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.
Showing posts with label Oil and Gas News. Show all posts
Showing posts with label Oil and Gas News. Show all posts
Tuesday, July 31, 2012
Wednesday, June 6, 2012
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...
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.
Sunday, May 13, 2012
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).
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).
Wednesday, February 29, 2012
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.
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.
Wednesday, January 18, 2012
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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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.
Thursday, December 8, 2011
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.
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.
Monday, November 14, 2011
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.
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.
Tuesday, August 30, 2011
Sime Darby Engineering: A Recap...
Just wandering around the net and stumbled upon this.
Full article can read below. Credits to the original author.
Sime Darby Engineering (SDE) use to make an average of ten percent on their gross profit, it was in fact more than 10%, but it’s hidden somewhere thru their accounting process for obvious reasons. For a turnover of RM400 million, they would easily paid more than RM40 million on taxes alone. That was the time of Dr. Samad Solbai and his team.
This day, SDE profit has plunged to a mere 3% out of a turnover of RM2 billion. SDE accountants are doing the direct opposite: how to show more profits, hide the losses and mitigate further losses. This is the time of Dato’ Shukri, Kadir Alias and a man whose name does not appear anywhere in SDE or even in the company that he represents.
Full article can read below. Credits to the original author.
Sime Darby Engineering (SDE) use to make an average of ten percent on their gross profit, it was in fact more than 10%, but it’s hidden somewhere thru their accounting process for obvious reasons. For a turnover of RM400 million, they would easily paid more than RM40 million on taxes alone. That was the time of Dr. Samad Solbai and his team.
This day, SDE profit has plunged to a mere 3% out of a turnover of RM2 billion. SDE accountants are doing the direct opposite: how to show more profits, hide the losses and mitigate further losses. This is the time of Dato’ Shukri, Kadir Alias and a man whose name does not appear anywhere in SDE or even in the company that he represents.
Monday, June 13, 2011
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.
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.
Wednesday, June 8, 2011
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.
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.
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