Thursday, 24 August 2017

TH Heavy 2Q losses expand

TH Heavy Engineering Bhd’s net loss widened 145% to RM16.79 million or 1.5 sen per share for the second quarter ended June 30, 2017, from RM6.85 million or 0.61 sen per share a year earlier, largely on unrealised foreign exchange (forex) losses.

It didn't help that revenue also contracted 69% year-on-year to RM2.38 million in 2QFY17, from RM7.72 million a year ago, amid lower fabrication activities.

In a bourse filing, TH Heavy said the widening of its losses was due to unrealised forex loss of RM1.4 million and the exclusion of unrealised forex gain of RM8.7 million recorded in the previous year’s corresponding quarter.

For the six months ended June 30 (1HFY17), net loss shrank 6% to RM37.97 million, from RM40.29 million, while cumulative revenue plunged 79% to RM4.63 million, from RM22.24 million.

Friday, 11 August 2017

Petronas plans expansion to capture India growth

Petronas, which has more than two decades of strategic partnerships in India, is enhancing its business strategy to strengthen and expand its presence in the world’s fastest-growing economy, said its President and Group CEO, Datuk Wan Zulkiflee Wan Ariffin, in a press release issued on Thursday.

“Petronas aims to continue to be part of India’s exciting journey and support its sustainable growth ambitions and commitments through further collaborations with our existing partners as well as through new strategic-fit opportunities,” he said.

Wan Zulkiflee, currently on Petronas’ annual official visit to meet with India’s industry leaders and partners, said high on Petronas’ priority would be the expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demands from the power, agriculture and transportation sectors.

According to the release, Petronas has the added advantage of providing tailor-made solutions across the LNG value chain such as flexibility, engineering expertise and experience in operations management.

Thursday, 10 August 2017

Sabah eyes 3 companies for RM3.4bil ammonia plant

Sabah Oil and Gas Development Sdn Bhd (SOGDC) is considering three companies to build its second ammonia plant costing US$800 million (RM3.4 billion).

Sabah Industrial Development Minister Raymond Tan said the new ammonia project would be sited next to the present Sabah ammonia urea (Samur) plant in the Sipitang Oil & Gas Industrial Park (Sogip).
“The plan is being studied by the SOGDC board of directors with applications from Eurochem, a China consortium and Petronas’s Markisa being considered,” he said.

The project was expected to be completed in 2021, he said when replying to Limus Jury (Upko-Kuala Penyu) in the state assembly today.

Tuesday, 8 August 2017

Hess starts full field development of North Malay gas field

Independent U.S. firm Hess has announced that it has commenced full-field development of the North Malay basin project offshore Malaysia.

The North Malay Basin Block PM302 is located approximately 186 miles (300 km) offshore the Trengganu Gas Terminal in the Gulf of Thailand.

In its second quarter results update, Hess said that the hook-up of the topsides for the central processing platform was completed in the quarter and first production of natural gas commenced in mid-July with commissioning activities ongoing.

"We are still in the process of commissioning the field and expect net production to reach its planned plateau rate of 165 million cubic feet per day of natural gas during the third quarter," said chief executive John Hess.

Monday, 7 August 2017

Sarawak's Petros has been officially formed

The Sarawak wholly-owned oil and gas company or Petros has been officially formed, the Chief Minister, Datuk Amar Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg announced here last night.

“Tonight, I want to tell you that we have officially formed our oil company, Petros,” the Chief Minister, to the applause of the crowd said in his address to ministers, staff members of his ministries and office during an appreciation dinner organised by his office at a leading hotel here, last night.

He said all the board members of the company had been appointed and pointed out that they were drawn from among Sarawakian professionals with wide experience in the oil and gas industry and that none of them were politicians.

Thursday, 3 August 2017

Petronas secures another block in Mexico

Petronas subsidiary PC Carigali Mexico Operations, SA de CV, has been awarded shallow-water Block 6 in the Gulf of Mexico’s Salina Basin.

The national oil company said in a statement that Block 6 covered an area of about 559 sq km in water depths of between 30 and 80 metres.

The block will be operated by PC Carigali Mexico in a 50:50 partnership with Ecopetrol, the national oil company of Colombia.

Petronas executive vice president and chief executive officer (upstream) Datuk Anuar Taib said: “I am pleased with our new partnership with Ecopetrol and I am confident this will bring together our capabilities and expertise for a successful collaboration in the Mexico waters.”

Last year, Petronas was awarded deep-water Block 4 and Block 5 in a joint-venture partnership following Mexico’s first ever auction of its deep water exploration areas.

Wednesday, 2 August 2017

Govt plans to train advanced NDT experts

Non-destructive testing (NDT) is an important field in engineering and science that can save time and money in product testing and research, but Malaysia has fewer than 20 experts in advanced methods in the field.

However, Malaysian Nuclear Agency senior director of commercialisation & technology planning programmes Datuk Dr Zulkifli Mohamed Hashim hopes the agency will be able to start a training programme in advanced NDT techniques within three to five years.

“NDT can test materials for defects, leaks or corrosion without ruining the sample or having to shut (a system) down,” he said, adding that shutting a critical system down for even one day could cost a company millions.

He said the Skills Development Department (JPK) is developing a national occupational skill standard (NOSS) for an advanced NDT programme.