What’s the deal in RAPID?

April 15, 2017

Dateline 2017-03-04, The Star:

Tan Sri Shamsul Azhar Abbas, then president and CEO of Petroliam Nasional Bhd (Petronas), played host to several key personnel from Saudi Arabia’s state-owned oil company Aramco when they visited Malaysia.

He hired several helicopters, taking the group to get an aerial view of the upcoming 22,000-acre Pengerang Integrated Petroleum Complex (PIPC) in Johor in the hope of convincing them about the huge potential of the development.

According to an industry insider, Shamsul was hoping to replicate the business model adopted by Canada’s oil giant Progress Energy Resources Corp – which is famed for having a successful strategy in diversifying risk and improving the viability of its projects by paring down stakes in its 100%-owned projects to other significant oil players – on Petronas’ projects in Pengerang.

So, after showering the Aramco’s people with some Malaysian hospitality, the insider says, Shamsul began to share his vision for Petronas’ Refinery and Petrochemical Integrated Development, or Rapid, project.

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Shamsul Azhar Resigns From Petronas Gas On Jan 1

January 8, 2017

In case you missed this.

Dateline 2016-12-09, Malaysian Digest:

Petronas Gas Bhd Chairman Tan Sri Shamsul Azhar Abbas, 64, will resign from the company on Jan 1, 2017, after helming the company for about a year, the company announced in a filing to Bursa Malaysia.

Petroliam Nasional Bhd (Petronas) Executive Vice-President and Chief Executive Officer (Upstream) Datuk Anuar Taib, 48, would succeed Shamsul who has expressed intention to resign due to time constraint as he currently served on the board of various Malaysian and overseas companies.

Anuar, 48, joined Petronas in 2012 as Chief Executive Officer of Petronas Development and Production before subsequently promoted to Senior Vice-President of Petronas Upstream Malaysia.

Petronas Gas also announced the resignation of non-independent and non-executive director Datuk N. Sadasivan Pillay, 75, effective Jan 1, 2017.

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Petronas Gas: RM4.5b capex for next 5 years

June 4, 2016

Now, how would I capitalize on downstream activities?

Dateline 2016-04-27, The Sun:

Petronas Gas Bhd (PGB) has allocated RM4.5 billion in capital expenditure (capex) for the next five years, said its chairman Tan Sri Shamsul Azhar Abbas.

“We are continuously looking for growth projects…we will continue to maintain our capex kind of expense to the tune of about RM300 million a year and for the next five years, our capex is going to be in the region of RM4.5 billion, mainly to cater for the growth projects,” he told reporters after its AGM yesterday.

Shamsul said the two major growth projects that it is involved in are the LNG Regasification Terminal (RGT) and the Air Separation Unit (ASU) project, both of which are located in Pengerang.

He said the RGT project is now at 25% progress on ground and the first storage tank should be commissioned before the end of 2017 while the second tank, which will complete the whole project, will be commissioned by the first quarter of 2018.

The group also aims to enter into its final investment decision for the ASU project by the second quarter of this year. The ASU is being built to cater for the requirements of the Petronas Refinery and Petrochemical Integrated Development (Rapid) project.

“Those are the two major projects as far as growth is concerned. You may notice that in terms of capex requirement, we have undertaken a loan of US$500 million (RM1.95 billion) from Mizuho Bank earlier this year. The bulk of that loan is going to cater for these growth projects and the rest will be reserved for maintenance capex.

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Petronas picks new board member, changes committee heads

October 25, 2015

Tahniah, Datuk Omar. Let’s go for teh tarik someday.

Dateline 2015-09-24, The Star:

Petroliam Nasional Bhd (Petronas) has made some changes to its board, bringing in the former head of the Securities Commission (SC), Tan Sri Zarinah Anwar, and shuffling the heads of some of its board committees.

It is speculated that more board changes are in the offing for the national oil company, with a few new ones to come in while some existing board members may leave when their terms end.

Petronas recently saw a change of guard in the form of the departure of Tan Sri Shamsul Azhar Abbas at its helm, with the reins being handed over to new CEO Datuk Wan Zulkiflee Wan Ariffin. StarBiz had speculated that some board changes would be in the offing following this.

The new changes are reflected in Petronas’ website today.

Datuk Mohd Omar Mustapha has replaced Datin Yap Siew Bee as chairman of Petronas’ remuneration committee, while Datuk Muhammad Ibrahim was made chairman of the audit committee replacing Krishnan Menon.

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Oil and gas veteran’s take on oil prices

October 8, 2015

I see the Star is milking one interview for more than one article.

Dateline 2015-09-05, The Star:

IF what former Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Shamsul Azhar Abbas says is true, then the oil and gas (O&G) industry has to go through a perilous three or even four years of low price environment before it sees the heady days of hitting dizzy heights of US$100 or more per barrel.

The industry veteran expects the price of oil to trade in the range of between US$45 and US$55 per barrel in the next few years based on the current fundamentals and dynamics surrounding the industry.

“Prices may go up to US$60 per barrel this is based on the current fundamentals and dynamics surrounding the industry,” he says.

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‘To bring about change, you must not want the job’

October 6, 2015

Dateline 2015-09-05, The Star:

IN January, Tan Sri Shamsul Azhar Abbas, the-then president and chief executive officer (CEO) of Petroliam Nasional Bhd (Petronas), received a picture of his son in school from his wife. He broke down, realising how much he had missed the child growing up.

“I broke down … where was I all these years?” asks the 63-year-old gangling oil industry veteran, who could easily be passed off for a Texan oil baron had he donned a “cowboy” hat.

The interview at MMC Corp Bhd’s office in the city is not far from his work address at the Petronas Twin Towers, where one has to pass through several layers of security checks before getting into a spacious room for a meeting with the top man who is responsible for the country’s only Fortune 500 company.

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Malaysia’s Petronas to Review Spending as Oil Prices Slide

February 15, 2015

Dateline 2014-11-28, WSJ:

Malaysia’s national oil-and-gas company Petroliam Nasional Bhd., or Petronas, said Friday it is reviewing its spending plans for next year after reporting a 14% decline in third-quarter net profit on falling crude prices, even as it increased output.

Petronas, the Southeast Asian country’s sole Fortune 500 company and most profitable enterprise, may cut spending between 15% and 20% of its capital expenditure next year, Chief Executive Shamsul Azhar Abbas told reporters at an earnings briefing. The company typically spends 60 billion ringgit to 80 billion ringgit ($17.9 billion to $23.9 billion) each year in expanding its operations.

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