn-by-turn navigation based on the live conditions of the road. 100% powered by users, the more you drive, the better it gets. Join the community of drivers in your area today!” It’s definitely getting better for the Klang Valley area, though we need more users from East Malaysia.
Support your local bookshop! Visit Bookalicious at The Summit Subang, good selection of imported books. I think they focus on trilogies, quadrilogies, and otherologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!
BTW, did I tell you that I am the Secretary of MOGEC?
For those of you who have a healthy skepticism to my industry, these books are for you:
Why We Hate the Oil Companies: Straight Talk from an Energy Insider, The Party’s Over: Oil, War and the Fate of Industrial Societies, Barbarians of Oil: How the World’s Oil Addiction Threatens Global Prosperity and Four Investments to Protect Your Wealth (Agora Series)
This week’s food promotion is … masak asam pedas. If you find nice places around PJ, let me know. I’ve tried the one across from the PJ State Police Station, and the shop next to Dewan MPSJ in PJ State.
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Bookalicious, BP, Petronas, Synergy, Waze | Permalink
Posted by Wata
Ah, a linkage between education and oil, or lack thereof. BTW, here’s an touching article from the SunDaily.
Dateline 2012-04-20:
PARTI Keadilan Rakyat (PKR) raised brows last week when it announced that if Pakatan Rakyat (PR) were to form a government, it would abolish the national higher education fund (PTPTN). The PTPTN was formed in 1997 with the objective of providing loans to students unable to afford fees in local higher education institutions. The larger argument of this proposal is to channel PTPTN funds more effectively to ensure more Malaysians can access education, itself a policy debate that surely must be taking place today.
Public focus, unfortunately, has somewhat shifted away from the issue of higher education itself, following PR leader Anwar Ibrahim’s suggestion that outstanding PTPTN loans of an estimated RM43 billion be written off with Petronas funds. The government however contends that doing so would “squeeze Petronas dry” and kill the goose that lays the golden eggs.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: DSAI, Keadilan, Petronas, PKR, PTPTN | Permalink
Posted by Wata
Can some trader tell me why this is important, and how it affects the rakyat? And interpret the ‘said’ as ‘CYA’.
Dateline 2012-04-19:
Petroliam Nasional Bhd., the Malaysian state oil company known as Petronas, sold a cargo of its Penara crude to Royal Dutch Shell Plc (RDSA) and a shipment of Labuan to Exxon Mobil Corp., said two traders who participate in the market, declining to be identified because the information is confidential.
Leave a Comment » | Malaysian election, oil and gas | Tagged: Exxon, Petronas, Shell | Permalink
Posted by Wata
Dateline 2012-04-09:
Deputy Prime Minister Muhyiddin Yassin today ridiculed Pakatan Rakyat’s plan to abolish the students’ loan scheme and offset it using the oil income, saying the idea would bankrupt the country’s oil company Petronas.
He called the idea mooted by Opposition Leader Anwar Ibrahim an irresponsible populist measure proposed without considering the repercussions.
Weak exports and domestic market makes oil Malaysia’s major income contributor. Muhyiddin claimed Petronas would have to spend as much as RM43 billion to offset the loans, something the country can’t afford.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Pakatan, Petronas, PTPTN | Permalink
Posted by Wata
Dateline 2012-04-08:
Petroliam Nasional Bhd, Malaysia’s state oil company, plans to lower its annual dividend paid to the government to RM28 billion (US$9.2 billion) this year as it holds onto cash to help reverse a production slump.
“We need to grow,” Shamsul Azhar Abbas, the group’s chief executive officer, said in an interview in Kuala Lumpur on March 30. “Energy reserve is not finite, it will deplete. You can’t be sucking us dry.”
Petroliam Nasional, which manages all the Southeast Asian nation’s energy reserves, is the biggest single contributor to government revenue, having paid RM30 billion in dividends for each of the past three financial years. Shamsul, who took over as CEO in 2010, wants to retain more of the company’s profits to invest in exploration after seeing Malaysia’s oil and gas production fall for three straight years
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Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
Does this sound like a broken record?
Dateline 2012-03-30:
Petroliam Nasional Bhd, Malaysia’s state oil company, expects oil prices to decline as crude above US$100 a barrel restrains demand, according to Chief Executive Officer Shamsul Azhar Abbas.
The company estimates a fair price of oil between US$85 and US$90 a barrel for benchmark Brent crude, compared with current futures markets at about US$123 a barrel.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, Shamsul Azhar Abbas | Permalink
Posted by Wata
Does this mean I should plan my offshore work now? Do I get discounts, charter one vessel, get a DSV free?
Dateline 2012-03-29:
That national oil company Petroliam Nasional Bhd (Petronas) and other oil majors are planning significant spending was seen as a great boon for local oil and gas (O&G) support services providers.
But this may not translate into an immediate windfall for domestic offshore support vessel (OSV) operators given the intensifying competition, particularly from foreign players, said the newly formed Malaysia OSV Owners Association (OSV Malaysia).
OSV Malaysia president Tasripin Masotee said local OSV players are unable to offer competitive rates because they do not enjoy the tax benefits granted to Malaysian merchant shippers. These include tax exemptions for spare parts, lower corporate tax and no personal taxes for crew members.
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Leave a Comment » | business opportunity, Malaysia | Tagged: OSV, OSV Malaysia, Petronas | Permalink
Posted by Wata
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Wata - Malaysian Oil and Gas Engineer 