Petronas CEO ready to quit any time

November 30, 2012

Link bait.

Dateline 2012-11-12:

Tan Sri Shamsul Azhar Abas has hinted that he may not stay long at Petronas under its new succession policy after pushing through reforms to distance itself as the country’s piggy bank in the last two years he has been its CEO.

“I’ve identified my successor and I’m ready to leave any time. Even tomorrow.

“I don’t believe in self-preservation,” Shamsul told Financial Times (FT) in an interview published today.

Petronas’ chief executive and board serve at the pleasure of the prime minister who have over the years tapped into the state oil firm’s funds to build their dream projects and bail out their mistakes.

…

 

3 Comments | Malaysia, Malaysian election, oil and gas | Tagged: , | Permalink
Posted by Wata

Special Report: Petronas chafes at its role as Malaysia’s piggy bank

July 22, 2012

Piggy bank is such a Malaysian unfriendly word. Porcine bank? Khindzir bank?

Dateline 2012-07-02:

State-owned oil company Petronas is tired of being Malaysia’s cash trough. Its growing pique at the government flared into public view here in early June at the World Gas Conference.

Chief executive Shamsul Azhar Abbas took to the stage and declared that the government’s policy of subsidizing fuel was plain wrong. A murmur ran through the crowd – his boss, Prime Minister Najib Razak, was sitting in the front row.

Moments later, Najib went to the podium himself to remind everybody that the subsidies – for which Petronas foots the bill – have “social-economic objectives.”

The subtext of that rejoinder: Malaysians pay among the lowest electricity rates and petrol-pump prices in Asia. While the government has vowed to “rationalize” that, it’s highly unlikely to happen before elections expected in a few months.

…

 

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

Petronas approves floating LNG plant

July 3, 2012

Dateline 2012-06-05:

Petronas has approved plans to build a floating liquefied natural gas (LNG) plant offshore Malaysia and aims to bring it online in 2015, which, if it were successful, would make it the first such plant in the world.

Petronas’ main competitor in the race to bring the first floating LNG plant online is oil major Royal Dutch Shell which approved its Prelude LNG floating plant last year and has said it intends to bring the plant online by 2017.

The floating LNG plant will allow Petronas to drill and ship gas from fields that were either too small or too remote to be profitable previously, CEO Shamsul Azhar Abbas said at a gas industry gathering in Kuala Lumpur on Monday.

“This is an example where advancement of technology has made it economically feasible to monetise stranded gas in small and scattered conventional fields,” Shamsul said of the project.

…

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

Oil prices at US$100/barrel not sustainable

April 19, 2012

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.

…

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

From Bernama – Musa Hails Petronas’ Focus On Sabah O&G Firms

November 17, 2011

Do you get the impression that us small folks in the Peninsular will be marginalized?

Dateline 2011-11-03:

Chief Minister Datuk Seri Musa Aman today expressed his appreciation to Petronas chief executive officer Datuk Shamsul Azhar Abbas for his sincere efforts to ensure business opportunities are given to local contractors in the oil and gas industry.

He said this was evident from Petronas’ commitment to award contracts worth RM600 million to Sabah firms in the Sabah Ammonia-Urea Plant (Samur) in Sipitang.

Musa said apart from this, investments worth billions of ringgit in downstream projects would create huge multiplier effects and offer diverse opportunities to locals.

…

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

Next Entries »