Perdana Menteri Datuk Seri Najib Tun Razak berkata Malaysia akan menghentikan pengimportan minyak mentah Iran.
Beliau mengesahkan satu laporan berita asing bahawa syarikat minyak negara, Petronas, akan menghentikan pengimportan minyak mentah Iran mulai April, iaitu
dua bulan sebelum sekatan Amerika Syarikat berkuat kuasa.
"Ia hanya jumlah yang kecil," katanya dalam jawapan singkat kepada para pemberita pada sidang media selepas mesyuarat Majlis Tertinggi Umno di sini hari
ini.
Menurut laporan itu hari ini, Petronas kini mengimport kira-kira 50,000-60,000 tong minyak minyak mentah Iran sehari.
Kini, China, India, Jepun dan Korea Selatan adalah empat pembeli terbesar minyak mentah Iran di Asia.
Sehingga ini, Iran menjual kebanyakan daripada 2.6 juta tong sehari (bpd) yang dieksport di rantau ini.
Sunday, 25 March 2012
Monday, 19 March 2012
Petronas Agrees To Pay More For Natural Gas From Natuna
Petronas, has agreed to pay $6 per million British thermal units of natural gas from the Natuna B Block during the 2012-2022 period, Gde Pradnyana, spokesman of oil and gas regulator BPMigas, said Thursday.
The price of the gas was previously $3.1/mmBtu.
Indonesia stands to gain $1 billion more from the price hike. The operator of the block, ConocoPhilips (COP), has been supplying gas to Petronas since 2002, Pradnyana said.
BPMigas is actively renegotiating gas prices with local and foreign buyers following a surge in oil prices worldwide in recent years.
Source : Wall Street Journal
The price of the gas was previously $3.1/mmBtu.
Indonesia stands to gain $1 billion more from the price hike. The operator of the block, ConocoPhilips (COP), has been supplying gas to Petronas since 2002, Pradnyana said.
BPMigas is actively renegotiating gas prices with local and foreign buyers following a surge in oil prices worldwide in recent years.
Source : Wall Street Journal
Tuesday, 6 March 2012
Petronas posts 34 pct profit decline, warns on outlook
Petronas posted a 34 percent decline in third-quarter profit on Monday, saying the fall was mainly due to a one-off gain in 2010 from the listing of subsidiaries.
Without that gain, Petronas' Q3 profit was higher than a year ago on the back of higher crude oil prices and improved margins, it said.
The unlisted firm said its net profit for the nine-month period ended Dec 31, 2011 was 10.6 percent higher than a year ago at 55.57 billion ringgit ($18.5 billion) due to higher crude oil prices, sales and gas production volume.
Revenue in the nine months rose 26.9 percent to 222.79 billion ringgit year on year.
The company warned of a challenging outlook ahead on lower expected crude production and weaker prices on the back of the protracted European sovereign debt crisis.
"Growth in 2012 and 2013 will be not be as strong as we have seen last year as the current crude oil prices won't last long. It is hurting the economy," Petronas' president and CEO Shamsul Azhar Abbas told reporters.
He said crude oil prices are expected to hover between $85 to $90 per barrel this year, compare to around $110 now.
Shamsul said the company's crude production was expected to be lower this year due to natural depletion.
"Challenge remains in production," he told reporters, adding that the political uncertainties in Middle Eastern were adding to the challenging outlook. Petronas' oil production declined four percent last year.
Petronas is facing depleting oil and gas reserves in Malaysia and has stepped up its deep-water exploratory activities as well as re-exploring marginal fields.
Petronas' oil production in South Sudan, which amounted to some 135,000 barrels a day or 18 percent of its total production, has ceased due to a row between Sudan and South Sudan over oil transit fees, said Shamsul.
"It's a severe reduction and we have no idea of when we will be able to get back the 135,000 barrels a day," he told reporters. "But it will be partially offset by our other production in other countries."
Petronas is part of Chinese-Malaysian oil firm Petrodar. South Sudan said in February it had expelled the head of Petrodar, which is the main oil firm in the country, after accusing Chinese firms of helping Sudan to seize the southern oil.
Oil from Sudan accounts for about 20 to 30 percent of Petronas' international oil production, making it the single largest contributor.
According to Petronas' official website, its presence in the Republic of South Sudan is via its 20 percent interest in Greater Nile Petroleum Operating Company Ltd, 40 percent in Petrodar Operating Company and 67.87 percent White Nile Petroleum Operating Company Ltd
Petronas' partners are China National Petroleum Corporation, Oil and Natural Gas Corporation, China Petroleum & Chemical Corporation and Tri-Ocean Energy.
Without that gain, Petronas' Q3 profit was higher than a year ago on the back of higher crude oil prices and improved margins, it said.
The unlisted firm said its net profit for the nine-month period ended Dec 31, 2011 was 10.6 percent higher than a year ago at 55.57 billion ringgit ($18.5 billion) due to higher crude oil prices, sales and gas production volume.
Revenue in the nine months rose 26.9 percent to 222.79 billion ringgit year on year.
The company warned of a challenging outlook ahead on lower expected crude production and weaker prices on the back of the protracted European sovereign debt crisis.
"Growth in 2012 and 2013 will be not be as strong as we have seen last year as the current crude oil prices won't last long. It is hurting the economy," Petronas' president and CEO Shamsul Azhar Abbas told reporters.
He said crude oil prices are expected to hover between $85 to $90 per barrel this year, compare to around $110 now.
Shamsul said the company's crude production was expected to be lower this year due to natural depletion.
"Challenge remains in production," he told reporters, adding that the political uncertainties in Middle Eastern were adding to the challenging outlook. Petronas' oil production declined four percent last year.
Petronas is facing depleting oil and gas reserves in Malaysia and has stepped up its deep-water exploratory activities as well as re-exploring marginal fields.
Petronas' oil production in South Sudan, which amounted to some 135,000 barrels a day or 18 percent of its total production, has ceased due to a row between Sudan and South Sudan over oil transit fees, said Shamsul.
"It's a severe reduction and we have no idea of when we will be able to get back the 135,000 barrels a day," he told reporters. "But it will be partially offset by our other production in other countries."
Petronas is part of Chinese-Malaysian oil firm Petrodar. South Sudan said in February it had expelled the head of Petrodar, which is the main oil firm in the country, after accusing Chinese firms of helping Sudan to seize the southern oil.
Oil from Sudan accounts for about 20 to 30 percent of Petronas' international oil production, making it the single largest contributor.
According to Petronas' official website, its presence in the Republic of South Sudan is via its 20 percent interest in Greater Nile Petroleum Operating Company Ltd, 40 percent in Petrodar Operating Company and 67.87 percent White Nile Petroleum Operating Company Ltd
Petronas' partners are China National Petroleum Corporation, Oil and Natural Gas Corporation, China Petroleum & Chemical Corporation and Tri-Ocean Energy.
Friday, 2 March 2012
Scomi plans merger with unit
Scomi Group Bhd (SGB) and its associate company, Scomi Marine Bhd (SMB), have proposed to merge their businesses under a new company (newco) in a bid to create a larger upstream drilling services provider.
SGB said in a statement the newco would have a more diversified income stream as well as combined expertise, which include the provision of high-performance drilling fluids solutions; modern drilling waste management services; completion, well-bore, clean up and cementing services as well as offshore supply vessels to support the oil and gas industry.
The corporate exercise to be carried out over the next few months would involve an internal restructuring and capital repayment within SMB, the restructuring of legal entities within oilfield services group and the creation of the newco to take over SMB and oilfield services Eastern Hemisphere businesses.
It said the newco would assume the listing status of SMB and the enlarged entity would create a simplified and more competitive upstream drilling services company.
Post-merger, SGB said the newco would be in a stronger financial position and was expected to have greater flexibility in its future fund-raising exercises, thus allowing it to capitalise on business expansion opportunities locally and abroad.
The newco would enable shareholders of both SGB and SMB to have direct participation and also aimed to financially restructure SGB and pare down its debts and strengthen its balance sheet. SGB would have at least a 32.9% stake in the newco post-merger.
The board of SMB also intends to propose a cash distribution of up to US$45mil (RM134.7mil) to SMB shareholders via a capital repayment exercise.
Shareholders of SMB stand to gain 18.3 sen per share, assuming if SMB distributes the proceeds in full.
The proceeds of the capital repayment are from the disposal of SMB's marine logistics subsidiaries to PT Rig Tenders Indonesia TBK, a 80.54%-owned unit of Scomi Marine Services Pte Ltd, which in turn is a wholly-owned subsidiary of SMB.
SGB said in a statement the newco would have a more diversified income stream as well as combined expertise, which include the provision of high-performance drilling fluids solutions; modern drilling waste management services; completion, well-bore, clean up and cementing services as well as offshore supply vessels to support the oil and gas industry.
The corporate exercise to be carried out over the next few months would involve an internal restructuring and capital repayment within SMB, the restructuring of legal entities within oilfield services group and the creation of the newco to take over SMB and oilfield services Eastern Hemisphere businesses.
It said the newco would assume the listing status of SMB and the enlarged entity would create a simplified and more competitive upstream drilling services company.
Post-merger, SGB said the newco would be in a stronger financial position and was expected to have greater flexibility in its future fund-raising exercises, thus allowing it to capitalise on business expansion opportunities locally and abroad.
The newco would enable shareholders of both SGB and SMB to have direct participation and also aimed to financially restructure SGB and pare down its debts and strengthen its balance sheet. SGB would have at least a 32.9% stake in the newco post-merger.
The board of SMB also intends to propose a cash distribution of up to US$45mil (RM134.7mil) to SMB shareholders via a capital repayment exercise.
Shareholders of SMB stand to gain 18.3 sen per share, assuming if SMB distributes the proceeds in full.
The proceeds of the capital repayment are from the disposal of SMB's marine logistics subsidiaries to PT Rig Tenders Indonesia TBK, a 80.54%-owned unit of Scomi Marine Services Pte Ltd, which in turn is a wholly-owned subsidiary of SMB.
Thursday, 1 March 2012
Malaysian Tanjung Bin oil terminal plans to start operations in March
The ATT Tanjung Bin oil terminal, located in southern Malaysia, is planning a dry run of operations in the first week of March and start-up of fuel oil operations in the third week of the month, a spokesman for terminal owner VTTI said Monday.
Middle distillates and light-end operations would then follow in the first week of April, he added.
The new terminal will have an initial storage capacity of 841,000 cubic meters over 41 tanks, though a second stage could add an additional 820,000 cu m. Work on the second phase has not yet started, though 20 hectares of land at the site has been cleared for the expansion.
The terminal has five berths, with the largest able to accommodate a VLCC, with maximum draft of 17 meters. Further berths could be added as part of the second phase of the project, the VTTI spokesman said.
The jetty carries four, 30-inch fuel oil pipelines and an additional six, smaller pipelines for clean products. Fuel oil can be loaded at a rate of 7,500 cu m/hour, the spokesman said, middle distillates at 7,000 cu m/hour and light ends at 5,500 cu m/hour.
Work on the terminal's fuel oil tanks is complete, the VTTI spokesman said, while work on the middle distillates and gasoline tanks, jetty and berths are also mostly finished. The bulk of work remaining is focused on connecting the network of pipelines, he said.
The terminal is located to the west of the key Asian oil hub of Singapore, where land available for new terminal projects is scarce.
VTTI is a 50/50 joint venture between Swiss trader Vitol and Malaysian shipping company MISC. The company operates a number of terminals and tank operations around the world, but the Tanjung Bin terminal is its "largest-ever construction project," the company has said previously.
Vitol announced plans for the new terminal in September 2008, after it signed a long-term lease for the project land. A year later, in August 2009, it announced a joint venture agreement with MISC covering the Tanjung Bin terminal, and a year after that the sale of a 50% stake in VTTI to the Malaysian company.
Petco, the trading arm of Malaysian oil company Petronas, holds a lease to 100,000 cubic meters of storage at Tanjung Bin, while Vitol holds the lease for the remainder. However, the company is able to sublease some of that capacity out to other companies, a source close to the matter said.
Middle distillates and light-end operations would then follow in the first week of April, he added.
The new terminal will have an initial storage capacity of 841,000 cubic meters over 41 tanks, though a second stage could add an additional 820,000 cu m. Work on the second phase has not yet started, though 20 hectares of land at the site has been cleared for the expansion.
The terminal has five berths, with the largest able to accommodate a VLCC, with maximum draft of 17 meters. Further berths could be added as part of the second phase of the project, the VTTI spokesman said.
The jetty carries four, 30-inch fuel oil pipelines and an additional six, smaller pipelines for clean products. Fuel oil can be loaded at a rate of 7,500 cu m/hour, the spokesman said, middle distillates at 7,000 cu m/hour and light ends at 5,500 cu m/hour.
Work on the terminal's fuel oil tanks is complete, the VTTI spokesman said, while work on the middle distillates and gasoline tanks, jetty and berths are also mostly finished. The bulk of work remaining is focused on connecting the network of pipelines, he said.
The terminal is located to the west of the key Asian oil hub of Singapore, where land available for new terminal projects is scarce.
VTTI is a 50/50 joint venture between Swiss trader Vitol and Malaysian shipping company MISC. The company operates a number of terminals and tank operations around the world, but the Tanjung Bin terminal is its "largest-ever construction project," the company has said previously.
Vitol announced plans for the new terminal in September 2008, after it signed a long-term lease for the project land. A year later, in August 2009, it announced a joint venture agreement with MISC covering the Tanjung Bin terminal, and a year after that the sale of a 50% stake in VTTI to the Malaysian company.
Petco, the trading arm of Malaysian oil company Petronas, holds a lease to 100,000 cubic meters of storage at Tanjung Bin, while Vitol holds the lease for the remainder. However, the company is able to sublease some of that capacity out to other companies, a source close to the matter said.
Kenchana gets RM74m ExxonMobil job
Kencana HL Sdn Bhd has secured a RM74 million contract for the fabrication of Tapis R sub-structure for the Tapis Re-Development Project from ExxonMobil Exploration and Production Malaysia Inc.
Under the contract, Kencana HL would undertake the procurement, fabrication, testing, load-out and tie-down of sub-structures which include jacket, piles and related component which form part of Tapis R central processing platform for the project located off the coast of Terengganu, said Kencana Petroleum in a statement.
It is a one-off engineering, procurement and construction contract expected to be delivered to ExxonMobil within the second quarter of calendar year 2013, it said. - Bernama
Under the contract, Kencana HL would undertake the procurement, fabrication, testing, load-out and tie-down of sub-structures which include jacket, piles and related component which form part of Tapis R central processing platform for the project located off the coast of Terengganu, said Kencana Petroleum in a statement.
It is a one-off engineering, procurement and construction contract expected to be delivered to ExxonMobil within the second quarter of calendar year 2013, it said. - Bernama
Saturday, 25 February 2012
Petronas inks $26.4 bln deal to supply Gas Malaysia
Malaysian state oil firm Petroliam National Bhd (Petronas) has inked a more than 80 billion Malaysian ringgit ($26.4 billion) deal extending the supply of gas to Gas Malaysia Bhd for another 10 years.
The new supply agreement, which has the option to extend for another five years, is one of the requirements for Gas Malaysia to list on the local bourse this year, a source close to the deal told Reuters on Thursday.
"The value of the 10-year contract is worth more than 80 billion ringgit," the source said, declining to be named due to the sensitivity of the contract value.
"It helps to lock in the gas supply Gas Malaysia needs to provide its customers. This will ensure they have the recurring income stream to satisfy their proposed listing," the source added.
The deal will ensure supply of up to 534,143 gigajoules, which is equivalent to 492 million standard cubic feet per day (MMScfd) of natural gas, until the end of 2022, Gas Malaysia said in a statement on Thursday.
The new contract will replace the existing gas supply agreement due to expire on Dec. 31 of this year, which involved supply of 382 MMScfd, it said.
The additional 110 MMScfd will enable Gas Malaysia to expand its supply to new customers, the company added.
The proposed listing of Gas Malaysia was delayed to the second quarter of 2012 from an original plan for the fourth quarter of 2011, its major shareholder MMC Corp Bhd said in a stock exchange filing on Feb. 17.
The new supply agreement, which has the option to extend for another five years, is one of the requirements for Gas Malaysia to list on the local bourse this year, a source close to the deal told Reuters on Thursday.
"The value of the 10-year contract is worth more than 80 billion ringgit," the source said, declining to be named due to the sensitivity of the contract value.
"It helps to lock in the gas supply Gas Malaysia needs to provide its customers. This will ensure they have the recurring income stream to satisfy their proposed listing," the source added.
The deal will ensure supply of up to 534,143 gigajoules, which is equivalent to 492 million standard cubic feet per day (MMScfd) of natural gas, until the end of 2022, Gas Malaysia said in a statement on Thursday.
The new contract will replace the existing gas supply agreement due to expire on Dec. 31 of this year, which involved supply of 382 MMScfd, it said.
The additional 110 MMScfd will enable Gas Malaysia to expand its supply to new customers, the company added.
The proposed listing of Gas Malaysia was delayed to the second quarter of 2012 from an original plan for the fourth quarter of 2011, its major shareholder MMC Corp Bhd said in a stock exchange filing on Feb. 17.
Tuesday, 21 February 2012
China-Malaysia firm rejects S.Sudan accusations in oil row
Chinese-Malaysian oil firm Petrodar, the main oil operator in South Sudan, denied on Sunday it had helped Sudan seize any southern oil, after Juba accused Chinese firms of cooperating with Khartoum in a row between the two countries.
Petrodar is a consortium of mainly Chinese state firms Sinpoec, Chinese National Petroleum Corp and Malaysia's Petronas. It runs oil fields in South Sudan and also an export pipeline through Sudan.
South Sudan is locked in a conflict with Sudan over oil payments.
The landlocked nation took three-quarters of Sudan's oil production when it became independent in July but needs to export crude through a northern pipeline and a Red Sea port.
Both states have failed to agree on a fee Juba needs to pay, prompting Khartoum last month to seize at least three southern oil shipments at the Red Sea terminal. South Sudan has shut down its entire output of 350,000 bpd.
In the past few days, several southern officials have accused unspecified Chinese oil firms of helping Sudan seize southern oil.
The government started an investigation last week and threatened to expel Chinese firms if they were found guilty in cooperating with Sudan.
Petrodar, which pumped 230,000 bpd in South Sudan's Upper Nile state until the shutdown, said on Sunday it had always complied with instructions from Juba and had no role in seizing southern oil at the Red Sea terminal.
It said it had given staff orders not to cooperate during the seizing of the three shipments which was overseen by Khartoum's security services.
"Petrodar does not know the destination nor the buyers of the three shipments confiscated by the Republic of Sudan," it said in a statement.
The firm also said it had always given daily updates for production and active wells after Oil Minister Stephen Dhieu Dau had questioned Petrodar's output figures.
"The daily number of active wells varies from day to day based on operations, well maintenance and work-over activities," Petrodar said.
Dau had said 40,000 bpd were missing at the key Palouge oil field but Petrodar blamed water separation during pumping for the difference.
Petrodar is a consortium of mainly Chinese state firms Sinpoec, Chinese National Petroleum Corp and Malaysia's Petronas.
It runs oil fields in South Sudan and also an export pipeline through Sudan.
South Sudan's accusations have puzzled Western diplomats since China is the biggest buyer of its oil which make up 98 percent of state revenues.
Petrodar also said it would take up 40 days to six months or even longer to restart oil production, putting doubts over government statements that oil output could be restarted anytime.
South Sudan are due to resume oil talks sponsored by the African Union in Addis Ababa on Thursday but diplomats see no breakthrough as positions are wide apart.
Sudan wants $1 billion in back payments plus $36 a barrel, while Juba has said it is willing to pay around $1 a barrel.
Sudan's President Omar Hassan al-Bashir has warned the conflict could lead to war. North and south fought for decades in a civil war that killed 2 million people.
Petrodar is a consortium of mainly Chinese state firms Sinpoec, Chinese National Petroleum Corp and Malaysia's Petronas. It runs oil fields in South Sudan and also an export pipeline through Sudan.
South Sudan is locked in a conflict with Sudan over oil payments.
The landlocked nation took three-quarters of Sudan's oil production when it became independent in July but needs to export crude through a northern pipeline and a Red Sea port.
Both states have failed to agree on a fee Juba needs to pay, prompting Khartoum last month to seize at least three southern oil shipments at the Red Sea terminal. South Sudan has shut down its entire output of 350,000 bpd.
In the past few days, several southern officials have accused unspecified Chinese oil firms of helping Sudan seize southern oil.
The government started an investigation last week and threatened to expel Chinese firms if they were found guilty in cooperating with Sudan.
Petrodar, which pumped 230,000 bpd in South Sudan's Upper Nile state until the shutdown, said on Sunday it had always complied with instructions from Juba and had no role in seizing southern oil at the Red Sea terminal.
It said it had given staff orders not to cooperate during the seizing of the three shipments which was overseen by Khartoum's security services.
"Petrodar does not know the destination nor the buyers of the three shipments confiscated by the Republic of Sudan," it said in a statement.
The firm also said it had always given daily updates for production and active wells after Oil Minister Stephen Dhieu Dau had questioned Petrodar's output figures.
"The daily number of active wells varies from day to day based on operations, well maintenance and work-over activities," Petrodar said.
Dau had said 40,000 bpd were missing at the key Palouge oil field but Petrodar blamed water separation during pumping for the difference.
Petrodar is a consortium of mainly Chinese state firms Sinpoec, Chinese National Petroleum Corp and Malaysia's Petronas.
It runs oil fields in South Sudan and also an export pipeline through Sudan.
South Sudan's accusations have puzzled Western diplomats since China is the biggest buyer of its oil which make up 98 percent of state revenues.
Petrodar also said it would take up 40 days to six months or even longer to restart oil production, putting doubts over government statements that oil output could be restarted anytime.
South Sudan are due to resume oil talks sponsored by the African Union in Addis Ababa on Thursday but diplomats see no breakthrough as positions are wide apart.
Sudan wants $1 billion in back payments plus $36 a barrel, while Juba has said it is willing to pay around $1 a barrel.
Sudan's President Omar Hassan al-Bashir has warned the conflict could lead to war. North and south fought for decades in a civil war that killed 2 million people.
Sunday, 19 February 2012
Petronas Chemicals going big in urea manufacturing
Petronas Chemicals Group (PCG) is confident of emerging as the second largest producer urea producer in South-East Asia with the implementation of the RM4.5bil Sabah Ammonia Urea (Samur) project.
Chairman Datuk Wan Zulkiflee Wan Ariffin said the project would double Petronas Chemicals’ urea production capacity.
“The project will also contribute towards our effort to strengthen our operations and logistics marketing.
“It will make us the biggest producer of fertilisers in the Asia-Pacific region,” he said at the ground breaking ceremony for the project by Prime Minister Datuk Seri Najib Tun Razak.
Present were Sabah Chief Minister Datuk Seri Musa Aman and Petronas President and chief executive officer Datuk Shamsul Azhar Abbas.
Wan Zulkiflee said the bulk of the urea produced worldwide was used for agricultural purposes and it was concentrated in the Asia-Pacific region.
“The continued growth was spurred by rapid development in the agricultural sector which was buoyed by growing demand for agricultural products by increasing population,” he said.
Wan Zulkiflee, who is also Petronas Upstream executive vice-president, said this scenario was very encouraging for PCG to expand its fertiliser business in the region as it was geographically close to main markets in the Asean region.
“Realising the need, Petronas is implementing this project, which is scheduled to be ready in 2015, to grab the availing opportunities in the Asia-Pacific urea fertiliser business and to meet the growing domestic demand,” he said.
The Samur complex, close to the Brunei border and less than 100km from Sarawak, will be made up of an ammonia plant, a urea plant and a granulation plant, as well as integrated utility units and jetty facilities.
The urea plant will produce 1.2 million tonnes per annum (mtpa) of granulated urea while the ammonia plant will produce 740,000 mtpa of liquid ammonia.
Currently, PCG operates a 750,000 mtpa urea plant in Bintulu, Sarawak, and a 683,000 mtpa urea plant in Gurun, Kedah.
Chairman Datuk Wan Zulkiflee Wan Ariffin said the project would double Petronas Chemicals’ urea production capacity.
“The project will also contribute towards our effort to strengthen our operations and logistics marketing.
“It will make us the biggest producer of fertilisers in the Asia-Pacific region,” he said at the ground breaking ceremony for the project by Prime Minister Datuk Seri Najib Tun Razak.
Present were Sabah Chief Minister Datuk Seri Musa Aman and Petronas President and chief executive officer Datuk Shamsul Azhar Abbas.
Wan Zulkiflee said the bulk of the urea produced worldwide was used for agricultural purposes and it was concentrated in the Asia-Pacific region.
“The continued growth was spurred by rapid development in the agricultural sector which was buoyed by growing demand for agricultural products by increasing population,” he said.
Wan Zulkiflee, who is also Petronas Upstream executive vice-president, said this scenario was very encouraging for PCG to expand its fertiliser business in the region as it was geographically close to main markets in the Asean region.
“Realising the need, Petronas is implementing this project, which is scheduled to be ready in 2015, to grab the availing opportunities in the Asia-Pacific urea fertiliser business and to meet the growing domestic demand,” he said.
The Samur complex, close to the Brunei border and less than 100km from Sarawak, will be made up of an ammonia plant, a urea plant and a granulation plant, as well as integrated utility units and jetty facilities.
The urea plant will produce 1.2 million tonnes per annum (mtpa) of granulated urea while the ammonia plant will produce 740,000 mtpa of liquid ammonia.
Currently, PCG operates a 750,000 mtpa urea plant in Bintulu, Sarawak, and a 683,000 mtpa urea plant in Gurun, Kedah.
Saturday, 18 February 2012
Gas Malaysia’s IPO delays to Q2
The proposed listing of Gas Malaysia Bhd in Malaysia has been delayed to the second quarter of 2012, its major shareholder MMC Corp Bhd said in a stock exchange filing yesterday.
The planned listing of Gas Malaysia, the country’s sole supplier of natural gas to the non-power sector, was originally scheduled to list by fourth quarter of 2011, but has been delayed to the first quarter of this year due to non-compliance with Malaysia’s Securities Commission (SC)’s rules.
“Gas Malaysia is still in the midst of complying with the conditions imposed by the SC for the proposed listing as stated in their approval letter dated Oct 7, 2011 which was announced by MMC Corp on October 10, 2011,” Malaysian Builder MMC Corp, which owns some 41.8 per cent of GasMalaysia, said in the filing.
“Barring any unforeseen circumstances, the proposed listing which was earlier expected to be completed by the first quarter of 2012, is now envisaged to be completed by the second quarter of 2012,” it added.
One of the SC’s conditions was for Gas Malaysia to ensure that its petrol stations were not built on land that was not designated for that purpose, according to a previous announcement by MMC Corp in October last year.
A source with direct knowledge of the deal told Reuters in August last year that MMC Corp could raise up to some RM750 million, or about RM2.25 a share, from the listing of Gas Malaysia on Bursa Malaysia
The planned listing of Gas Malaysia, the country’s sole supplier of natural gas to the non-power sector, was originally scheduled to list by fourth quarter of 2011, but has been delayed to the first quarter of this year due to non-compliance with Malaysia’s Securities Commission (SC)’s rules.
“Gas Malaysia is still in the midst of complying with the conditions imposed by the SC for the proposed listing as stated in their approval letter dated Oct 7, 2011 which was announced by MMC Corp on October 10, 2011,” Malaysian Builder MMC Corp, which owns some 41.8 per cent of GasMalaysia, said in the filing.
“Barring any unforeseen circumstances, the proposed listing which was earlier expected to be completed by the first quarter of 2012, is now envisaged to be completed by the second quarter of 2012,” it added.
One of the SC’s conditions was for Gas Malaysia to ensure that its petrol stations were not built on land that was not designated for that purpose, according to a previous announcement by MMC Corp in October last year.
A source with direct knowledge of the deal told Reuters in August last year that MMC Corp could raise up to some RM750 million, or about RM2.25 a share, from the listing of Gas Malaysia on Bursa Malaysia
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