Kota Kinabalu: Power supply in Sabah will get a further boost with a 300-megawatt (MW) gas-fired power plant becoming fully operational in 2014 in Kimanis, Papar.
The RM1.5 billion plant owned by Kimanis Power Sdn Bhd (KPSB) is a 60:40 joint-venture initiative between Petronas Gas Berhad (PGB) and a business arm of Yayasan Sabah Group, NRG Consortium (Sabah) Sdn Bhd.
The plant consists of three generating blocks and each block will generate 100MW and consist of Gas Turbine Generator (GTG), Heat Recovery Steam Generator (HRSG) and Steam Turbine Generator (STG).
State Industrial Development Minister Datuk Raymond Tan said the plant will be tapped to the State's power grid to supply electricity from the West Coast to the East, which is in need of power to meet its increasing demand for domestic and industrial use.
"The gas-fuelled power plant in Kimanis, about 65km from here, is going to facilitate us and to make sure Sabah energy plants have sufficient electricity available not only for the short-term but also long-term.
"To meet future demands for power supply, the plant has allocated a space at the current site to build required equipment and infrastructures for another 100MW supply.
"Meaning to say, supply can be maximised to 400MW when needed and there is another 100 MW gas-fired power plant by SPR Energy in Kimanis, which would provide up to a total of 500MW of electricity," he said.
Tan said this to reporters after the signing of an engineering, procurement, construction and commissioning (EPCC) contract for the combined cycle gas power plant between KPSB and a consortium, Taiwan-based CTCI Corporation, Synerlitz Sdn Bhd and a subsidiary of Suria Capital Holdings Berhad, SCHB Engineering Services, at a hotel here on Monday.
He was representing Chief Minister Datuk Seri Musa Aman to witness the signing of the contract and exchange of documents between KPSB managing director M Ali Hashim and CTCI Corporation Chairman cum CEO John T. Yu.
Under the contract, the consortium will develop, construct and commission the gas-fired power plant and its related facilities and infrastructures.
M Ali said the project is expected to benefit the State not only by supplying a clean source of energy to meet increasing demand for electricity but will also provide development opportunities for Sabah and the surrounding community.
He said the package includes construction of the project within 32 months from Apr 1 this year until the first commercial operation date for the first generating block on Dec 1, 2013.
Meanwhile, Yu said the completion dates of each three generating block are scheduled for Dec 1, 2013 followed by the second block on Feb 1, 2014 and finally the last block on Apr 1, 2014.
Upon completion, he said, the Kimanis Power Plant will be the biggest IPP plant Sabah and will be undertaking a great responsibility in supplying reliable and clean electricity to Sabahans.
Tan said the Kimanis Power Plant project is one of the major spin-offs from the proposed Sabah Onshore Gas Terminal (SOGT) project, which is also located in Kimanis and being implemented by Petronas Carigali Sdn Bhd.
He said the power plant will use a clean source of natural gas produced offshore Sabah, which will be landed at and supplied by the SOGT.
Besides helping State to boost electricity supply, Tan said the plant would also provide more jobs for local Sabahans.
"Petronas has also built a centre in Kimanis to train our local youths for jobs in SOGT and the first batch involving 25 Sabah youths would begin their classes in a rented shoplot in Membakut this July.
"Our concern has been taken into account whereby Sabahans are given priority to acquire technical skills that will enable them to work in the Kimanis power plant and SOGT," he said.
On the latest development to bringing oil and gas downstream activities to Sipitang, Tan said they are working out with Petronas the right location and constructing the required infrastructure for the activities.
"The latest that we get from Petronas is that we have been working with a technical team quite consistently now in order to determine what is the suitable location to build the required infrastructure.
"In some ways, we have agreed to do a take-off and diversion to Sipitang from Kimanis provided there are takers for gas in Sipitang when this district is designated for downstream of oil and gas activities," he said.
Saturday, 14 July 2012
Friday, 13 July 2012
Ship Capsized : 26 victims saved by Malaysian Navy
Kuala Lumpur (AFP/ANTARA) - Malaysian Navy saved 26 victims of a ship which sank after it was believed to have been hit by strong waves.
Among the victims are journalists from England, Japan and America.
The ship with 12 crew and 14 passengers, sank on Thursday close to the islands in Sabah and Kalimantan., said Mohamad Izuar Zainuddin of the Malaysian Maritime Enforcement Agency.
The victims were found floating in Life-Craft and 2 Life Boat during a Search and Rescue Operations conducted after receiving a distress call, said Mohamad Izuar.
All 7 British, 4 American, 2 Japanese and a Dutch were accounted for along with its crew of 1 German, 1 Irish and 10 Thais. All survived without any injuries.
The ship was leaving Sabah before the mishap however at press time, the authority still cannot confirm how long they were floating and the actual cause of the ship to have capsized, said Mohamad Izuar.
Last year, in a similar incident, two Singaporean tourist went missing after a fishing vessel there were in, capsized and sank at Southern Malaysia after it collided with an Oil Tanker.
Among the victims are journalists from England, Japan and America.
The ship with 12 crew and 14 passengers, sank on Thursday close to the islands in Sabah and Kalimantan., said Mohamad Izuar Zainuddin of the Malaysian Maritime Enforcement Agency.
The victims were found floating in Life-Craft and 2 Life Boat during a Search and Rescue Operations conducted after receiving a distress call, said Mohamad Izuar.
All 7 British, 4 American, 2 Japanese and a Dutch were accounted for along with its crew of 1 German, 1 Irish and 10 Thais. All survived without any injuries.
The ship was leaving Sabah before the mishap however at press time, the authority still cannot confirm how long they were floating and the actual cause of the ship to have capsized, said Mohamad Izuar.
Last year, in a similar incident, two Singaporean tourist went missing after a fishing vessel there were in, capsized and sank at Southern Malaysia after it collided with an Oil Tanker.
Sunday, 8 July 2012
Petronas chafes at its role as Malaysia's piggy bank (Good governance)
As state oil companies go, Petronas has a good reputation for governance. A 2011 World Bank working paper on governance and performance of national oil companies ranked Petronas slightly above the global average.
Mahathir drew criticism for tapping Petronas to bail out a debt-burdened shipping concern controlled by his eldest son, Mirzan, and again to support Malaysian auto company Proton, which makes the Lotus Formula One car.
But it has been called upon to bankroll some questionable projects, both under Najib and his predecessors. Twice - in 1984 and 1989 - Mahathir asked Petronas to bail out scandal-ridden Bank Bumiputra Bhd from collapse. In those two rescues, Petronas injected a total of 3.3 billion ringgit into the bank.
Mahathir denied he had bailed out his son. Petronas "drove a very hard bargain" and ended up turning a profit on the deal, he insisted. Petronas has repeatedly declined to discuss the bailouts.
The strains between Petronas and the government spilled out into the public after Najib took office in 2009.
Hassan Marican, Petronas's CEO at the time, disagreed with Najib over issues ranging from who should be named to the Petronas board to which Formula One car to sponsor.
Reuters has learned that Najib gave Hassan just six days' notice that his contract would not be renewed in 2010, ending a 21-year career. Three people with direct knowledge of the situation said Hassan was let go because he did not get along with Najib.
"Six days to pack up a career spanning more than two decades," said a person close to Hassan.
Hassan, now a board member at U.S. oil major ConocoPhillips and chairman of utilities company Singapore Power, did not respond to repeated interview requests.
Appointed by Mahathir, the 59-year-old accountant by training had considerable freedom before the clashes with Najib. Mahathir said Hassan often said "no" to his suggestions, though he did agree to bail out the national car company that was the prime minister's pride and joy and the company owned by Mahathir's son.
Hassan refused to use inexperienced Malaysian companies to develop Malaysia's oil and gas industry, or to pursue costly ventures to develop the country's marginal oil fields, the source close to Hassan said.
Those two projects are now part of Najib's ambitious $444 billion economic transformation program launched in September 2010 - just seven months after Hassan's removal. ($1 = 3.1985 Malaysian ringgit)
(Additional reporting by Mica Rosenberg in Mexico City and Yantoultra Ngui in Kuala Lumpur.; Editing by Bill Tarrant and Michael Williams)
Mahathir drew criticism for tapping Petronas to bail out a debt-burdened shipping concern controlled by his eldest son, Mirzan, and again to support Malaysian auto company Proton, which makes the Lotus Formula One car.
But it has been called upon to bankroll some questionable projects, both under Najib and his predecessors. Twice - in 1984 and 1989 - Mahathir asked Petronas to bail out scandal-ridden Bank Bumiputra Bhd from collapse. In those two rescues, Petronas injected a total of 3.3 billion ringgit into the bank.
Mahathir denied he had bailed out his son. Petronas "drove a very hard bargain" and ended up turning a profit on the deal, he insisted. Petronas has repeatedly declined to discuss the bailouts.
The strains between Petronas and the government spilled out into the public after Najib took office in 2009.
Hassan Marican, Petronas's CEO at the time, disagreed with Najib over issues ranging from who should be named to the Petronas board to which Formula One car to sponsor.
Reuters has learned that Najib gave Hassan just six days' notice that his contract would not be renewed in 2010, ending a 21-year career. Three people with direct knowledge of the situation said Hassan was let go because he did not get along with Najib.
"Six days to pack up a career spanning more than two decades," said a person close to Hassan.
Hassan, now a board member at U.S. oil major ConocoPhillips and chairman of utilities company Singapore Power, did not respond to repeated interview requests.
Appointed by Mahathir, the 59-year-old accountant by training had considerable freedom before the clashes with Najib. Mahathir said Hassan often said "no" to his suggestions, though he did agree to bail out the national car company that was the prime minister's pride and joy and the company owned by Mahathir's son.
Hassan refused to use inexperienced Malaysian companies to develop Malaysia's oil and gas industry, or to pursue costly ventures to develop the country's marginal oil fields, the source close to Hassan said.
Those two projects are now part of Najib's ambitious $444 billion economic transformation program launched in September 2010 - just seven months after Hassan's removal. ($1 = 3.1985 Malaysian ringgit)
(Additional reporting by Mica Rosenberg in Mexico City and Yantoultra Ngui in Kuala Lumpur.; Editing by Bill Tarrant and Michael Williams)
Friday, 6 July 2012
Coastal Energy inks small risk service contract with Petronas
Toronto-listed Coastal Energy Company will develop and produce oil from three small fields offshore Peninsular Malaysia under a small field risk service contract with Petroliam Nasional Bhd.
According to Coastal Energy, it would focus on the Kapal, Banang and Meranti cluster of small fields (KBM cluster) where 17 wells would be drilled of which 10 would be at Kapal, four at Banang and three at Meranti.
The KBM Cluster fields are within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet.
Under the contract, Coastal is finalising an arrangement for a Malaysian company to participate in the Small Field RSC for 30%-40% equity interest.
"Coastal will provide the upfront development capital, undertaking the development drilling and production of the KBM Cluster. Petronas will remain the owner of the project," it said.
Costal expects would be paid a remuneration fee based on key performance indicators including the timely implementation of the agreed field development plan and budget.
First oil from the Kapal field is scheduled within one year followed by production from the Banang field a year later. Coastal will develop the fields using mobile offshore production units (MOPUs) and floating storage and offloading tankers.
According to Coastal Energy, it would focus on the Kapal, Banang and Meranti cluster of small fields (KBM cluster) where 17 wells would be drilled of which 10 would be at Kapal, four at Banang and three at Meranti.
The KBM Cluster fields are within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet.
Under the contract, Coastal is finalising an arrangement for a Malaysian company to participate in the Small Field RSC for 30%-40% equity interest.
"Coastal will provide the upfront development capital, undertaking the development drilling and production of the KBM Cluster. Petronas will remain the owner of the project," it said.
Costal expects would be paid a remuneration fee based on key performance indicators including the timely implementation of the agreed field development plan and budget.
First oil from the Kapal field is scheduled within one year followed by production from the Banang field a year later. Coastal will develop the fields using mobile offshore production units (MOPUs) and floating storage and offloading tankers.
Wednesday, 4 July 2012
Blast at Bangkok oil refinery triggers huge blaze
An explosion at an oil refinery in an industrial area of Bangkok sparked a massive fire early Wednesday, sending a thick column of smoke into the air that could be seen across the Thai capital.
There were no reported injuries in the blast and subsequent fire, which prompted the government to close the 120,000 barrels-a-day refinery for at least 30 days.
Early investigations by operator Bangchak Petroleum suggested the blast was caused by an oil or gas leak at around 7:30 am (0030 GMT), according to the company's president Anusorn Sangnimnuan.
"There are no injuries. We assume oil or gas leaked out and somehow it caught fire," he told reporters, adding that the blaze was under control by mid-morning.
"I don't think the cause was human error, it was caused by equipment."
Emergency services said there had been no casualties, but Bangkok authorities distributed masks to thousands of nearby residents to prevent smoke inhalation.
Responding to the blast, which woke residents and sent a plume of acrid smoke into the sky, Industry Minister Pongsawat Sawadiwat said the refinery will be shut for at least a month.
"Initially the refinery will be shut down for 30 days to investigate the cause of fire," he said, adding that health officials will check risks of respiratory damage among the local community.
The Bangchak oil refinery, which employs around 600 people, is located in a large industrial estate in a sprawling suburb.
It is among the country's biggest refineries with 120,000 barrels of oil processed at the site every day, a company official told AFP. - AFP
Perdana Petroleum subsidiary gets Murphy contract worth RM86m
Perdana Petroleum Bhd’s subsidiary has secured a contract worth RM86 million from Murphy Sabah/ Sarawak Oil Co Ltd (Murphy) to supply one anchor handling tug supply vessel.
The company said on Thursday that the contract secured by Perdana Nautika Sdn Bhd was to support Murphy’s 2012/2014 Shallow Water Drilling Programme.
It said the contract was for a period of two years with an extension option of an additional year, effective from 27 June 2012.
Perdana Petroleum said the contract was expected to its earnings for the financial year ending Dec 31, 2012 and the financial periods thereafter for the duration of the Contract
The company said on Thursday that the contract secured by Perdana Nautika Sdn Bhd was to support Murphy’s 2012/2014 Shallow Water Drilling Programme.
It said the contract was for a period of two years with an extension option of an additional year, effective from 27 June 2012.
Perdana Petroleum said the contract was expected to its earnings for the financial year ending Dec 31, 2012 and the financial periods thereafter for the duration of the Contract
Tuesday, 3 July 2012
Petronas inks new PSC with Talisman, Carigali to recover oil off Sabah
Petroliam Nasional Bhd (Petronas) has as inked a new Production Sharing Contract PSC with Talisman Malaysia Ltd and Petronas Carigali Sdn Bhd for recovery of crude oil from the Kinabalu Fields located offshore Sabah, East Malaysia.
In a statement Monday, Petronas said the PSC was the first awarded under the new, innovative Progressive Volume-Based (PVB) fiscal terms designed by Petronas to offer value-added incentives for the development and production of matured oil fields in Malaysia.
“In particular, the PVB terms provide progressive profit sharing to provide incentive to contractors to improve oil recovery and increase production as the risks of developing and producing from matured fields become progressively higher over the lifetime of the field,” it said.
Petronas said that under the terms of the PSC, both Talisman Malaysia and Petronas Carigali were committed to investing over US$1 billion towards various activities in the contract area, including achieving early production gains, improving operational efficiency and addressing subsurface issues.
“Additionally, the two partners are also to focus on field redevelopment efforts with a view to realising improved oil recovery potential as well as committing to an enhanced oil recovery pilot initiative,” it said.
The national oil company said Talisman Malaysia would be the operator of the PSC area with a 60% participating interest and is expected to leverage on its experience and expertise in operating matured fields worldwide.
In a statement Monday, Petronas said the PSC was the first awarded under the new, innovative Progressive Volume-Based (PVB) fiscal terms designed by Petronas to offer value-added incentives for the development and production of matured oil fields in Malaysia.
“In particular, the PVB terms provide progressive profit sharing to provide incentive to contractors to improve oil recovery and increase production as the risks of developing and producing from matured fields become progressively higher over the lifetime of the field,” it said.
Petronas said that under the terms of the PSC, both Talisman Malaysia and Petronas Carigali were committed to investing over US$1 billion towards various activities in the contract area, including achieving early production gains, improving operational efficiency and addressing subsurface issues.
“Additionally, the two partners are also to focus on field redevelopment efforts with a view to realising improved oil recovery potential as well as committing to an enhanced oil recovery pilot initiative,” it said.
The national oil company said Talisman Malaysia would be the operator of the PSC area with a 60% participating interest and is expected to leverage on its experience and expertise in operating matured fields worldwide.
Gebeng dan santau radioaktif
By Hishamuddin Rais | Yahoo! Malaysia Newsroom
Naratif dan jalan cerita kilang santau radioaktif Lynas ini wajib didengar sekali lagi. Pada hemat saya, kisah santau di Gebeng ini bermula di zaman Abdullah Badawi. Hingga ke hari ini umum masih belum mengetahui siapa yang telah melobi pentabiran Abdullah Badawi untuk membawa masuk kilang santau ini. Tukang lobi ini pasti sedar bahawa dalam suasana pentabiran yang 'ngantuk' pasti tandatangan Abdullah dapat dilicinkan dengan senang untuk melecok pelulusan kilang santau ini.
Pentabiran Abdulah Badawi yang sibuk dengan pelbagai jenis koridor telah mengarahkan syarikat santau nadir bumi ini untuk menemui Menteri Besar, Idris Jusuh di Terengganu. Telok Kalung - kawasan indah di tepi laut - didaerah Kemaman telah dikenal pasti sebagai daerah yang amat sesuai untuk kilang santau radioaktif ini beroperasi.
Disini, saya mencadangkan agar warga Terengganu dan rakyat Malaysia memberi tabik penghormatan dan berterima kasih kepada Idris Jusuh. Sebusuk-busuk Idris Jusuh, dia juga memiliki hati nurani yang baik. Selama tiga tahun kertas cadangan pembukaan syarikat santau ini terdampar di meja MB. Tiga tahun cadangan ini tidak dipedulikan. Yang Berhormat Idris Jusuh sedar tentang bahaya dan malapetaka yang akan menimpa warga Terengganu jika kilang ini dibenarkan beroperasi. Justeru, Idris Jusuh tidak ambil pot dan tidak melayan sang pelobi ini.
Kerana gagal di Terengganu, maka sang pelobi telah beralih ke Pahang. Menteri Besar Adnan Yacob yang memiliki bahasa tangan yang cekap, melihat syarikat santau ini sebagai peluang yang baik. Dua minggu sebelum PRU12 yang lalu, MB Pahang ini telah membenarkan Lynas Corporation Ltd, syarikat cari gali nadir bumi yang beribu pejabat di Australia untuk membuka kilang memproses nadir bumi di kawasan perindustrian Gebeng Pahang.
Semua ini belaku tanpa diketahui ramai. Semua ini berjalan dengan senyap lagi sunyi. Projek diluluskan ketika seluruh rakyat Malaysia sedang sibuk berkempen untuk pilihan raya. Kemudian rakyat Malaysia sibuk pula merayakan kejayaan Pakatan Rakyat. Dalam senyap-senyap ini, rupa-rupanya satu 'bom jangka' yang bernilai RM2.5 bilion sedang dipasang di Gebeng.
Untuk memahami apa dia nadir bumi, kita wajib kembali 30 tahun ke belakang. Pada tahun 1979, kerajaan telah meluluskan kebenaran kepada syarikat Asian Rare Earth Sdn Bhd untuk membuka kilang di Bukit Merah Perak. Syarikat ini juga bergerak dengan licik dan bijak.
Syarikat Mitsubishi Chemical Industries milik Jepun ini telah bersubahat dengan Lembaga Urusan Tabung Haji. Usahasama ini bertujuan untuk mengolah persetujuan agar orang Melayu senyap - jangan bersuara - kerana ada syarikat agama Islam, mereka akan bertimbun-timbun membuat duit.
Pada tahun 1982 warga daerah Papan di Parit, Perak telah mula sedar bahawa kawasan mereka telah dipilih untuk menanamkam sisa dari loji kilang ini. Kilang ini beroperasi di Kampong Baru Bukit Merah. Kawasan perumahan masyarakat Cina dan Syarikat Tabung Haji dipilih secara strategik. Tabung Haji dipilih untuk menyedapkan hati orang Melayu. Bukit Merah dipilih kerana kawasan perumahan orang China. Inilah strategi licik yang dirancang dengan rapi oleh syarikat santau radioaktif dari Jepun ini.
Apa sebenarnya nadir bumi? Orang Melayu awal-awal dahulu memanggil ini amang - satu panggilan yang salah. Logam bijih nadir bumi tersimpan dalam perut bumi dan perlu digali untuk mendapatkannya. Manakala amang ditemui bersama bijih timah. Logam nadir bumi ini diperlukan untuk bateri, mentol lampu, ipone, bom cerdik dan boleh digunakan dalam pelbagai teknologi terkini.
Bijih logam ini tidak merbahaya. Ianya bukan santau. Tetapi apabila logam ini diproses akan muncul sama thorium dan uranium. Dua bahan ini wujud bersama nadir bumi ini. Sisa-sisa dari memproses logam inilah yang mengandungi santau radioaktif.. Santau thorium dan santau uranium amat bahaya untuk manusia, binatang, tanaman dan untuk muka bumi ini.
Kenapa saya menulis dan menggunakan 'santau' dihadapan perkataan radioaktif. Ini bertujuan untuk memberi ingatan kolektif kepada orang Melayu. Masyarakat Melayu selama ini telah dibebalkan dari memahami bahaya kilang Lynas ini. Media Melayu telah membodohkan orang Melayu tanpa memberi mereka pengetahuan yang betul tentang santau ini. Justeru, dengan menggunakan perkataan 'santau' maka diharapkan orang Melayu akan sedar bahawa radioaktif ini memiliki watak seperti santau.
Santau dalam budaya pemahaman orang Melayu boleh bergerak melalui angin. Santau juga boleh bergerak didalam air. Justeru santau dan radioaktif ini memiliki watak dan ciri-ciri yang sama. Apabila radioaktif ini dikahwinkan dengan perkataan santau ini, diharapkan masyarakat Melayu yang selama ini dibodohkan akan dapat memahami marabahaya dihadapan mereka.
Berbanding dengan masyarakat China dimana media Tionghua cukup arif menerangkan bahaya santau ini. Juga masyarakat China di Papan dan di Bukit Merah telah pernah menjadi mangsa santau radioaktif ini. Mereka telah melihat anak-anak mereka lahir cacat. Mereka telah melihat ramainya anak-anak mereka yang tinggal dikawasan pembuangan sisa kilang di Bukit Merah telah mendapat barah leukemia.
Masyarakat China, 30 tahun dahulu telah bangun menentang kilang Asia Rare Earth di Papan. Perjuangan yang panjang ini akhirnya berjaya apabila mahkamah mengarahkan kilang ini ditutup pada tahun 1994.
Hari ini - 30 tahun kemudian - duit rakyat Malaysia sebanyak RM 300 juta telah digunakan untuk membersihkan tempat simpanan sisa nadir bumi ini. Kilang ini telah dimusnahkan, tetapi sisa santau ini akan terus wujud untuk beratus-ratus tahun. Pada ketika ini, kawasan ini telah menjadi kawasan larangan yang dipagar. Tetapi santau radioaktif masih lagi boleh bergerak melalui udara dan air. Towkay Jepun ini telah telah selamat pulang untuk berendut dengan Geisha di Tokyo. Yang tinggal menerima padah ialah warga Bukit Papan.
Orang ramai pasti menjadi hairan dan pelik. Jika santau radioaktif ini merbahaya, kenapa Menteri Besar Pahang dan kerajaan Malaysia memberi kebenaran kepada Lynas Corporation Ltd untuk mendirikan kilang nadir bumi yang terbesar dalam dunia?
Ada macam-macam teori yang tersebar dari mulut ke mulut, kenapa kilang santau ini dibenarkan beroperasi. Seperti biasa, Pak Cik Nelayan dan Mak Cik Nasi Lemak di Gebeng akan berkata "...ada yang dah buat duit..." Siapa yang buat duit dan dari mana duit ini datang tidak pula jelas. Tapi inilah labon cerita orang-orang kampong.
Apa yang terbukti sahih ialah syarikat Australia ini pasti akan membuat duit kerana selama 12 tahun ianya tidak perlu membayar cukai. Ini sebahagian dari penjanjian yang telah diikat. Kenapa syarikat ini tidak membayar cukai? Hanya Sang Patin dalam Sungai Pahang sahaja yang maha mengetahui..
Selain dari berita pelik - tak bayar cukai ini - ada lagi satu berita yang amat-amat pelik. Biasanya Jabatan Alam Sekitar perlu membuat kajian sebelum apa-apa projek diluluskan. Entah kerana beruk mana yang amat berkuasa, sehinggakan laporan dari Jabatan Alam Sekitar ini tidak diperlukan untuk kilang santau ini. Bunyinya memelikan, tetapi inilah tanda Malaysia Boleh.
Semua yang berlaku ini telah diperhatikan secara desas-desus oleh orang-orang kampong di sekitar Gebeng, Balok dan Cherating. Kilang ini letaknya tidak berapa jauh dari pantai Cherating dan pantai Balok. Cherating terkenal dengan Club Med-nya manakala Balok adalah kawasan yang pantainya menjadi idaman warga kota di hujung minggu. Orang kampong dan nelayan di Balok hanya berlabon kosong, kerana mereka tidak arif dalam hal santau-menyantau.
Akhirnya, berita kilang santau di Gebeng ini 'meletup'. Pada bulan Mac dan Jun 2011, akhbar The New York Times yang amat berpengaruh di Amerika telah membocorkan berita loji terbesar dalam dunia ini sedang dibuat. Tiba-tiba Lynas menjadi buah mulut bukan sahaja di Malaysia, malah melimpah ke Australia dan ke seluruh dunia.
Dengan tidak semena-mena harga nilai tanah mula merundum di Kuantan. Tiba-tiba kelihatan banyak tercacak papan tanda - to rent or to sell - di hadapan rumah-rumah mewah di Kuantan. Berita dari akhbar Amerika ini menjadikan warga Kuantan dan sekitarnya gelisah.
Kumpulan masyarakat sivil dan beberapa NGO alam sekitar mula membuat bantahan. Kisah kilang santau Lynas mula didengar di Parlimen. Kerajaan Barisan Nasional yang semakin mengecut sokongon dari para pengundi menjadi gelabah. Sekali lagi orang ramai teringat akan mangsa kilang Rare Earth di Bukit Merah. Kegelishan dan ketakutan orang ramai ini telah diterjemahkan kepada beberapa tunjuk perasaan menentang kilang santau Lynas.
Seperti biasa kerajaan mula menjalankan beberapa taktik untuk mengolah persetujuan dan mententeramkan hati penduduk di Gebeng dan Kuantan. Tiba-tiba arahan diberikan untuk membuat kajian oleh Jabatan Alam Sekitar. Agensi Nuklear Malaysia juga memberi pandangan. Jawatankuasa Khas Parlimen juga ditubuhkan. Semua ini tidak meyakinkan penduduk di Gebeng dan Kuantan bahawa kilang santau ini tidak merbahaya. Penduduk di Gebeng dan Kuantan melihat semua ini sebagai sandiwara.
Pada 26 Februari tahun ini, seramai 20,000 anak semua bangsa dari seluruh Malaysia telah datang untuk bersetia kawan dengan warga Gebeng. Ini adalah satu perhimpunan anti-Lynas yang paling besar pernah diadakan di Kuantan. Gerakan anti-Lynas yang disusun oleh Himpunan HIjau.
Mereka telah juga bekerjasama dengan BERSIH 3.0 pada 28 April yang lalu. Berpuluh ribu penyokong Himpuan Hijau telah sama berdemo dengan penyokong Bersih 3.0.
Perdana Menteri Najib Razak sedar bahawa sokongan dari pengundi Cina semakin merosot. Gerakan anti-Lynas ini sedang membarah dan sedang mengancam banyak kerusi DUN dan Parlimen di Pahang.
Ketika tulisan ini sedang digarap, kerajaan Barisan Nasional telah memberikan lesen sementara kepada Lynas Coperation Ltd dengan syarat, sisa dari kilang ini akan dibawa pulang ke Australia, atau syarikat ini menyediakan satu kawasan yang selamat dimana sisa santau radioaktif ini akan ditanamkan.
Untuk sementara waktu ini, dengan pilihan raya yang akan diadakan tidak lama lagi, mustahil kilang santau ini akan beroperasi. Jika kilang ini mula beroperasi bermakna Najib Razak ingin membunuh diri. Ini kerana Pakatan Rakyat secara terbuka telah menyatakan bahawa jika Pakatan Rakyat mengambil alih pentabiran Malaysia, kilang santau ini akan ditutup.
Kelihatan pertempuran antara pemegang saham syarikat Australia ini dengan warga Gebeng 'terhenti' untuk sementara. Tetapi persoalan hakiki masih belum di jawab. Jika kilang santau nadir bumi ini selamat, mengapa kerajaan Australia tidak membenarkan kilang ini dibuka di Australia sendiri. Walhal, Australia, sebuah benua memiliki kawasan tanah yang beratus kali ganda luasnya dari Malaysia.
Inilah soalan hakiki yang amat menakutkan warga di Gebeng. Inilah mimpi ngeri yang membuatkan ramai warga Kuantan mula ingin berpindah. Soalan ini belum mendapat jawapan yang tuntas. Malah soalan ini juga memerlukan jawapan untuk seluruh warga Malaysia.
Naratif dan jalan cerita kilang santau radioaktif Lynas ini wajib didengar sekali lagi. Pada hemat saya, kisah santau di Gebeng ini bermula di zaman Abdullah Badawi. Hingga ke hari ini umum masih belum mengetahui siapa yang telah melobi pentabiran Abdullah Badawi untuk membawa masuk kilang santau ini. Tukang lobi ini pasti sedar bahawa dalam suasana pentabiran yang 'ngantuk' pasti tandatangan Abdullah dapat dilicinkan dengan senang untuk melecok pelulusan kilang santau ini.
Pentabiran Abdulah Badawi yang sibuk dengan pelbagai jenis koridor telah mengarahkan syarikat santau nadir bumi ini untuk menemui Menteri Besar, Idris Jusuh di Terengganu. Telok Kalung - kawasan indah di tepi laut - didaerah Kemaman telah dikenal pasti sebagai daerah yang amat sesuai untuk kilang santau radioaktif ini beroperasi.
Disini, saya mencadangkan agar warga Terengganu dan rakyat Malaysia memberi tabik penghormatan dan berterima kasih kepada Idris Jusuh. Sebusuk-busuk Idris Jusuh, dia juga memiliki hati nurani yang baik. Selama tiga tahun kertas cadangan pembukaan syarikat santau ini terdampar di meja MB. Tiga tahun cadangan ini tidak dipedulikan. Yang Berhormat Idris Jusuh sedar tentang bahaya dan malapetaka yang akan menimpa warga Terengganu jika kilang ini dibenarkan beroperasi. Justeru, Idris Jusuh tidak ambil pot dan tidak melayan sang pelobi ini.
Kerana gagal di Terengganu, maka sang pelobi telah beralih ke Pahang. Menteri Besar Adnan Yacob yang memiliki bahasa tangan yang cekap, melihat syarikat santau ini sebagai peluang yang baik. Dua minggu sebelum PRU12 yang lalu, MB Pahang ini telah membenarkan Lynas Corporation Ltd, syarikat cari gali nadir bumi yang beribu pejabat di Australia untuk membuka kilang memproses nadir bumi di kawasan perindustrian Gebeng Pahang.
Semua ini belaku tanpa diketahui ramai. Semua ini berjalan dengan senyap lagi sunyi. Projek diluluskan ketika seluruh rakyat Malaysia sedang sibuk berkempen untuk pilihan raya. Kemudian rakyat Malaysia sibuk pula merayakan kejayaan Pakatan Rakyat. Dalam senyap-senyap ini, rupa-rupanya satu 'bom jangka' yang bernilai RM2.5 bilion sedang dipasang di Gebeng.
Untuk memahami apa dia nadir bumi, kita wajib kembali 30 tahun ke belakang. Pada tahun 1979, kerajaan telah meluluskan kebenaran kepada syarikat Asian Rare Earth Sdn Bhd untuk membuka kilang di Bukit Merah Perak. Syarikat ini juga bergerak dengan licik dan bijak.
Syarikat Mitsubishi Chemical Industries milik Jepun ini telah bersubahat dengan Lembaga Urusan Tabung Haji. Usahasama ini bertujuan untuk mengolah persetujuan agar orang Melayu senyap - jangan bersuara - kerana ada syarikat agama Islam, mereka akan bertimbun-timbun membuat duit.
Pada tahun 1982 warga daerah Papan di Parit, Perak telah mula sedar bahawa kawasan mereka telah dipilih untuk menanamkam sisa dari loji kilang ini. Kilang ini beroperasi di Kampong Baru Bukit Merah. Kawasan perumahan masyarakat Cina dan Syarikat Tabung Haji dipilih secara strategik. Tabung Haji dipilih untuk menyedapkan hati orang Melayu. Bukit Merah dipilih kerana kawasan perumahan orang China. Inilah strategi licik yang dirancang dengan rapi oleh syarikat santau radioaktif dari Jepun ini.
Apa sebenarnya nadir bumi? Orang Melayu awal-awal dahulu memanggil ini amang - satu panggilan yang salah. Logam bijih nadir bumi tersimpan dalam perut bumi dan perlu digali untuk mendapatkannya. Manakala amang ditemui bersama bijih timah. Logam nadir bumi ini diperlukan untuk bateri, mentol lampu, ipone, bom cerdik dan boleh digunakan dalam pelbagai teknologi terkini.
Bijih logam ini tidak merbahaya. Ianya bukan santau. Tetapi apabila logam ini diproses akan muncul sama thorium dan uranium. Dua bahan ini wujud bersama nadir bumi ini. Sisa-sisa dari memproses logam inilah yang mengandungi santau radioaktif.. Santau thorium dan santau uranium amat bahaya untuk manusia, binatang, tanaman dan untuk muka bumi ini.
Kenapa saya menulis dan menggunakan 'santau' dihadapan perkataan radioaktif. Ini bertujuan untuk memberi ingatan kolektif kepada orang Melayu. Masyarakat Melayu selama ini telah dibebalkan dari memahami bahaya kilang Lynas ini. Media Melayu telah membodohkan orang Melayu tanpa memberi mereka pengetahuan yang betul tentang santau ini. Justeru, dengan menggunakan perkataan 'santau' maka diharapkan orang Melayu akan sedar bahawa radioaktif ini memiliki watak seperti santau.
Santau dalam budaya pemahaman orang Melayu boleh bergerak melalui angin. Santau juga boleh bergerak didalam air. Justeru santau dan radioaktif ini memiliki watak dan ciri-ciri yang sama. Apabila radioaktif ini dikahwinkan dengan perkataan santau ini, diharapkan masyarakat Melayu yang selama ini dibodohkan akan dapat memahami marabahaya dihadapan mereka.
Berbanding dengan masyarakat China dimana media Tionghua cukup arif menerangkan bahaya santau ini. Juga masyarakat China di Papan dan di Bukit Merah telah pernah menjadi mangsa santau radioaktif ini. Mereka telah melihat anak-anak mereka lahir cacat. Mereka telah melihat ramainya anak-anak mereka yang tinggal dikawasan pembuangan sisa kilang di Bukit Merah telah mendapat barah leukemia.
Masyarakat China, 30 tahun dahulu telah bangun menentang kilang Asia Rare Earth di Papan. Perjuangan yang panjang ini akhirnya berjaya apabila mahkamah mengarahkan kilang ini ditutup pada tahun 1994.
Hari ini - 30 tahun kemudian - duit rakyat Malaysia sebanyak RM 300 juta telah digunakan untuk membersihkan tempat simpanan sisa nadir bumi ini. Kilang ini telah dimusnahkan, tetapi sisa santau ini akan terus wujud untuk beratus-ratus tahun. Pada ketika ini, kawasan ini telah menjadi kawasan larangan yang dipagar. Tetapi santau radioaktif masih lagi boleh bergerak melalui udara dan air. Towkay Jepun ini telah telah selamat pulang untuk berendut dengan Geisha di Tokyo. Yang tinggal menerima padah ialah warga Bukit Papan.
Orang ramai pasti menjadi hairan dan pelik. Jika santau radioaktif ini merbahaya, kenapa Menteri Besar Pahang dan kerajaan Malaysia memberi kebenaran kepada Lynas Corporation Ltd untuk mendirikan kilang nadir bumi yang terbesar dalam dunia?
Ada macam-macam teori yang tersebar dari mulut ke mulut, kenapa kilang santau ini dibenarkan beroperasi. Seperti biasa, Pak Cik Nelayan dan Mak Cik Nasi Lemak di Gebeng akan berkata "...ada yang dah buat duit..." Siapa yang buat duit dan dari mana duit ini datang tidak pula jelas. Tapi inilah labon cerita orang-orang kampong.
Apa yang terbukti sahih ialah syarikat Australia ini pasti akan membuat duit kerana selama 12 tahun ianya tidak perlu membayar cukai. Ini sebahagian dari penjanjian yang telah diikat. Kenapa syarikat ini tidak membayar cukai? Hanya Sang Patin dalam Sungai Pahang sahaja yang maha mengetahui..
Selain dari berita pelik - tak bayar cukai ini - ada lagi satu berita yang amat-amat pelik. Biasanya Jabatan Alam Sekitar perlu membuat kajian sebelum apa-apa projek diluluskan. Entah kerana beruk mana yang amat berkuasa, sehinggakan laporan dari Jabatan Alam Sekitar ini tidak diperlukan untuk kilang santau ini. Bunyinya memelikan, tetapi inilah tanda Malaysia Boleh.
Semua yang berlaku ini telah diperhatikan secara desas-desus oleh orang-orang kampong di sekitar Gebeng, Balok dan Cherating. Kilang ini letaknya tidak berapa jauh dari pantai Cherating dan pantai Balok. Cherating terkenal dengan Club Med-nya manakala Balok adalah kawasan yang pantainya menjadi idaman warga kota di hujung minggu. Orang kampong dan nelayan di Balok hanya berlabon kosong, kerana mereka tidak arif dalam hal santau-menyantau.
Akhirnya, berita kilang santau di Gebeng ini 'meletup'. Pada bulan Mac dan Jun 2011, akhbar The New York Times yang amat berpengaruh di Amerika telah membocorkan berita loji terbesar dalam dunia ini sedang dibuat. Tiba-tiba Lynas menjadi buah mulut bukan sahaja di Malaysia, malah melimpah ke Australia dan ke seluruh dunia.
Dengan tidak semena-mena harga nilai tanah mula merundum di Kuantan. Tiba-tiba kelihatan banyak tercacak papan tanda - to rent or to sell - di hadapan rumah-rumah mewah di Kuantan. Berita dari akhbar Amerika ini menjadikan warga Kuantan dan sekitarnya gelisah.
Kumpulan masyarakat sivil dan beberapa NGO alam sekitar mula membuat bantahan. Kisah kilang santau Lynas mula didengar di Parlimen. Kerajaan Barisan Nasional yang semakin mengecut sokongon dari para pengundi menjadi gelabah. Sekali lagi orang ramai teringat akan mangsa kilang Rare Earth di Bukit Merah. Kegelishan dan ketakutan orang ramai ini telah diterjemahkan kepada beberapa tunjuk perasaan menentang kilang santau Lynas.
Seperti biasa kerajaan mula menjalankan beberapa taktik untuk mengolah persetujuan dan mententeramkan hati penduduk di Gebeng dan Kuantan. Tiba-tiba arahan diberikan untuk membuat kajian oleh Jabatan Alam Sekitar. Agensi Nuklear Malaysia juga memberi pandangan. Jawatankuasa Khas Parlimen juga ditubuhkan. Semua ini tidak meyakinkan penduduk di Gebeng dan Kuantan bahawa kilang santau ini tidak merbahaya. Penduduk di Gebeng dan Kuantan melihat semua ini sebagai sandiwara.
Pada 26 Februari tahun ini, seramai 20,000 anak semua bangsa dari seluruh Malaysia telah datang untuk bersetia kawan dengan warga Gebeng. Ini adalah satu perhimpunan anti-Lynas yang paling besar pernah diadakan di Kuantan. Gerakan anti-Lynas yang disusun oleh Himpunan HIjau.
Mereka telah juga bekerjasama dengan BERSIH 3.0 pada 28 April yang lalu. Berpuluh ribu penyokong Himpuan Hijau telah sama berdemo dengan penyokong Bersih 3.0.
Perdana Menteri Najib Razak sedar bahawa sokongan dari pengundi Cina semakin merosot. Gerakan anti-Lynas ini sedang membarah dan sedang mengancam banyak kerusi DUN dan Parlimen di Pahang.
Ketika tulisan ini sedang digarap, kerajaan Barisan Nasional telah memberikan lesen sementara kepada Lynas Coperation Ltd dengan syarat, sisa dari kilang ini akan dibawa pulang ke Australia, atau syarikat ini menyediakan satu kawasan yang selamat dimana sisa santau radioaktif ini akan ditanamkan.
Untuk sementara waktu ini, dengan pilihan raya yang akan diadakan tidak lama lagi, mustahil kilang santau ini akan beroperasi. Jika kilang ini mula beroperasi bermakna Najib Razak ingin membunuh diri. Ini kerana Pakatan Rakyat secara terbuka telah menyatakan bahawa jika Pakatan Rakyat mengambil alih pentabiran Malaysia, kilang santau ini akan ditutup.
Kelihatan pertempuran antara pemegang saham syarikat Australia ini dengan warga Gebeng 'terhenti' untuk sementara. Tetapi persoalan hakiki masih belum di jawab. Jika kilang santau nadir bumi ini selamat, mengapa kerajaan Australia tidak membenarkan kilang ini dibuka di Australia sendiri. Walhal, Australia, sebuah benua memiliki kawasan tanah yang beratus kali ganda luasnya dari Malaysia.
Inilah soalan hakiki yang amat menakutkan warga di Gebeng. Inilah mimpi ngeri yang membuatkan ramai warga Kuantan mula ingin berpindah. Soalan ini belum mendapat jawapan yang tuntas. Malah soalan ini juga memerlukan jawapan untuk seluruh warga Malaysia.
Monday, 2 July 2012
Brooke Dockyard bids for RM500 mln Murphy Oil job project
The nation’s oldest shipyard, Brooke Dockyard, is eyeing a RM500 million project from Murphy Oil to construct three oil platform structures.
Thus far, it has secured part of the project worth RM90 million.
This RM90 million initiative is for building the basic foundation of the platform, while work on the rest of the platform will be determined by Murphy Oil soon.
Infrastructure and Communication Development Minister Datuk Seri Michael Manyin said this at a press conference after the launching of Brooke Dockyard’s new office at Sejingkat Friday.
Manyin said Brooke Dockyard had also secured a RM12 million project to construct a 45m-long landing craft boat for the Marine Department.
On another matter, Manyin said there were no plans to privatise Brooke Dockyard at the moment.
“There is no such plan as Brooke Dockyard is doing well, and the state government is happy with the company,” he said, adding that the company had provided ample job opportunities to people living in and around Sejingkat and Demak Laut.
Meanwhile, Broke Dockyard chairman Datuk Abang Abdul Karim Tun Openg, in his speech, said their new building could accommodate 80 workers. It is equipped with a centralised public address system, close circuit television camera (CCTV), a surau, conference room, and state-of-the art equipment.
Also present were Brooke Dockyard’s technical advisor Zuraimi Sabki and acting general manager Norizan Sazali.
Thus far, it has secured part of the project worth RM90 million.
This RM90 million initiative is for building the basic foundation of the platform, while work on the rest of the platform will be determined by Murphy Oil soon.
Infrastructure and Communication Development Minister Datuk Seri Michael Manyin said this at a press conference after the launching of Brooke Dockyard’s new office at Sejingkat Friday.
Manyin said Brooke Dockyard had also secured a RM12 million project to construct a 45m-long landing craft boat for the Marine Department.
On another matter, Manyin said there were no plans to privatise Brooke Dockyard at the moment.
“There is no such plan as Brooke Dockyard is doing well, and the state government is happy with the company,” he said, adding that the company had provided ample job opportunities to people living in and around Sejingkat and Demak Laut.
Meanwhile, Broke Dockyard chairman Datuk Abang Abdul Karim Tun Openg, in his speech, said their new building could accommodate 80 workers. It is equipped with a centralised public address system, close circuit television camera (CCTV), a surau, conference room, and state-of-the art equipment.
Also present were Brooke Dockyard’s technical advisor Zuraimi Sabki and acting general manager Norizan Sazali.
Sunday, 1 July 2012
Petronas Agrees To Buy Canada’s Progress Energy
Petroliam Nasional Bhd, Malaysia’s state-owned oil and natural-gas company, agreed to buy Progress Energy Resources Corp. (PRQ) for C$4.8 billion ($4.6 billion), in its biggest deal as it moves to export Canadian gas to Asia.
Petronas, as the Kuala Lumpur-based company is known, offered C$20.45-a-share for Progress Energy, 77 percent more than its close before the deal. Including convertible debentures, the deal is valued at about C$5.5 billion, Calgary- based Progress Energy said in a statement yesterday.
Buying the company gives Petronas Chief Executive Officer Shamsul Azhar Abbas ownership of the largest holder in the Montney shale-gas area of British Columbia and full control of the three Progress Energy fields it bought a stake in last year as it explores development of a liquefied natural gas export terminal. Asian buyers have been lured to North America by gas prices that are about 88 percent cheaper.
“The proposed transaction will combine Petronas’s significant global expertise and leadership in developing LNG infrastructure with Progress’s extensive experience in unconventional resource development,” Datuk Anuar Ahmad, executive vice president of Petronas’s gas and power business, said in the statement.
Asian Investment
Progress Energy rose 74 percent to C$20.05 at the close yesterday in Toronto. It’s a record gain for the company, which had dropped 13 percent this year.
Petronas joins Asian peers including PetroChina Co., Mitsubishi Corp. and Cnooc Ltd. in seeking production in North America. Alberta gas futures prices were $1.93 per million British thermal units on June 27. Japan, the largest LNG importer, paid $16.78 per million Btu including freight costs as of April 30.
Including debt, Petronas is paying 23 times earnings before interest, taxes, depreciation and amortization. That’s 66 percent more than the average of 10 comparable deals announced since 2003, according to data compiled by Bloomberg.
The purchase is more than double the company’s biggest deal, the $2 billion acquisition of a 40 percent stake in Santos Ltd.’s Gladstone LNG project in Australia in 2008.
Progress Energy has 1.9 trillion cubic feet of proved and probable gas reserves and has 820,000 acres in the Montney shale-gas area. Petronas’s Shamsul said March 30 he was studying making an acquisition of more than $5 billion as he wants to expand the company’s presence in Canada and Australia.
LNG Site
The companies said they’ve selected a site at Prince Rupert, British Columbia, for a potential LNG export terminal and will conduct feasibility studies. Petronas joins groups led by Houston-based Apache Corp., Royal Dutch Shell Plc and the U.K.’s BG Group Plc in the race to export gas from Canada’s West Coast.
Malaysia was the third-largest exporter of LNG in 2010, after Qatar and Indonesia, according to the U.S. Energy Department.
The board of Progress Energy approved the offer and it has the support of the company’s senior executives and the Canada Pension Plan Investment Board, which hold on aggregate about 25 percent of the company’s shares, according to the statement. The transaction is expected to close Sept. 25, subject to government approval.
Petronas intends to keep all Progress Energy employees, according to yesterday’s statement.
Under the Investment Canada Act, the federal government reviews foreign acquisitions of companies with assets valued at more than C$330 million, according to the Industry Canada website. The government has never rejected a takeover of an energy company.
Precedents Set
“There shouldn’t be any blocks to the deal,” said Michael Harvey, a Calgary-based analyst for RBC Capital Markets. He rates Progress Energy shares outperform, the equivalent of a buy, and owns none. “The shareholders will vote for it and precedents have been set,” he said.
Petronas has the right to match any superior bid for Progress Energy, according to the statement. Petronas would get a C$150 million breakup fee if the deal is terminated.
Petronas was advised by Bank of America Corp.’s Merrill Lynch unit and law firm Norton Rose Canada LLP. Progress Energy was advised by BMO Capital Markets and its board received an independent fairness opinion from Scotia Waterous. Burnet, Duckworth & Palmer LLP is its legal counsel.
Petronas, as the Kuala Lumpur-based company is known, offered C$20.45-a-share for Progress Energy, 77 percent more than its close before the deal. Including convertible debentures, the deal is valued at about C$5.5 billion, Calgary- based Progress Energy said in a statement yesterday.
Buying the company gives Petronas Chief Executive Officer Shamsul Azhar Abbas ownership of the largest holder in the Montney shale-gas area of British Columbia and full control of the three Progress Energy fields it bought a stake in last year as it explores development of a liquefied natural gas export terminal. Asian buyers have been lured to North America by gas prices that are about 88 percent cheaper.
“The proposed transaction will combine Petronas’s significant global expertise and leadership in developing LNG infrastructure with Progress’s extensive experience in unconventional resource development,” Datuk Anuar Ahmad, executive vice president of Petronas’s gas and power business, said in the statement.
Asian Investment
Progress Energy rose 74 percent to C$20.05 at the close yesterday in Toronto. It’s a record gain for the company, which had dropped 13 percent this year.
Petronas joins Asian peers including PetroChina Co., Mitsubishi Corp. and Cnooc Ltd. in seeking production in North America. Alberta gas futures prices were $1.93 per million British thermal units on June 27. Japan, the largest LNG importer, paid $16.78 per million Btu including freight costs as of April 30.
Including debt, Petronas is paying 23 times earnings before interest, taxes, depreciation and amortization. That’s 66 percent more than the average of 10 comparable deals announced since 2003, according to data compiled by Bloomberg.
The purchase is more than double the company’s biggest deal, the $2 billion acquisition of a 40 percent stake in Santos Ltd.’s Gladstone LNG project in Australia in 2008.
Progress Energy has 1.9 trillion cubic feet of proved and probable gas reserves and has 820,000 acres in the Montney shale-gas area. Petronas’s Shamsul said March 30 he was studying making an acquisition of more than $5 billion as he wants to expand the company’s presence in Canada and Australia.
LNG Site
The companies said they’ve selected a site at Prince Rupert, British Columbia, for a potential LNG export terminal and will conduct feasibility studies. Petronas joins groups led by Houston-based Apache Corp., Royal Dutch Shell Plc and the U.K.’s BG Group Plc in the race to export gas from Canada’s West Coast.
Malaysia was the third-largest exporter of LNG in 2010, after Qatar and Indonesia, according to the U.S. Energy Department.
The board of Progress Energy approved the offer and it has the support of the company’s senior executives and the Canada Pension Plan Investment Board, which hold on aggregate about 25 percent of the company’s shares, according to the statement. The transaction is expected to close Sept. 25, subject to government approval.
Petronas intends to keep all Progress Energy employees, according to yesterday’s statement.
Under the Investment Canada Act, the federal government reviews foreign acquisitions of companies with assets valued at more than C$330 million, according to the Industry Canada website. The government has never rejected a takeover of an energy company.
Precedents Set
“There shouldn’t be any blocks to the deal,” said Michael Harvey, a Calgary-based analyst for RBC Capital Markets. He rates Progress Energy shares outperform, the equivalent of a buy, and owns none. “The shareholders will vote for it and precedents have been set,” he said.
Petronas has the right to match any superior bid for Progress Energy, according to the statement. Petronas would get a C$150 million breakup fee if the deal is terminated.
Petronas was advised by Bank of America Corp.’s Merrill Lynch unit and law firm Norton Rose Canada LLP. Progress Energy was advised by BMO Capital Markets and its board received an independent fairness opinion from Scotia Waterous. Burnet, Duckworth & Palmer LLP is its legal counsel.
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