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.

Kencana Unit Lands RM1b Fabrication Contract from Bechtel

KUALA LUMPUR (Dec 8): KENCANA PETROLEUM BHD ’s unit, Kencana HL Sdn Bhd, has secured a RM1 billion contract from Bechtel International Inc for the fabrication and assembly of a liquefied natural gas (LNG) processing facility in Australia.

Kencana said on Thursday that the contract scope included fabrication, assembly, testing and loading of process equipment modules for Wheatstone Project LNG Plant Facility located at Ashburton North, Western Australia.

Oil & Gas News: Petronas Makes Significant Oil Discovery Offshore Sabah

KUALA LUMPUR (Nov 15): Petroliam Nasional Bhd’s exploration and production arm Petronas Carigali Sdn. Bhd. has made a significant oil discovery offshore Sabah.

In a statement Tuesday, Nov 15, Petronas said the discovery was made via the Wakid-1 well within Block 2G-2J, about 100km northwest of Kota Kinabalu.

Petronas said preliminary estimates placed reserves at the discovery at 227 million barrels of oil equivalent, with expected upside potential.

Manchester United IPO

Here' s a piece of an article related to Manchester United's IPO to listed on SGX.

Credits to Dali for the article.

Manchester United To List In Singapore

Do I mind that MU is going to list on SGX? Not particularly because seriously, Malaysia was NEVER under the radar for consideration. That is just the plain truth. It was always going to be between HK and Singapore. Imagine the consternation among fans from the UK to hear of this listing.

Will you make money from this IPO, probably if you got in at IPO level as the frenzied trading on listing would provide enough room to get out. Will the company make real money in the long term term? Not likely. In the end, the shares are likely to stay in the hands of staunch supporters, and scheming rich billionaires slicing some stake in the hope that MU's controlling shareholders will someday sell or just pass on.

News: Facebook IPO?

(Reuters) - Facebook is preparing to file for an initial public offering as early as October or November that could value the popular social networking site at more than $100 billion, financial news channel CNBC reported on Monday.

Goldman Sachs is leading the chase to manage the lucrative offering, which could come in the first quarter of 2012, CNBC said.

With more than 500 million users, Facebook is the world's most popular Internet social network and one of the most hotly-anticipated initial public offerings on Wall Street.

News: Petronas FY Net Profit up 50% to USD17.46b, Plans RM 300b CAPEX

Written by Sheikh Al-Zaquan of theedgemalaysia.com
Wednesday, 08 June 2011 19:24

KUALA LUMPUR: Petroliam Nasional Bhd reported net profit attributable to shareholders of US$17.46 billion in the financial year ended March 31, 2011 (FY11), which was a 50% increase from the US$11.64 billion in FY10.

It said on Wednesday, June 8 that revenue increased to US$76.82 billion, up 26.1% from US$60.92 billion. (The US dollar was used because it was the oil corporation's functional currency after being translated from ringgit Malaysia.)

President and CEO Datuk Shamsul Azhar Abbas said Petronas will be spending RM300 billion in capital expenditure for the next five years, this was an upward revision from the RM250 billion mentioned a few months ago.