Petronas will take the lead in developing Pengerang and Teluk Ramunia, in South East Johor, into the region's oil and gas hub.
Prime Minister Datuk Seri Najib Tun Razak said although Petronas and its partners have invested in the hub, the government would provide the necessary infrastructure facilities.
"It will be Petronas's investment with international partners, the government can look into the infrastructure support but the actual investment will be borne by Petronas and its partners.
"It (Pengerang and Teluk Ramunia as an oil and gas hub) will be a major development, it will serve the entire Asia Pacific region," he told reporters after opening Asiaflex Products Sdn Bhd in Tanjung Langsat, near Pasir Gudang here Thursday.
The 150 million euro plant, owned by french-based Technip, is designed to construct high-technology flexible pipe and umbilical used by the deepwater oil and gas fields in Asia Pacific and the Middle East.
The Prime Minister also said Technip's decision to locate its plant in Malaysia proved that the country was recognised as a hub for deepwater oil and gas hubs in the Asia Pacific region.
"We are already considered as a hub," he said, adding that with the implementation of the National Key Economic Areas for oil and gas, Malaysia would be a major hub for the industry.
The 20-hectare plant would be the only plant which would produce flexible pipe and umbilical in Asia Pacific, fulfilling orders from China and major oil and gas companies like ConocoPhilips.
Najib also said Technip was impressed with the local workforce quality which was at par with the very best in the world.
"The performance of our workers has impressed Technip," he said.
Petronas Chief Executive Officer Datuk Shamsul Azhar Abbas, who was also present during the press conference, said the development of Pengerang and Teluk Ramunia as a major regional oil and gas hub was progressing well.
Also present were Menteri Besar Datuk Abdul Ghani Othman, Chief Executive Officer of Technip Thierry Pilenko and President of Technip Malaysia Bernard Di Tullio.
On Ireland's banking crisis and its possible repercussion on the Malaysian economy, Najib, who is also Finance Minister, said the crisis could have a worldwide impact and not only on Malaysia.
But, he said the situation in Ireland was being contained at the moment.
He also said a strong recovery in the United State's economy would help Malaysia because many factories and multinationals in this country were geared towards exporting their products to the United States.
"So, if there is a big external demand and we are a major trading nation (with the US), it certainly will help a few percentage points in terms of Gross Domestic Product growth," said the Prime Minister.
-- BERNAMA
Tuesday, 30 November 2010
Monday, 29 November 2010
MISC net profit quadruples to RM369.4mil for Q2
MISC Bhd posted a jump in net profit to RM369.4mil for the second quarter ended Sept 30, 2010 against RM82mil a year ago due to improved performance in the restructured liner business and increased profitability in the heavy engineering business.
It told Bursa Malaysia yesterday that revenue for the period was RM3.09bil versus RM3.53bil a year ago while earnings per share were 8.3sen against 2.1sen
The group proposed a dividend of 15 sen per share for this quarter, the same as last year's same quarter.
It said MISC expected improvement in freight rates from last year's depressed levels.
However, the competitive landscape in the shipping industry remains challenging with volatility in rates over the short term.
In addition, prospects in the offshore and heavy engineering segments have significantly improved, it said.
It added that in line with the recent listing of Malaysia Marine & Heavy Engineering Holdings Bhd on Bursa Malaysia, contribution from the heavy engineering segment would be diluted to 66.5%. - The Star
It told Bursa Malaysia yesterday that revenue for the period was RM3.09bil versus RM3.53bil a year ago while earnings per share were 8.3sen against 2.1sen
The group proposed a dividend of 15 sen per share for this quarter, the same as last year's same quarter.
It said MISC expected improvement in freight rates from last year's depressed levels.
However, the competitive landscape in the shipping industry remains challenging with volatility in rates over the short term.
In addition, prospects in the offshore and heavy engineering segments have significantly improved, it said.
It added that in line with the recent listing of Malaysia Marine & Heavy Engineering Holdings Bhd on Bursa Malaysia, contribution from the heavy engineering segment would be diluted to 66.5%. - The Star
Sunday, 28 November 2010
Positive debut for Petronas Chemicals
Shares of Petronas Chemicals Group Bhd closed at RM5.31 on the stock's debut as South-East Asia's largest initial public offer (IPO) on the Main Market yesterday, 11 sen higher than its IPO price of RM5.20 per share.
It was the most active on the stock exchange yesterday with a total of 637 million shares changing hands, pushing the trading value of Bursa Malaysia to RM4.73bil, the highest this year after reaching RM2.35bil on Nov 12.
Based on its closing price, Petronas Chemicals' market capitalisation is now RM42.48bil.
The counter opened at RM5.71, registering a premium of 51 sen per share.
The group is Petroliam Nasional Bhd's (Petronas) second wholly-owned unit to be listed this year, following last month's listing of heavy engineering unit Malaysia Marine and Heavy Engineering Holdings Bhd.
Petronas Chemicals will be included as a constituent of the FBM KLCI on Monday.
Speaking at a press conference after the listing yesterday, non-executive director Datuk George Ratilal said the group was very satisfied with the opening price.
It is an excellent price, opening almost 10% above the IPO price, he said, adding that the group expected to raise RM12.8bil from the listing and part of the proceeds would be used for working capital and capital expansion.
Asked if there would be more capital raising from the group, non-independent non-executive chairman Datuk Wan Zulkiflee Wan Ariffin said there was currently no plan to do that.
Our balance sheet is still very strong and more than adequate for our business strategies in the next few years, he said.
Going forward, he said, the group was very bullish and excited with the business as the industry was heading into an up-cycle phase.
We will increase utilisation of our plants going forward and will look for new opportunities. Having said this, we are targeting to reach more than 90% utilisation for the plants in 2011 from the current 80%, he said.
It was the most active on the stock exchange yesterday with a total of 637 million shares changing hands, pushing the trading value of Bursa Malaysia to RM4.73bil, the highest this year after reaching RM2.35bil on Nov 12.
Based on its closing price, Petronas Chemicals' market capitalisation is now RM42.48bil.
The counter opened at RM5.71, registering a premium of 51 sen per share.
The group is Petroliam Nasional Bhd's (Petronas) second wholly-owned unit to be listed this year, following last month's listing of heavy engineering unit Malaysia Marine and Heavy Engineering Holdings Bhd.
Petronas Chemicals will be included as a constituent of the FBM KLCI on Monday.
Speaking at a press conference after the listing yesterday, non-executive director Datuk George Ratilal said the group was very satisfied with the opening price.
It is an excellent price, opening almost 10% above the IPO price, he said, adding that the group expected to raise RM12.8bil from the listing and part of the proceeds would be used for working capital and capital expansion.
Asked if there would be more capital raising from the group, non-independent non-executive chairman Datuk Wan Zulkiflee Wan Ariffin said there was currently no plan to do that.
Our balance sheet is still very strong and more than adequate for our business strategies in the next few years, he said.
Going forward, he said, the group was very bullish and excited with the business as the industry was heading into an up-cycle phase.
We will increase utilisation of our plants going forward and will look for new opportunities. Having said this, we are targeting to reach more than 90% utilisation for the plants in 2011 from the current 80%, he said.
Friday, 26 November 2010
Malaysia Set To Become One Of World's Deepwater O&G Hubs
Malaysia will soon become one of the world's four deepwater oil and gas hubs, standing shoulder-to-shoulder with industry leaders like the United States, Brazil and Europe.
Prime Minister Datuk Seri Najib Tun Razak said the Asia-Pacific region has seen increased interest in deepwater development and Malaysia is already at the forefront of this development.
"Already we are an established hub in the subsea industry and soon we will become one of the world's four deepwater oil and gas hubs, with industry leaders such as the United States, Brazil and Europe," he said when opening Asiaflex Products Sdn Bhd plant, owned by Technip, at Tanjung Langsat, near Pasir Gudang, Thursday.
The plant, the first in the Asia-Pacific region, will produce high-tech flexible pipes and umbilicals for deepwater oil and gas fields in the region and the Middle East.
For a relatively small country like Malaysia, Najib said it was an achievement to be proud of as much of the country's growth in this area occurred organically through local talents in partnership with glocal industry players.
The Malaysian oil and gas industry, he said, has grown at a remarkable pace and presently the sector is an important segment of the national economy, with upstream and downstream businesses contributing RM17 billion to the economy last year.
"Over the years, Malaysia has grown from being solely a supplier of crude oil and gas to become a value-added provider of equipment and services, both domestically and throughout the Asia-Pacific region," said the prime minister.
He said that with Asiaflex's plant in Tanjung Langsat, Malaysia will now be home to the Asia-Pacific region's very first flexible pipe manufacturing facility, which will further entrench the country's leadership in the deepwater market and expand its foothold in the offshore oil and gas sector.
Najib said Asiaflex's 150 million euro facility in Tanjung Langsat is Technip's third plant in the world, joining two others in France and Brazil.
"This is testament to the strong interest that businesses have for this special part of Malaysia and the relatively early success we have been experiencing since the formation of Iskandar Region," he said.
-- BERNAMA
Prime Minister Datuk Seri Najib Tun Razak said the Asia-Pacific region has seen increased interest in deepwater development and Malaysia is already at the forefront of this development.
"Already we are an established hub in the subsea industry and soon we will become one of the world's four deepwater oil and gas hubs, with industry leaders such as the United States, Brazil and Europe," he said when opening Asiaflex Products Sdn Bhd plant, owned by Technip, at Tanjung Langsat, near Pasir Gudang, Thursday.
The plant, the first in the Asia-Pacific region, will produce high-tech flexible pipes and umbilicals for deepwater oil and gas fields in the region and the Middle East.
For a relatively small country like Malaysia, Najib said it was an achievement to be proud of as much of the country's growth in this area occurred organically through local talents in partnership with glocal industry players.
The Malaysian oil and gas industry, he said, has grown at a remarkable pace and presently the sector is an important segment of the national economy, with upstream and downstream businesses contributing RM17 billion to the economy last year.
"Over the years, Malaysia has grown from being solely a supplier of crude oil and gas to become a value-added provider of equipment and services, both domestically and throughout the Asia-Pacific region," said the prime minister.
He said that with Asiaflex's plant in Tanjung Langsat, Malaysia will now be home to the Asia-Pacific region's very first flexible pipe manufacturing facility, which will further entrench the country's leadership in the deepwater market and expand its foothold in the offshore oil and gas sector.
Najib said Asiaflex's 150 million euro facility in Tanjung Langsat is Technip's third plant in the world, joining two others in France and Brazil.
"This is testament to the strong interest that businesses have for this special part of Malaysia and the relatively early success we have been experiencing since the formation of Iskandar Region," he said.
-- BERNAMA
Strong debut seen for Petronas Chemicals
Perception based on MHB’s strong showing and CIMB’s stabilising role
Petronas Chemicals Group Bhd would likely see a strong debut tomorrow and its share price may range between RM5.50 and RM5.70 on its first day of trade, according to analysts.
Kenanga Investment Bank Bhd research head Yeonzon Yeow said a 10% premium on its first-day trade on the Main Market of Bursa Malaysia would be commendable, above its offer price of RM5.20 per share. Under Petronas Chemicals' initial public offering (IPO), retail investors paid RM5.04 per share while institutional investors paid RM5.20 per share.
Petronas Chemicals is the second Petroliam Nasional Bhd (Petronas) owned unit to be listed this year, following last month's listing of the group's heavy engineering unit Malaysia Marine and Heavy Engineering Holdings Bhd (MHB).
MHB, which ended 19% above its offer price of RM3.80 on the first day of trading, has somewhat sustained its higher trading price in the past month. Its share price ended higher by 2 sen at RM4.50 yesterday.
Therefore, Petronas Chemicals' share premium upon its debut would likely be sustained over the short term as seen with MHB, said analysts.
Moreover, the company's share price is expected to remain stable over the short term given that CIMB Investment Bank Bhd, the principal adviser and managing underwriter, has agreed to buy up to 372 million shares in the company from the open market to stabilise the stock post listing.
CIMB has been designated as the so-called stabilising manager for the IPO and would carry out its mandate to keep the stock stable for a maximum of 30 days post listing.
We expect Petronas Chemicals' price to remain stable (over the long term) driven by an anticipated positive market performance over the next 12 months, TA Securities research head Kaladher Govindan told StarBiz.
Analysts said the stock would generate keen interests among local and foreign investors, driven by its potential earnings and dividend payout ratio.
Maybank Investment Bank Research said that Petronas Chemicals could be the biggest FTSE Bursa Malaysia KL Composite Index (FBMKLCI) stock within the next five years.
In the next upcoming cyclical peak, the company is likely to surpass its previous net income record of RM3.9bil achieved in financial year ended March 31, 2008 (FY2008). With its leaner fixed cost structure, Petronas Chemicals can easily render the highest absolute net profit of any KLCI member, it said in a report last Friday.
In a media statement yesterday, Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff said Petronas Chemicals' listing was a positive contribution to the local capital market as it would bring about a potential re-rating of the oil and gas sector and, in turn, boost its valuations further.
He added that Petronas Chemicals offered a wider investment opportunity to local and international investors and the listing boded well with the bourse's efforts of boosting market liquidity.
After its public listing, Petronas Chemicals would be included as a constituent of the FBMKLCI. It would be added to the index effective Monday with a total share issue of 8 billion and an investability weighting of 30%.
Petronas Chemicals' market value would be RM41.6bil based on the institutional price, making it one of the largest petrochemical producers in South-East Asia.
According to research houses, the target price for Petronas Chemicals ranges from RM5.51 to RM6.70.
Maybank said Petronas Chemicals was worth RM6.64 per share based on price-earnings ratio (PER) and RM6.70 per share based on discounted cash flow valuations.
This implies FY2012 PER of 13.1 times which is undemanding relative to its strong growth prospects (+26% 3-year earnings compound annual growth rate), it said.
OSK Research Sdn Bhd's target price for the company was RM5.51 based on a PER of 16 times for FY2012 while JF Apex Investment Research's target price was RM5.70.
This PER is slightly above its close peer average of 15 as the company deserves such valuations since it gets strong suppport from Petronas group, especially in terms of low feedstock prices, which make up close to 40% of its total cost, OSK Research said in a report last week.
The research houses also highlighted Petronas Chemicals' strong cashflow and attractive dividend payout ratio of 50%, which was considered the highest compared with peers like Saudi Basic Industries Corp, Thailand's PTT Chemical Public Co Ltd and India's Reliance Industries Ltd.
Maybank said Petronas Chemicals' capacity to pay dividends was substantial with projected free cashflow yields of 10.7%-19% in FY2011-13. - The Star
Petronas Chemicals Group Bhd would likely see a strong debut tomorrow and its share price may range between RM5.50 and RM5.70 on its first day of trade, according to analysts.
Kenanga Investment Bank Bhd research head Yeonzon Yeow said a 10% premium on its first-day trade on the Main Market of Bursa Malaysia would be commendable, above its offer price of RM5.20 per share. Under Petronas Chemicals' initial public offering (IPO), retail investors paid RM5.04 per share while institutional investors paid RM5.20 per share.
Petronas Chemicals is the second Petroliam Nasional Bhd (Petronas) owned unit to be listed this year, following last month's listing of the group's heavy engineering unit Malaysia Marine and Heavy Engineering Holdings Bhd (MHB).
MHB, which ended 19% above its offer price of RM3.80 on the first day of trading, has somewhat sustained its higher trading price in the past month. Its share price ended higher by 2 sen at RM4.50 yesterday.
Therefore, Petronas Chemicals' share premium upon its debut would likely be sustained over the short term as seen with MHB, said analysts.
Moreover, the company's share price is expected to remain stable over the short term given that CIMB Investment Bank Bhd, the principal adviser and managing underwriter, has agreed to buy up to 372 million shares in the company from the open market to stabilise the stock post listing.
CIMB has been designated as the so-called stabilising manager for the IPO and would carry out its mandate to keep the stock stable for a maximum of 30 days post listing.
We expect Petronas Chemicals' price to remain stable (over the long term) driven by an anticipated positive market performance over the next 12 months, TA Securities research head Kaladher Govindan told StarBiz.
Analysts said the stock would generate keen interests among local and foreign investors, driven by its potential earnings and dividend payout ratio.
Maybank Investment Bank Research said that Petronas Chemicals could be the biggest FTSE Bursa Malaysia KL Composite Index (FBMKLCI) stock within the next five years.
In the next upcoming cyclical peak, the company is likely to surpass its previous net income record of RM3.9bil achieved in financial year ended March 31, 2008 (FY2008). With its leaner fixed cost structure, Petronas Chemicals can easily render the highest absolute net profit of any KLCI member, it said in a report last Friday.
In a media statement yesterday, Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff said Petronas Chemicals' listing was a positive contribution to the local capital market as it would bring about a potential re-rating of the oil and gas sector and, in turn, boost its valuations further.
He added that Petronas Chemicals offered a wider investment opportunity to local and international investors and the listing boded well with the bourse's efforts of boosting market liquidity.
After its public listing, Petronas Chemicals would be included as a constituent of the FBMKLCI. It would be added to the index effective Monday with a total share issue of 8 billion and an investability weighting of 30%.
Petronas Chemicals' market value would be RM41.6bil based on the institutional price, making it one of the largest petrochemical producers in South-East Asia.
According to research houses, the target price for Petronas Chemicals ranges from RM5.51 to RM6.70.
Maybank said Petronas Chemicals was worth RM6.64 per share based on price-earnings ratio (PER) and RM6.70 per share based on discounted cash flow valuations.
This implies FY2012 PER of 13.1 times which is undemanding relative to its strong growth prospects (+26% 3-year earnings compound annual growth rate), it said.
OSK Research Sdn Bhd's target price for the company was RM5.51 based on a PER of 16 times for FY2012 while JF Apex Investment Research's target price was RM5.70.
This PER is slightly above its close peer average of 15 as the company deserves such valuations since it gets strong suppport from Petronas group, especially in terms of low feedstock prices, which make up close to 40% of its total cost, OSK Research said in a report last week.
The research houses also highlighted Petronas Chemicals' strong cashflow and attractive dividend payout ratio of 50%, which was considered the highest compared with peers like Saudi Basic Industries Corp, Thailand's PTT Chemical Public Co Ltd and India's Reliance Industries Ltd.
Maybank said Petronas Chemicals' capacity to pay dividends was substantial with projected free cashflow yields of 10.7%-19% in FY2011-13. - The Star
Wednesday, 24 November 2010
Petronas Carigali Overseas Finds Oil At Ham Rong Field PetroVietnam
Petronas Carigali Overseas Sdn. Bhd. and its partners have found oil at Ham Rong field in Blocks 102 and 106 offshore Vietnam, state-run Vietnam Oil and Gas Group, or PetroVietnam said Monday.
The Ham Rong field has crude oil reserves of 138.11 million barrels and gas reserves of 4.94 billion cubic meters, of which 43.43 million barrels of crude and 1.55 billion cubic meters of gas are recoverable, PetroVietnam said in a statement.
First oil production from the field is scheduled for the third quarter of 2014, it said.
Petronas Carigali Overseas holds a 50% stake in the blocks, while PetroVietnam Exploration & Production and Singapore Petroleum Co. each have 20% and ATI Petroleum Inc. has 10%.
The Ham Rong field has crude oil reserves of 138.11 million barrels and gas reserves of 4.94 billion cubic meters, of which 43.43 million barrels of crude and 1.55 billion cubic meters of gas are recoverable, PetroVietnam said in a statement.
First oil production from the field is scheduled for the third quarter of 2014, it said.
Petronas Carigali Overseas holds a 50% stake in the blocks, while PetroVietnam Exploration & Production and Singapore Petroleum Co. each have 20% and ATI Petroleum Inc. has 10%.
TOTAL Expands in Malaysia
Integrated oil and gas company TOTAL S.A. has agreed to acquire an 85% interest in Block SK317B, offshore Malaysia. The company has entered into a pact with the national oil company Petronas for interest in the Malaysian assets encompassing an area of 700 square kilometers.
Under the terms of the agreement, TOTAL will operate the Block alongside its partner Petronas Carigali holding the remaining 15% interest.
The Block SK317B is located near Sarawak in the water depths of 200 to 1,000 meters. The acquisition of these assets will benefit TOTAL as the exploration work at the site includes seismic data acquisition and deep offshore exploration drilling, in which TOTAL enjoys thorough expertise.
This acquisition reflects TOTAL’s strategy to expand its exploration acreages in new areas while developing its partnerships with national oil companies such as Petronas.
TOTAL already has operations in Malaysia in Blocks PM303 and PM324 (70% interest), located offshore Peninsular Malaysia, in partnership with Petronas Carigali (30%). The company has Production Sharing Agreement signed in 2008, which covers the Blocks PM303 and PM324. The company started a seismic study of these two blocks in 2009 and plans to start high-pressure exploration drilling campaign in 2011.
France-based TOTAL is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves, and market capitalization. TOTAL has operations in more than 130 countries across five continents with approximately 97,000 employees. The company’s major integrated oil and gas peers include BP Plc., Exxon Mobil Corp. and Chevron Corp.
We continue to like TOTAL for its positive production growth profile, attractive returns and balance sheet strength. The company has one of the best upstream exposures in the industry besides, being the largest European refiner. The company’s ongoing alternative energy projects add a silver lining to its already positive profile.
Under the terms of the agreement, TOTAL will operate the Block alongside its partner Petronas Carigali holding the remaining 15% interest.
The Block SK317B is located near Sarawak in the water depths of 200 to 1,000 meters. The acquisition of these assets will benefit TOTAL as the exploration work at the site includes seismic data acquisition and deep offshore exploration drilling, in which TOTAL enjoys thorough expertise.
This acquisition reflects TOTAL’s strategy to expand its exploration acreages in new areas while developing its partnerships with national oil companies such as Petronas.
TOTAL already has operations in Malaysia in Blocks PM303 and PM324 (70% interest), located offshore Peninsular Malaysia, in partnership with Petronas Carigali (30%). The company has Production Sharing Agreement signed in 2008, which covers the Blocks PM303 and PM324. The company started a seismic study of these two blocks in 2009 and plans to start high-pressure exploration drilling campaign in 2011.
France-based TOTAL is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves, and market capitalization. TOTAL has operations in more than 130 countries across five continents with approximately 97,000 employees. The company’s major integrated oil and gas peers include BP Plc., Exxon Mobil Corp. and Chevron Corp.
We continue to like TOTAL for its positive production growth profile, attractive returns and balance sheet strength. The company has one of the best upstream exposures in the industry besides, being the largest European refiner. The company’s ongoing alternative energy projects add a silver lining to its already positive profile.
Monday, 22 November 2010
Gazprom takes stake in Petronas's Cuba project
Gazprom Neft the oil arm of Russian energy company Gazprom , is to take a 30 percent stake in a Cuban oil project, owned by Malaysia's Petronas's, to explore and develop four blocks in the Gulf of Mexico.
Gazprom Neft said on Tuesday its financial contribution to the project would be proportional to its 30 percent share, but gave no further details. It will also contribute towards costs Petronas has incurred to date.
Cuba estimates it has 20 billion barrels of oil in its section of the Gulf of Mexico that abuts the oil-rich U.S. and Mexican zones.
Cuba's portion of the Gulf of Mexico has been divided into 59 blocks, of which 21 have been contracted out to companies including Spanish oil giant Repsol and its partners, Malaysia's Petronas, Brazil's Petrobras, Venezuela's PDVSA and PetroVietnam.
Gazprom Neft, Russia's fifth largest oil producer, is seeking to raise crude output to 100 million tonnes per year by 2020, from around 70 million presently.
In addition to the Cuba project, Gazprom Neft is also exploring and producing oil in Equatorial Guinea, Iran and Venezuela.
Petronas, Malaysia's state oil company, is looking to focus on domestic projects and trim stakes in certain oversees operations.
In September, for example, Petronas sold its 5 percent stake in an Australian liquefied natural gas project to French group Total.
There have been reports it will also divest its 14.5 percent share in Cairn India Ltd
>
Gazprom Neft said on Tuesday its financial contribution to the project would be proportional to its 30 percent share, but gave no further details. It will also contribute towards costs Petronas has incurred to date.
Cuba estimates it has 20 billion barrels of oil in its section of the Gulf of Mexico that abuts the oil-rich U.S. and Mexican zones.
Cuba's portion of the Gulf of Mexico has been divided into 59 blocks, of which 21 have been contracted out to companies including Spanish oil giant Repsol and its partners, Malaysia's Petronas, Brazil's Petrobras, Venezuela's PDVSA and PetroVietnam.
Gazprom Neft, Russia's fifth largest oil producer, is seeking to raise crude output to 100 million tonnes per year by 2020, from around 70 million presently.
In addition to the Cuba project, Gazprom Neft is also exploring and producing oil in Equatorial Guinea, Iran and Venezuela.
Petronas, Malaysia's state oil company, is looking to focus on domestic projects and trim stakes in certain oversees operations.
In September, for example, Petronas sold its 5 percent stake in an Australian liquefied natural gas project to French group Total.
There have been reports it will also divest its 14.5 percent share in Cairn India Ltd
>
Saturday, 20 November 2010
Petronas to announce specific incentives for O&G sector
Petronas will be announcing more incentives for the oil & gas industries soon as the government sets the stage for the country to be a regional hub for oilfield service, says Minister in the Prime Minister’s Department Senator Datuk Seri Idris Jala.
“There are a lot of opportunities for local players to participate in this – be it in the form of CONSTRUCTION [] work, or providing related oil and gas services. All of this will come into play,” he said on Tuesday, Nov 16.
While Jala did not provide a timeframe, he said the incentives companies could expect were the renegotiation of certain contracts for renewal like for those production sharing contractors such as Shell and Exxonmobil.
He was speaking at the opening of Schlumberger Ltd’s financial hub in Kuala Lumpur which will provide employment for about 400 people by next year.
Jala, who is also the Performance Management & Delivery Unit chief executive officer, said that the nine Entry Point Projects under the ETP also targeted multinational companies to locate their global or regional headquarters in Greater Kuala Lumpur or Klang Valley.
Two rounds of Steering Committee meetings have already taken place and many initiatives are in various stages of progress towards attracting more MNCs to relocate their headquarters to Kuala Lumpur.
As for the Schlumberger Financial Hub, it is part of the government’s Entry Point Project to attract 100 multinational companies to set up their global or regional headquarters in Greater Kuala Lumpur or Klang Valley under the Economic Transformation Programme (ETP) recently announced by Prime Minister Datuk Seri Najib Razak.
Their financial hub will provide financial and accounting services to Schlumberger’s businesses in Asia Pacific, Middle East, European and African regions and 75% of its employees hired here will be Malaysians.
“Malaysia was the obvious choice for this new facility. The country offers highly qualified professionals with excellent customer service attitudes,” said Schlumberger’s chief financial officer Simon Ayat.
“Malaysia is open to attracting knowledge based activities, offers an excellent business environment with the government committed to the development of education as well as the country’s infrastructure,” Ayat added.
Schlumberger Limited, is a United States’ based oil and gas services company which had been present in Malaysia since 1935 and has offices for its other business chapters in Kemaman, Miri and Labuan.
“There are a lot of opportunities for local players to participate in this – be it in the form of CONSTRUCTION [] work, or providing related oil and gas services. All of this will come into play,” he said on Tuesday, Nov 16.
While Jala did not provide a timeframe, he said the incentives companies could expect were the renegotiation of certain contracts for renewal like for those production sharing contractors such as Shell and Exxonmobil.
He was speaking at the opening of Schlumberger Ltd’s financial hub in Kuala Lumpur which will provide employment for about 400 people by next year.
Jala, who is also the Performance Management & Delivery Unit chief executive officer, said that the nine Entry Point Projects under the ETP also targeted multinational companies to locate their global or regional headquarters in Greater Kuala Lumpur or Klang Valley.
Two rounds of Steering Committee meetings have already taken place and many initiatives are in various stages of progress towards attracting more MNCs to relocate their headquarters to Kuala Lumpur.
As for the Schlumberger Financial Hub, it is part of the government’s Entry Point Project to attract 100 multinational companies to set up their global or regional headquarters in Greater Kuala Lumpur or Klang Valley under the Economic Transformation Programme (ETP) recently announced by Prime Minister Datuk Seri Najib Razak.
Their financial hub will provide financial and accounting services to Schlumberger’s businesses in Asia Pacific, Middle East, European and African regions and 75% of its employees hired here will be Malaysians.
“Malaysia was the obvious choice for this new facility. The country offers highly qualified professionals with excellent customer service attitudes,” said Schlumberger’s chief financial officer Simon Ayat.
“Malaysia is open to attracting knowledge based activities, offers an excellent business environment with the government committed to the development of education as well as the country’s infrastructure,” Ayat added.
Schlumberger Limited, is a United States’ based oil and gas services company which had been present in Malaysia since 1935 and has offices for its other business chapters in Kemaman, Miri and Labuan.
Friday, 19 November 2010
Woodside, Petronas Close to Deal on LNG Cargoes
Woodside Petroleum Ltd. may be close to a deal to source six liquefied natural gas cargoes worth up to an estimated A$160 million from Malaysia’s Petroliam Nasional Bhd., or Petronas, as it seeks to cover sales commitments from the delayed Pluto project, the Australian Financial Review reported, without citing sources.
Analysts expect the cost of the A$13 billion project will be increased by A$200 million to A$700 million, while the timing of first production may be pushed out to mid-2011, the report said.
Analysts expect the cost of the A$13 billion project will be increased by A$200 million to A$700 million, while the timing of first production may be pushed out to mid-2011, the report said.
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