Is Petronas An Ungrateful Child of Malaysia?

JULY 12 — In early June Petronas hinted publicly at the World Gas Conference that it is tired of being the Malaysian government’s cash cow. It said no to fuel subsidy and last year it said it wanted to pay less dividends!

Is Petronas ungrateful? The money belongs to the rakyat anyway and hence the government.

While many have attempted to comment on the sustainability of Petronas’ payouts, this article aims to give some insights into the realities of the local oil and gas industry, and why returning all oil harvests back to Malaysians may not be to the benefit of Malaysians themselves in the longer run.

In 1974, Petronas, fully owned by the government of Malaysia, was established and given full ownership and control of our petroleum reserves. Today, it has evolved into a fully integrated oil and gas multinational corporation, ranked among Fortune 500’s largest and most profitable oil and gas corporations with a total workforce of more than 30,000.

Steel Toed Boots 101

A fun article about finding steel toed boots a.k.a. safety boots a.k.a. work boots etc. Whichever you may wanna call it.

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12 hour days can be tough, especially when you are on your feet the entire time. That being said, I wanted to take some time to talk about the right rig boot, and point out some other things that you should look for when buying your next pair of steel toed. We’re not exactly going for the wall street look here, but keeping your feet dry and comfortable will make your life a while lot easier.
Forget laces

If you’re a worm hand, don’t even think about getting lace up boots. Trudging around in ankle-deep mud and water will gum up those things faster than you can imagine. And nothing will ruin your day faster than realizing that your cheap lace-up Wal-Mart boot, just isn’t gona cut it. It won’t take long before your back at the store looking for pull-on boots.

I made this exact mistake of buying some cheap Wal-Mart lace-up boots on my first day…. and I couldn’t throw them away fast enough. The very next day I drove into town and bought myself some pull-on redwings…. And never looked back.
Remember this if you remember anything

Ron 97 Down 10 sen from Tomorrow

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I'm reading between the line here... one can only ponder whether there were any political motives behind such decision...

KUALA LUMPUR (June 6): The government today announced that the retail price of RON97 would cost 10 sen less at RM2.80 per litre from tomorrow.

In a statement today, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the lower price was line with the dip in average global crude oil prices in May. He said the retail RON97 price, in principle, was fixed based on a managed float whereby the monthly price was determined according to market forces.

Source: http://www.theedgemalaysia.com/index.php?option=com_content&task=view&id=214990&Itemid=79

Petronas RAPID to Draw RM120,000,000,000

KOTA TINGGI: The Petronas Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang is expected to draw RM120 billion in investments during the next five to six years.

Prime Minister Datuk Seri Najib Razak said the complex had recently also drawn the interest of a Taiwan-based petrochemical company, which is conducting an investment study to build an integrated oil and petrochemical complex to complement the Petronas Rapid project.

Najib said the Taiwan petrochemical company’s project was worth between US$10 billion and US$12billion (RM30.72 billion and RM36.86 billion).

Career Fair: Mustang Open House

Fancy an outing to KL city centre this weekend? Might as well to go and visit the MSD office at The Icon, Jalan Tun Razak.

Mustang is still relatively new in Malaysia. Nevertheless they're reputable engineering consultant in Oil & Gas, internationally.


What is it all about?

Mustang Engineering is organizing an event... Career Open House eh? This is new. I personally never experienced the concept of Career Open House myself. Perhaps a more casual version of the typical Career Fair... plus food.

The pdf version of the poster above can be found here.

Kencana Secures RM74m Fabrication Job from ExxonMobil

KUALA LUMPUR (Feb 29): KENCANA PETROLEUM BHD has secured a RM74 million contract from ExxonMobil Exploration and Production Malaysia (EMEPMI) to fabricate the substructure for a platform off Terengganu.

The company said on Wednesday its unit Kencana HL Sdn. Bhd was awarded the contract to fabricate the substructures which include jacket, piles and related components which formed part of Tapis R central processing platform for the Tapis re-development project off the coast of Terengganu. “The total value of the contract is approximately RM74 million. It is a one-off EPC contract and is expected to be delivered to EMEPMI within the second quarter of calendar year 2013,” it said.

Energy Commission Wants IPPs to Reduce Capacity Payments

KUALA LUMPUR (Feb 28): The Energy Commission has invited the first generation of independent power producers to submit their plans to extend the power purchase agreements (PPAs).

Its chairman Tan Sri Dr Ahmad Tajuddin Ali said on Tuesday that these IPPs, whose PPAs scheduled to end in three to four years, were invited to extend the agreements on condition they would reduce the capacity payments.

According to the commission website, there are 27 IPPs in Malaysia.

As for the Prai combined cycle gas turbine power project, he said the commission had received pre-qualification statements from 33 out of 38 participants. The 33 participants comprised of the 18 consortia and sole bidders. All submissions would be evaluated and the short-listed bidders would be announced after March 19.

Written by Max Koh of theedgemalaysia.com

Uncertainties Cloud MMHE Earnings Visibility

Pending the transfer of SDE's employees to MMHE, seems they have too much on the plate right now....

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PETALING JAYA: Malaysia Marine and Heavy Engineering Holdings Bhd's (MMHE) earnings visibility is clouded by project uncertainties, delays and intensifying competition, according to CIMB Research.

The research house noted that MMHE's orderbook was filling up more slowly than expected, thus indicating it was not necessarily the fabricator of choice for national oil giant Petroliam Nasional Bhd and even MMHE's parent MISC Bhd.

“MMHE's orderbook has shrunk from RM5.95bil in June 2010 to RM3.7bil currently,” it said.

CIMB Research also said that two widely anticipated major contracts, Turkmenistan's Block 1 Phase 2 project and Shell's Malikai project, might not be awarded so soon and may not go to MMHE.