Petronas pays over 2bn ringgit in sales tax to Sarawak

October 21, 2020

If TSWZ stepped down due to “fighting demands”, what does that say of the current leadership?

Dateline 2020-09-18, Argus:

Malaysia’s state-owned Petronas has paid the country’s Sarawak state over 2bn ringgit ($480mn) in sales taxes on oil products for 2019, putting a dent in the oil firm’s coffers just weeks after it posted a 21bn ringgit loss for April-June.

“The payment represents Petronas’ full and final settlement for the sales tax for the year 2019 and is evidence of Petronas’ commitment towards achieving a commercial resolution,” the company said. “The payment for year 2020 will be made upon assessments by the Sarawak Comptroller of State Sales Tax.”

The move follows a long dispute that led to Petronas’ former chief executive Wan Zulkiflee Wan Ariffin stepping down after fighting demands by Sarawak, the country’s biggest oil-producing state, for additional tax payments.

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Malaysia Names Petronas CFO Muhammad Taufik as New CEO

June 23, 2020

So, a change of guard to prevent a tarnished image of the old beloved Great Leader, as the new Great Leader slashes and hashes to meet the bottom line of the Malaysian Beloved Leader?

Dateline 2020-06-06, Financial Post:

(Bloomberg) — Malaysian Prime Minister Muhyiddin Yassin appointed a new chief executive officer at national oil company Petroliam Nasional Bhd., replacing a veteran of almost four decades with the chief financial officer.

Petronas’ President and CEO Wan Zulkiflee Wan Ariffin will become chairman of Malaysia Airlines Bhd., the premier said in a statement on Saturday. He will be replaced by Tengku Muhammad Taufik Tengku Aziz. Both appointments are effective July 1.

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CEO of Malaysian oil company Petronas to resign after five years – Bernama

June 22, 2020

Dateline 2020-06-06, Reuters:

The chief executive of Malaysian state energy firm Petroliam Nasional Bhd, or Petronas, will soon step down after five years at the helm, state media reported on Saturday.

Wan Zulkiflee Wan Ariffin will resign as president and chief executive officer, and will be succeeded by an internal candidate, state news agency Bernama said, citing unidentified sources.

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A taxing uncertainty: Petronas’ take on oil royalty, O&G industry and a low-carbon future

February 3, 2020

Dateline 2019-12-07, The Edge:

Sarawak’s legal pursuit for a higher share of proceeds from its hydrocarbon resources – the biggest among Malaysia’s oil and gas producing states – has once again put the national oil company Petroliam Nasional Bhd (Petronas) in the limelight.

The matter escalated just as Tan Sri Wan Zulkiflee Wan Ariffin approaches his five-year mark as Petronas president and group chief executive officer early next year.

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Petronas explores renewable energy market

August 25, 2019

When will PETRONAS divest its hydrocarbon assets?

Dateline 2019-07-10, FMT:

Petroliam Nasional Bhd (Petronas) has taken steps to explore new growth areas beyond the conventional oil and gas sectors, says president and group CEO Wan Zulkiflee Wan Ariffin.

Wan Zulkiflee said against the backdrop of demand for more sustainable energy sources, Petronas is considering viable investments in renewable energy, namely in solar, wind and biomass projects on a commercial scale.

“To cater to the growing energy demand, the company has embarked on numerous energy investments anchored to its three-pronged strategy to develop an energy mix that effectively balances the energy trilemma of security, affordability and sustainability of energy supply,” he said at the World Economic Forum’s roundtable discussion on Malaysia’s energy landscape today.

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Petronas to balance RE investments and returns

August 18, 2019

You know, I have a fundamental issue when an NOC established for managing the nation’s hydrocarbon reserves uses its monopoly to enter the RE market

Dateline 2019-07-04, The Malaysian Reserve:

THE oil and gas (O&G) industry is undergoing a paradigm shift whereby consumers are not just asking for reliable and affordable, but sustainable energy as well.

This is the dilemma facing national oil companies (NOCs) like Petroliam Nasional Bhd (Petronas), who are tasked to meet the demands of a fast developing home economy and energy market, while falling in line with the global agenda to reduce carbon emissions and improve on energy mix.

The prospects for energy remain evergreen. Some 70% of the projected global population of over 9.8 billion in 2050 will be domiciled in Asia and Africa, and energy is set to play a key role in fuelling the growth and industrialisation of economies such as China, India and South-East Asia.

According to Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin (picture), primary energy demand in Asia is expected to grow 2.5% per annum to reach 7.1 billion tonnes of oil equivalent in 2035.

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Petronas to have Malaysia’s second floating LNG facility ready by Q1 2020

May 13, 2019

Dateline 2019-04-02, Reuters:

State-owned Petroliam Nasional Bhd, or Petronas, expects to have its second floating liquefied natural gas (LNG) facility in Malaysia ready by the first quarter of next year, its chief executive, Wan Zulkiflee, told the LNG2019 conference in Shanghai on Tuesday.

Malaysia had said in October last year that the facility would be operational by July 2020.

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Malaysia’s Petronas sets up team for renewable energy push

January 7, 2019

Is PETRONAS exceeding its mandate, and a prime candidate for monopoly laws? Which parlimentary constituency are they part of?

Dateline 2018-12-27, Reuters:

Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.

Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.

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Volatile landscape amid rising oil prices: Petronas

November 22, 2018

Dateline 2018-09-25, NST:

Local oil, gas and energy players are urged to tread carefully and respond cautiously towards the uptrend seen in the crude oil prices, as volatility are expected to continue due to trade wars and geopolitical risks.

Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said despite improving outlook, which saw a spike in Brent oil prices hitting the 4-year high at US$80 a barrel this morning, it is important to be mindful of the unpredictable industry landscape.

“Currently, the outlook for the oil and gas industry is also improving. Year-to-date Brent is at US$72 per barrel, a significant sharp increase from the average of US$54 per barrel in 2017 and the oil and gas sector here seems to be responding positively.
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Petronas to provide input to attract O&G investments

November 16, 2018

Dateline 2018-09-03, The Malaysian Reserve:

Petroliam Nasional Bhd (Petronas) has given its commitment to provide the necessary input to all oil and gas (O&G) stakeholders, particularly on the expected higher oil royalty arrangement, to ensure that Malaysia remains an attractive destination for O&G investments.

Its president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin (picture) said while Petronas is not privy to the discussions taking place between the federal and state governments on related issues, it will continue to provide its views on all possible scenarios.

“What’s important is to remember that we need to keep the O&G industry in Malaysia resilient and Malaysia as an attractive investment destination for foreign O&G companies,” Wan Zulkiflee told members of the press at Petronas’ Kuala Lumpur headquarters last Thursday. “We do not want the production sharing contractors (PSCs) to be impacted because we want Malaysia to still be an attractive investment destination.”

Petronas, as the national energy company, is responsible for the exploration, extraction, refining and marketing of Malaysia’s petroleum resources, which it undertakes via production sharing schemes. This involves the participation of other oil firms in the country’s O&G space, such as Royal Dutch Shell plc, Exxon Mobil Corp and Murphy Oil Corp.

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