Lower oil price is not a valid reason: SAPP

April 5, 2016

Dateline 2016-02-13, Daily Express:

Lower gas price is not a valid reason for the cancellation of the Lahad Datu Regasification Terminal which could have helped alleviate the energy woes of Sabah’s east coast region.

Sabah Progressive Party (SAPP) President Datuk Yong Teck Lee said the project was approved in 2012 and scheduled to be completed in 2015 and by the time oil and gas prices began to fall in the middle of last year, the project would have been completed or near completion.

“In any case, why would lower gas prices affect the Regasification Terminal investment? Would not lower gas prices make it more viable for our energy producer to produce cheaper electricity?” he said in a statement here, Friday.

Yong added that lower gas prices only means that Petronas Gas makes less profits from Sabah’s oil and gas.

…

 

Leave a Comment » | investment, Malaysia | Tagged: , , , | Permalink
Posted by Wata

Terminates pact to develop regasification plant in Sabah

April 2, 2016

Dateline 2016-02-11, Nikkei Asean Review:

Petronas Gas and Sabah Energy Corporation have mutually terminated a pact to jointly develop a liquefied natural gas project in the Malaysian state of Sabah.

“In view of the prolonged uncertainty of the regasification terminal Lahad Datu Project, the parties to the Shareholders Agreement have mutually agreed to terminate the said SHA effective 10 February 2016,” Petronas Gas said in a stock exchange filing.

In September 2013, Petronas Gas, which processes natural gas and operates pipelines in Malaysia, had offered Sabah Energy to acquire up to a 20% equity stake in the project.  The estimated 0.76 million metric ton per year plant was scheduled to start operation last year but a violent insurgency in 2013 led to an indefinite suspension of the project.
…

Leave a Comment » | investment, Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

PGB records RM1.7b profit after tax

June 18, 2015

Dateline 2015-04-30, NST Online:

Petronas Gas Bhd (PGB) recorded profit after tax of RM1.7 billion despite declining crude oil prices, ringgit depreciation and a challenging economy.

Its chairman Datuk Manharlal Ratilal said 2014 was a strong year for the company in terms of performance and revenue.

“Overall, 2014 was a strong year for PGB as it has generated RM4.4 billion in revenue, a 13 per cent or RM500 million increase from last year.

“Our market capitalization closed at RM44 billion at year end, making PGB one of the largest corporations on Bursa Malaysia. Dividend paid was 55 sen  per ordinary share.”

The improved performance was mainly attributed to its full year operation from its liquefied natural gas (LNG) Regasification Terminal in Sungai Udang, Malacca as well as Gas Transportation Agreements with Petronas.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: , , , , | Permalink
Posted by Wata

Malaysia’s Petronas delays startup of Melaka LNG import terminal to Q2 2013

December 14, 2012

Let’s call this reality converging with optimism.

Dateline 2012-11-26:

Commercial startup of the Melaka LNG terminal — Malaysia’s first LNG import facility — has been pushed back for the second time to the April-June quarter of 2013, according to a statement from Petronas Gas, a subsidiary of state-run Petronas.

There will be no material effect on Petronas Gas’ earnings and net assets for the financial year ending December 31, 2012, arising from the later commencement of operations at the LNG regasification terminal, Petronas Gas said Friday in a statement to Bursa Malaysia.

Petronas Gas did not give a reason for the delay and Petronas officials were not available for comment Tuesday.

…

 

Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata