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Old October 31st, 2008, 11:22 PM   #121
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Petronas, Sasol explore hydrocarbons in Mozambique
Published: 2008/11/01

JOHANNESBURG: South Africa’s Sasol started drilling for hydrocarbons in blocks 16 and 19 offshore Mozambique in partnership with Malaysia’s Petronas earlier this month, the petrochemicals group said today.

Sasol, the world’s biggest maker of diesel from coal, will act as operator of the joint venture consortium, said Sasol Group general manager, Lean Strauss.

Fifty per cent of the equity in Blocks 16 and 19 will be held by Sasol’s unit, Sasol Petroleum International (SPI), while Petronas Carigali Mozambique E&P Ltd will hold 35 per cent.

The government of Mozambique and its national oil company, Empresa Nacional De Hidrocarbonetos De Mozambique, E.P. (ENH) will hold the remaining 15 per cent.

Besides extensive holdings onshore Mozambique, where Sasol operates the Pande and Temane gas fields and has access to Block A, SPI has increasing its international footprint.

It recently obtained a 51 per cent working interest in four hydrocarbon prospecting licences in the “foreland” area of Papua New Guinea. An offshore exploration licence has also been secured recently off the northwest shelf of Australia. - Reuters
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Old November 1st, 2008, 07:26 AM   #122
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Sasol, Petronas start drilling
Published: 2008/11/01
BusinessTimes

BROTHER International (Malaysia) Sdn Bhd has appointed Yoshiaki Otsuka as a director.

“Otsuka, who holds a bachelor’s degree in Portuguese and economics from Kyoto University of Foreign Studies, will be responsible for the company’s operations in Malaysia,” it said in a statement.

Prior to his appointment, Otsuka has held various senior management positions within the group, and most recently as chief of worldwide corporate sales work group, where he was responsible for customers in Europe, it said.
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Old November 5th, 2008, 05:01 AM   #123
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Dompok wants gas pipeline project halted



PUTRAJAYA: A Sabah leader is calling for the Petronas 500km gas pipeline from Sabah to Sarawak to be scrapped.

United Pasok Momogun Kadazan Murut Organisation (Upko) president Tan Sri Bernard Dompok said he was not happy with the project and was certain his sentiments were shared by other people in Sabah.

"The gas is not going to Sarawak. It is going to be sold to South Korea and Japan.

"At the moment, Sabah's electricity supply is insufficient and the gas can benefit the people in the state greatly," said Dompok, who is a minister in the Prime Minister's Department.

The controversial RM3 billion pipeline project will carry gas from the offshore fields off Sabah's west coast to a refining plant in Bintulu. Sabah is the only oil-producing state without oil and gas-related industries, making it almost impossible for a positive spin-off effect from the project.

"We have no refineries and universities. Petronas does not have that type of presence in Sabah, which is bad for the state's economy, which is overly dependent on tourism and oil palm," he said after launching the Education Service Commission's online portal in conjunction with Quality Day 2008 yesterday.

Dompok said he had taken up the matter with the cabinet many times and reckoned he would be doing so again at the next meeting.

On why the state government was not backing him on the issue, he said he did not know the reason.

"I am disappointed. They should know what to do."

Prime Minister Datuk Seri Abdullah Ahmad Badawi reportedly told Sabah Barisan Nasional leaders at a closed-door meeting in Kota Kinabalu in May that the project would be stopped.

However, less than two weeks after the meeting, Petronas vice-president of gas business Wan Zulkiflee Wan Ariffin had said that the project would proceed and was due for completion by March 2011, raising the ire of Sabah politicians.

Last Saturday, Abdullah announced that the project was back on track and that some of the gas would be diverted to a power plant in Kimanis.
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Old November 12th, 2008, 10:24 AM   #124
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Petronas, partners find oil, gas at Mauritania well
Published: 2008/11/12


MALAYSIA'S Petroliam Nasional Bhd and its partners in the Banda field offshore of Mauritania found oil and gas at a well drilled at the site, said Roc Oil Co, an Australian partner in the venture.

Initial results from the Banda East-1B well indicated the probe found an 86-metre gross gas column and a 19-metre gross oil column, Sydney-based Roc said today in a statement. About 22 metres of the gas column and 7 metres of the oil column may be capable of production, it said.

The Banda field, located about 80 km (50 miles) from the coast, may hold between 1 trillion and 1.5 trillion cu ft of gas, Paul McDade, chief operating officer of Tullow Oil Plc, a partner in the Banda venture, said in March. Gas found in Mauritania may be supplied to both north African and southern European markets, he said.

The partners intend to prepare the well to test the gas flow, Roc said today. There are no plans yet to test the oil section, it said.

The Banda field spans two licence areas, both operated by Petronas, which bought Woodside Petroleum Ltd’s Mauritanian business last year. Roc Oil owns 4.2 per cent of the licence area in which the well was drilled. - Bloomberg
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Old November 13th, 2008, 06:18 AM   #125
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Parliament in brief: No plan to float Petronas

THE government will not float Petronas. Prime Minister Datuk Seri Abdullah Ahmad Badawi said yesterday the state oil company's contributions were too important to the country and it should thus remain fully-owned by the government.

He said Petronas was the biggest contributor to the country's revenue, accounting for 44 per cent, or RM62.8 billion, of the country's total this year.

http://www.nst.com.my/Misc/Parliamen...cle/index_html
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Old November 20th, 2008, 09:22 PM   #126
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Petronas' Investment In Turkmenistan Reaches US$1.8 Billion
November 20, 2008 19:48 PM
From Jamaluddin Muhammad

ASHGABAT (Turkmenistan), Nov 20 (Bernama) -- Petronas has invested up to US$1.8 billion in the oil and gas industries of Turkmenistan in the past 12 years, said Datuk Seri Abdullah Ahmad Badawi.

The Prime Minister said he informed Turkmenistan President Gurbanguly Berdimuhamedov during their meeting yesterday that Petronas' presence in the country was not merely for profit making but to also help the locals as well.

Petronas has so far given scholarships to 100 local students to study at the Universiti Teknologi Petronas in Tronoh, provided technical training for 180 students here and in Malaysia and job opportunities for 200 locals in Turkmenistan.

The Malaysian national oil company has also contributed towards the development of economy in Turkmenistan, Abdullah told Malaysian journalists, here, Wednesday.

Abdullah has been on a two-day official visit to this former Soviet Union state which ends Thursday.

The prime minister said Gurbanguly had expressed appreciation of Petronas' presence and contribution to his country and wanted Malaysian companies to venture into the telecommunication and agricultural sectors of this Central Asia country which gained independence from Soviet Union in 1991.

Abdullah said their discussion also focused on enhancing bilateral ties in areas such as education and tourism.

Meanwhile, Petronas President and Chief Executive Officer Tan Sri Mohd Hassan Marican said Petronas Carigali (Turkmenistan) Sdn Bhd operated in Caspian Sea, 80km South West of Turkmenbashy and produced about 7,000 barrels of oil per day.

Petronas ventured into this country's oil and gas industry in 1996 and its oil production began May 2006 with cumulative production totalling 4.8 million barrels of oil as of last month.

The area has oil reserves of 146 million barrels and gas reserves of 6.4 trillion cubic feet with a contract period of 32 years starting 1996.

Mohd Hassan said the gas project was expected to begin production of 500 million standard cubic feet per day by 2010.

Apart from Turkmenistan, Petronas also ventured into exploration and production of oil and gas projects in four regions in Uzbekistan since 2004 with a total investment of US$90 million to date and another US$150 million to US$200 million in the next three years.

Recalling the presence of Petronas in this country 12 years ago, he said not many oil companies were interested to venture into the former Soviet Union state.

Petronas' focus has been on the potential of countries with economies in transition rather than countries with matured economies, he said.

Not many companies are interested in these economies because of difficulties in terms of regulations and administration systems which are quite different but "we would like to turn difficulties into opportunities for the local people," he said.

Mohd Hassan said venturing into matured economies was also difficult as other companies would have already established their presence there.

He said Petronas also paid a lot of attention to human capital development as part of its social responsibility and also that it was cheaper in the long run to employ locals than bring Malaysians to work in the country.

He admitted that it was not an easy task to operate, for example in Uzbekistan, due to its extreme weather condition and geographical factor.

Petronas workers had to experience extreme winter with -40 degree celcius and summer with 60 degree celcius and even had to use pony to carry their equipment as certain stretches were not accessible by vehicles, he said.

Abdullah who witnessed Petronas' presentation on its operation in Uzbekistan described the workers as heroes. "They are our heroes. It is not easy to get oil."

-- BERNAMA
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Old November 20th, 2008, 10:38 PM   #127
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Petronas unit acquires some of Total's assets in Africa
Published: 2008/11/21

CAPE TOWN: South Africa's Engen petroleum company, majority owned by Petronas (Petroliam Nasional Bhd) has acquired Total's operations in Guinea Bissau, Rwanda and Burundi, a senior official said yesterday.

The deal, signed on July 31 in Paris and effective from Wednesday, will see Engen take over Total's entire shareholding in its downstream businesses in Rwanda (Rwanda SARL) and in Total Burundi.

Engen also bought a 85.1 per cent stake in Total Guinea Bissau and 50 per cent of Aero Services SARL, with the remaining 50 per cent held by Petrogal Guinea Bissau Ltd.

"We've been actively pursuing a growth programme in sub-Saharan Africa ... It is our intention to become a significant player in Africa," Wayne Hartmann, general manager for Engen's international business development unit said.

He said the deal was worth millions of dollars, without providing a final figure.

"We do have the financial resources to make acquisitions and grow our business," he said, adding that Engen was pursuing an expansion strategy that would make it the No. 1 or 2 downstream petroleum products firm on the continent by 2016.

Hartmann said the company was closely monitoring the political situation in Zimbabwe, but added that the current environment would not stand in the way of concluding a deal with BP there within the next six months. He did not elaborate on what the deal entailed.

Hartmann said the Total purchases strengthened Engen's position on the continent, where it operates in 17 countries.

The company earlier this year took control of Royal Dutch Shell's controlling interests in Lesotho and Gabon, and in the Democratic Republic of Congo last year. - Reuters
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Old November 27th, 2008, 07:34 AM   #128
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Petronas Gas, Yayasan Sabah meterai projek janakuasa gas

KOTA KINABALU 26 Nov. - Petronas Gas Bhd. (Petronas Gas) telah memeterai perjanjian pemegang saham dengan Yayasan Sabah bagi membina janakuasa gas yang mampu membekal 300 megawatt (mW) elektrik di Kimanis.

Melalui perjanjian itu, Petronas Gas memegang 60 peratus kepentingan manakala 40 peratus lagi dimiliki oleh Yayasan Sabah yang akan bekerjasama dalam aspek pembinaan, operasi serta meneruskan apa juga aktiviti berkaitan.

Pengerusi Petronas Gas, Wan Zulkiflee Wan Ariffin berkata, janakuasa yang dijangka siap pada tahun 2012, pada peringkat awal akan membekalkan 150 mW tenaga elektrik sebelum beroperasi dengan keupayaan 300 mW antara enam bulan hingga setahun selepas itu.

Beliau berkata, perjanjian serta kerjasama itu amat signifikan dalam membantu memajukan ekonomi negeri Sabah.

Katanya, Petronas Gas juga sememangnya sentiasa komited dalam menggembleng tenaga dengan mana-mana pihak bagi memanfaatkan sumber yang dimiliki.

Perjanjian itu dimeterai oleh Wan Zulkiflee bagi pihak Petronas Gas manakala Yayasan Sabah diwakili Pengarahnya, Tan Sri Khalil Jamalul. Turut hadir pada majlis itu, Ketua Menteri, Datuk Seri Musa Aman.

Musa pada majlis itu berkata, perjanjian itu merupakan satu lagi detik bersejarah dalam rancangan kerajaan negeri memajukan Sabah.

Beliau berkata: ''Kita juga berharap dengan terbinanya janakuasa tersebut akan dapat menyumbang kepada aktiviti industri hiliran lain sekali gus merancakkan lagi ekonomi Sabah.''
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Old November 28th, 2008, 11:53 PM   #129
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Petronas untung RM63b
Oleh DALIZA ARIFFIN
29 November 2008

KUALA LUMPUR 28 Nov. - Petroliam Nasional Bhd. (Petronas) mencatat kenaikan keuntungan sebelum cukai sebanyak 48.6 peratus bagi enam bulan pertama tahun kewangan berakhir 30 September 2008 kepada RM63.26 bilion berbanding RM42.57 bilion untuk tempoh yang sama tahun sebelumnya.

Perolehan bagi syarikat petroleum itu bagi tempoh kewangan tersebut adalah sebanyak RM157.20 bilion berbanding RM102.86 bilion untuk tempoh yang sama tahun sebelumnya.

Bagaimanapun, Petronas dalam kenyataan yang dikeluarkan di sini hari ini, tidak menjelaskan lebih lanjut mengenai faktor kenaikan dalam prestasi kewangannya.

Untung bersih bagi tempoh berkenaan juga meningkat sebanyak 46 peratus kepada RM38.64 bilion berbanding RM26.47 bilion bagi tempoh yang sama tahun lalu.

"Penyumbang terbesar kepada perolehan bagi tempoh kewangan berkenaan adalah daripada segmen perniagaan minyak sebanyak 49.8 peratus dengan nilai sebanyak RM78.22 bilion," menurut kenyataan itu.

Menurut kenyataan itu lagi, daripada jumlah tersebut, produk petroleum yang ditapis menyumbang sebanyak RM60.72 bilion manakala bakinya daripada dagangan minyak mentah.

Penyumbang kedua terbesar kepada perolehan kumpulan pula adalah daripada segmen penerokaan dan pengeluaran yang menyumbang sebanyak 19.7 peratus bernilai RM30.87 bilion, tambah kenyataan itu.

Daripada jumlah berkenaan, minyak mentah menyumbang sebanyak 18 peratus bernilai RM28.19 bilion manakala gas asli sebanyak 1.7 peratus berjumlah RM2.68 bilion.

Menurut kenyataan itu, perniagaan gas pula adalah penyumbang ketiga terbesar kepada perolehan Petronas sebanyak 17.9 peratus, yang mana gas asli cecair (LNG) menyumbang 14.4 peratus dengan nilai berjumlah RM22.67 bilion manakala gas yang diproses pula menyumbang 3.5 peratus bernilai RM5.49 bilion.

Selain itu menurut kenyataan itu, segmen perniagaan domestik telah menyumbang sebanyak RM31.53 bilion (20 peratus) kepada perolehan syarikat, pasaran eksport sebanyak RM56.70 bilion (36.1 peratus) manakala operasi luar negara berjumlah RM68.95 bilion (43.9 peratus).

Kenyataan Petronas itu menjelaskan, lebihan baki tunai bagi tahun kewangan tersebut adalah sebanyak RM72.23 bilion berbanding RM71.45 bilion tempoh yang sama tahun sebelumnya.

Dalam pada itu, syarikat petroleum itu memberitahu, perbelanjaan modal bagi tempoh kewangan berkenaan adalah sebanyak RM23.18 bilion berbanding RM13.29 bilion untuk tempoh yang sama tahun lalu.

Menurut kenyataan itu lagi, daripada jumlah berkenaan, segmen penerokaan dan pengeluaran membabitkan peruntukan RM18.53 bilion, minyak sebanyak RM1.15 bilion, gas dan petrokimia masing-masing RM604 juta dan RM501 juta manakala peruntukan untuk segmen perkapalan adalah RM2.07 bilion.

Perbelanjaan modal untuk segmen demografik bagi tahun kewangan tersebut adalah sebanyak RM23.18 bilion berbanding RM13.29 bilion.
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Old December 1st, 2008, 03:54 AM   #130
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Petronas banks on polymer technology centre
By Zuraimi AbdullahPublished: 2008/12/01

The oil and gas firm is talking with the Malaysian Plastics Manufacturers Association on the prospect of its members setting up factories at the Kertih Plastics Park

STATE oil and gas firm Petroliam Nasional Bhd (Petronas) is banking on its world-class polymer technology centre in Kertih to help attract investments worth RM2 billion at the Kertih Plastics Park (KPP) in Terengganu.

It expects the KPP development will be spurred by the Malaysian Plastics Manufacturers Association (MPMA).

"We are talking with the MPMA on the prospect of its members setting up factories at the KPP," Petronas vice-president of petrochemical division Kamarudin Zakaria said in an interview recently.

The KPP is the country's first fully integrated plastics park.

Located within the East Coast Economic Region (ECER), the park will be launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi tomorrow. .

Kamarudin said the Petronas Polymer Technology Centre (PPTC), set up about a year ago at a cost of RM70 million, will provide technology support for KPP tenants.

"PPTC will be the enabler for companies at the park for the development of new products and applications, ranging from raw material selection to the commercialisation phase," he explained.

PPTC has already developed and commercialised a premix degradable resin for plastic products called ECOPLUS. The ECOPLUS-based degradable plastic bags are now produced by a company from Sarawak.

PPTC is now working on a bio-degradable ECOPLUS that can turn into compost, he said.

The centre has also developed a new type of PVC pipes known as modified PVC (MPVC) for pressure piping in water distribution.

Kamarudin said MPVC pipes are sturdy and can last up to 50 years compared to about 15 years of the conventional PVC pipes.

"We are piping the KPP with MPVC," he added.

Kamarudin believes that KPP can help the country become a bigger plastic exporter.

The park has so far attracted three companies with investments of more than RM100 million.

They include Hi Essence Cable Sdn Bhd, which is pumping RM85 million in a new cable factory, and FMD Polypipes Industry Sdn Bhd. The latter is finalising a RM20 million plan to build a pipe factory.

Kamarudin said KPP can be successful because of its easy access to feedstock and the availability of existing infrastructure and support services within the RM70 billion Petronas Petroleum Industry Complex (PPIC).

"This access to reliable and just-in-time feedstock supply translates into savings in logistics and warehousing costs."

This, he added, can reduce plastics manufacturers' capital outlay, allowing them to focus on their core business.

Malaysia is one of the largest plastic producers in Asia, exporting 18 per cent more products at RM4.6 billion in the first six months of 2008 than in the same period last year.
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Old December 2nd, 2008, 03:50 AM   #131
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Petronas first-half profit jumps 46pc
Published: 2008/12/02


PETROLIAM Nasional Bhd, Malaysia’s state oil company, said fiscal first-half profit jumped 46 per cent because of increased overseas production and higher crude oil prices.

Net income in the six months ended September 30 climbed to RM42.7 billion (US$12 billion) from RM29.3 billion a year earlier, Petronas, as the company is known, said on its website. Sales rose 53 per cent to RM157.2 billion.

Petronas, benefiting from oil prices which jumped 25 per cent in the year to September 30, more than doubled its spending on exploration and production in the fiscal first half.

Revenue from crude oil production climbed 18 per cent to RM28.2 billion while revenue from gas output gained 1.7 per cent to RM2.7 billion. Sales of liquefied natural gas jumped 14 per cent to RM22.7 billion.

International operations brought in sales of RM68.9 billion, up 44 per cent from a year earlier, the biggest contributor to company revenue.

Petronas’s total oil and gas output climbed 1.4 per cent to the equivalent of 1.78 million barrels of oil a day. Domestic output accounted for 65 per cent of production while the rest came from international operations.

The explorer produces oil and gas in Malaysia, Vietnam, Myanmar, Indonesia, Sudan, Iran, Chad, Egypt, Pakistan and Turkmenistan.

Petronas’s total reserves fell 0.5 per cent to the equivalent of 26.37 billion barrels of oil equivalent and the company replaced its reserves 0.9 times during the year to January 1, 2008, down from 1.8 times a year earlier.

Petronas has operations in more than 33 countries including Iran, Sudan, Myanmar, Vietnam and South Africa. - Bloomberg

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Old December 2nd, 2008, 05:43 AM   #132
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it's for business between march and sept '08, where the avg price of oil is over $100 per barrel.

2nd half should be way lower, but they should still making a filthy amount of cash.
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Old December 2nd, 2008, 02:18 PM   #133
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Petronas' Investments Overseas Not Affected By Fall In Global Oil Prices
December 02, 2008 16:30 PM

KUALA LUMPUR, Dec 2 (Bernama) -- Petronas' investments overseas are not affected despite the fall in global oil prices, said the Deputy Minister in the Prime Minister's Department, Devamany S.Krishnasamy.

Devamany said that Petronas had undertaken detailed planning with regards to its investments.

"Petronas' investments overseas are very stable as a result of this detailed planning," he told the Dewan Rakyat Tuesday.

Devamany said Petronas also continued to cultivate close cooperation with overseas oil producers to strengthen its investments.

"With the fall in oil prices, it is to be expected that there will be an impact on Petronas' earnings but from the point of operations and expertise, the company is stable enough in exploring investments," he said.

For the financial year ended March 31, 2008, the profit before tax for Petronas from its operations in more than 33 countries, was RM17.2 billion with the biggest contributors being South Africa, Sudan, Egypt, Chad and Myanmar.

-- BERNAMA
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Old December 3rd, 2008, 03:23 AM   #134
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Petronas posts record net profit of RM38.6bil
Wednesday December 3, 2008



PETALING JAYA: Petroliam Nasional Bhd (Petronas), the national oil corporation, charted a 46% increase in net profit to RM38.6bil in the six months ended Sept 30, it stated in a statement on its website recently. This is believed to be a record profit for the group.

During the same period, its pre-tax profit amounted to over RM63bil from which it provided a tax expense of RM20.6bil.

The group’s revenue rose 53% to RM157bil in the same six-month period.

The huge oil and gas profits pumped up Petronas’ cash, fund investments and other investments by RM23bil to a total of RM124.7bil from a year ago.

Petronas’ shareholders funds crossed the RM200bil level to RM223bil from RM179bil a year earlier. Among its fixed assets, its property, plant and equipment increased 17% to RM151bil.

The group’s long term debt increased 3.8% to RM33bil.

Its oil reserves increased marginally to 5.46 billion barrels of as at Jan 1 from 5.36 billion barrels at the start of 2007.

During the same period, its domestic gas reserves were slightly reduced at 14.7 billion barrels of oil equivalent from 14.8 billion barrels.

Petronas’ international oil reserves declined slightly during the period to 2.4 billion barrels from 2.55 billion barrels a year ago.
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Old December 3rd, 2008, 03:25 AM   #135
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Petronas’ cash tops RM120bil
Wednesday December 3, 2008
Comment by C.S. Tan

It is enough to pay off more than half the country’s debt

THE cash coffers of national oil corporation Petroliam Nasional Bhd (Petronas) has topped RM120bil, enough to pay off more than half the national debt of about RM220bil that comprises all government and private sector debts.

Cash, including fund investments and other investments, formed about a third of Petronas’ total assets of RM394bil, the group showed in its highly liquid balance sheet as at Sept 30 that was published on its website recently.

Petronas thus holds a huge amount of not only the nation’s oil and gas reserves but also its cash reserves. In line with its objectives, the cash is held for further investments in the oil and gas industry, after taxes have been paid to the government.

As Petronas’ pre-tax profit of RM63.3bil is probably a record, its tax provision of RM20.6bil will also likely to be a record for the government. Its profit and tax in the second half of its financial year ending March 31, 2009 will, however, be much lower.

Crude oil prices were around US$100 a barrel on Sept 30 compared with about US$80 a year ago. It’s currently traded below US$50, which could be the average price in the second half of Petronas’ financial year.

Choong Khuat Hock, head of research of Kumpulan Sentiasa Cemerlang Sdn Bhd, said Petronas pays its taxes to the Government a year later. As its financial year end is March 31, its tax to be paid next year will be based on this year’s large profit.

“By the time Petronas pays its tax for its March 2009 financial year, the Government’s budget for next year will be taken care of. It’s 2010 that will be a problem because its profit and tax will be much lower,” he added.

Petronas’ taxes form the single largest source of revenue to the government.

The national oil corporation produced a total of 762,000 barrels of oil in the six-month period ended Sept 30, of which 66% was produced domestically. Of this, it is believed a large part is derived through its production sharing contracts with the multinational oil corporations that operate in this country.

The rest of 34% of Petronas’ oil output came from overseas fields where it has invested heavily.

Among the overseas fields, its production in Sudan is the largest, accounting for 140 million barrels or 18% of its total output during the six-month period.

During that period, Petronas’ capital expenditure increased by 74% to RM23.2bil compared with a year ago.

While the relatively low oil price today has led many oil companies to defer some of their capital expenditure, especially those in marginal or high cost deep sea fields, Petronas has the cash to maintain its planned long-term development programme.
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Old December 3rd, 2008, 10:30 AM   #136
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Petronas cuts output at petrochem plants
Published: 2008/12/03


MALAYSIAN state energy firm Petronas said today it has cut production at its petrochemical plants due to lack of demand as the global economic crisis hits.

“A lot of petrochemical facilities (worldwide) are being shut down because of lack of demand,” Petronas president and chief executive Tan Sri Mohamad Hassan Marican told reporters.

“We have brought our plants down in Kertih (in eastern Terengganu state),” he said. “When there is no market, there is no point to produce the polymers.”

Petrochemical plants produce polymers and resins that are used to manufacture plastic consumer items.

With crude oil prices below US$50 a barrel, Hassan said the industry would have to firm alliances to weather the economic storm during “this challenging environment.”

“As an industry, we all need to step back and re-look because of the credit crunch and economic crisis. We need to look at doing things together, like how we can share drilling rigs,” he said on the sidelines of a petroleum technology conference.

Hassan said, however, that Petronas, which has expanded abroad aggressively in recent years, would not reduce its current and planned investments because of the negative environment.

“We do not jump from one side to another. Oil is a commodity. There will be years of high prices and years of low prices. The economic viability of a project is not based on today’s prices,” he said.

“We are very lowly geared. We have sufficient internal funds to fund the projects. We have both the funds and capacity to borrow,” he said. - AFP
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Old December 3rd, 2008, 10:30 AM   #137
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Petronas says not part of Iran gas deals
Published: 2008/12/03

MALAYSIA'S state-owned oil company Petronas is not a partner in multi-billion dollar gas deals signed this week between a Malaysian company and the Iranian government, a top company official said today.

“We are not aware of what it is all about; all I know is what I read in the media. I can confirm that it has nothing to do with Petronas,” Petronas chief executive officer Tan Sri Hassan Marican told reporters.

Iran’s state television reported yesterday that the country had signed gas deals worth US$14 billion with Malaysia.

The deals involved a project to produce liquefied natural gas (LNG) and the development of two gas fields, state television said.

The ISNA news agency said the deals were signed on Monday with Malaysia’s SKS group, a private entity linked to Malaysian billionaire Tan Sri Syed Mokhtar Al-Bukhary.

It was not clear if the deals were related to an agreement signed in 2007, the news agency said.

SKS in December last year struck a US$16 billion gas development contract with Iran, which boasts the world’s second largest gas reserves after Russia.

Under the 2007 deal, SKS will team up with the National Iranian Oil Company (NIOC) to develop the southern Golshan and Ferdows gas fields and build plants to produce LNG.

Separately, Hassan said Petronas has not yet finalised its investment in a LNG project in Iran.

“We have not finalised that, there is no further update on the LNG project,” said Hassan.

In July, Petronas said it could not come to a final decision on its investment in Iran’s Pars LNG project due to rising costs and because it had not finalised its discussion with the Iranians. - Reuters
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Old December 3rd, 2008, 10:38 AM   #138
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Petronas shuts down Kertih plants
By FINTAN NG


KUALA LUMPUR: Petroliam Nasional Bhd has shut down indefinitely the polyethylene and PVC processing plants including the joint-venture facilities in Kertih.

Its chairman and chief executive officer Tan Sri Mohd Hassan Marican said on Wednesday the move was due to the low demand.

He added that resins had been stacking up in Kertih due to the lack of demand also.
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Old December 3rd, 2008, 10:40 PM   #139
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Petronas Poised For More International Expansion To Further Diversify Businesses
December 03, 2008 22:50 PM
By Yong Soo Heong & Tengku Noor Shamsiah

KUALA LUMPUR, Dec 3 (Bernama) -- Petroliam Nasional Bhd's (Petronas) current strong financial reserves will put it in a strong position to be more aggressive in mergers and acquisitions to expand its business internationally and further diversify its investment portfolio, according to Wood MacKenzie, an international company specialising in commercial analysis and insights on the energy industry.

Andrew Milburn-Stone, its vice president for the Indian sub-continent and South-East Asia, said Petronas has been the most active national oil company (NOC) in the last one year in terms of acquiring more assets.

In an interview with Bernama, he said acquisitions in the past had always played an important role in Petronas' international expansion and these could be seen from its strong presence in Australia, Egypt, Sudan, Indonesia and Myanmar.

Tom Ellacott, Wood MacKenzie's senior analyst at its London office, said in a telephone interview that the current prices of crude oil of around US$50 (US$1=RM3.60) a barrel and the likelihood of distressed companies over the horizon as a result of such pricing that could turn into a buyers' market for cash-rich companies like Petronas.

Petronas, with a net cash reserves estimated at US$25.3 billion this year, could capitalise on such a situation to acquire strategic small- to medium-sized energy companies to expand internationally, he said.

"We have seen smaller companies struggle as they can't get access to credit for capital-intensive investment programmes. These companies may want to sell and this may provide an opportunity for Petronas," said Ellacot.

He said the potential new areas of focus for Petronas were likely to be Africa, Ausralia, Central Asia and South-East Asia.

However, Milburne-Stone said Petronas also had a lot going for it domestically, especially in the upstream sector, with its large exploration portfolio, world-class LNG (liquefied natural gas) facility and emerging deepwater play.

Ellacot said international players still looked at Malaysia as an opportunity to grow their international business and there had been a number of new entrants to the upstream sector of late.

He said Petronas has been a good role model for other NOCs to follow and determine how best to develop their upstream capabilities.

He said the unique arrangement where Petronas was also the regulator of the Malaysian oil and gas industry and in control of a licensing system from among foreign contractors also enabled it to tap sources of revenue from exploration and production activities as well as benefiting from technology transfer through working with these foreign companies.

Ellacott said this had enabled Petronas to have good working relationships with major international oil companies and legacy players like Shell and Exxon-Mobil as well as new entrants like Murphy Oil, Conoco Phillips and Nippon Oil.

He said Petronas had been successful in stimulating activity and establishing strong relationships with key players like Shell and Exxon-Mobil.

Asked on Petronas' investment in the Australian LNG sector, Ellacott described it as a strategically attractive as it would not only give the national oil company a new potential LNG supply source but also give it its first exposure to the unconventional gas sector.

He expected Petronas to explore further opportunities in the Australian LNG sector.

Asked how the current low prices of crude oil would impact on Petronas, he said Petronas would probably continue to take its long-term view in evaluating any opportunities.

Asked about possible competition from other NOCs and IOCs, Ellacot said Petronas was well-positioned in view of its strong financial position and broad ranging technical capability.

On the overall future prospects of Petronas, Milburn-Stone said there was still a lot of opportunities for growth and expansion.

-- BERNAMA
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Old December 3rd, 2008, 11:12 PM   #140
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Petronas poised for more M&As
Published: 2008/12/04

PETROLIAM Nasional Bhd’s (Petronas) current strong financial reserves will put it in a strong position to be more aggressive in mergers and acquisitions to expand its business internationally and further diversify its investment portfolio, according to Wood MacKenzie, an international company specialising in commercial analysis and insights on the energy industry.

Andrew Milburn-Stone, its vice president for the Indian sub-continent and South-East Asia, said Petronas has been the most active national oil company (NOC) in the last one year in terms of acquiring more assets.

In an interview with Bernama, he said acquisitions in the past had always played an important role in Petronas’ international expansion and these could be seen from its strong presence in Australia, Egypt, Sudan, Indonesia and Myanmar.

Tom Ellacott, Wood MacKenzie’s senior analyst at its London office, said in a telephone interview that the current prices of crude oil of around US$50 a barrel and the likelihood of distressed companies over the horizon as a result of such pricing that could turn into a buyers’ market for cash-rich companies like Petronas.

Petronas, with a net cash reserves estimated at US$25.3 billion this year, could capitalise on such a situation to acquire strategic small- to medium-sized energy companies to expand internationally, he said.

“We have seen smaller companies struggle as they can’t get access to credit for capital-intensive investment programmes. These companies may want to sell and this may provide an opportunity for Petronas,” said Ellacot.

He said the potential new areas of focus for Petronas were likely to be Africa, Australia, Central Asia and South-East Asia.

However, Milburne-Stone said Petronas also had a lot going for it domestically, especially in the upstream sector, with its large exploration portfolio, world-class LNG (liquefied natural gas) facility and emerging deepwater play.

Ellacot said international players still looked at Malaysia as an opportunity to grow their international business and there had been a number of new entrants to the upstream sector of late.

He said Petronas has been a good role model for other NOCs to follow and determine how best to develop their upstream capabilities.

He said the unique arrangement where Petronas was also the regulator of the Malaysian oil and gas industry and in control of a licensing system from among foreign contractors also enabled it to tap sources of revenue from exploration and production activities as well as benefiting from technology transfer through working with these foreign companies.

Ellacott said this had enabled Petronas to have good working relationships with major international oil companies and legacy players like Shell and Exxon-Mobil as well as new entrants like Murphy Oil, Conoco Phillips and Nippon Oil.

He said Petronas had been successful in stimulating activity and establishing strong relationships with key players like Shell and Exxon-Mobil.

Asked about Petronas’ investment in the Australian LNG sector, Ellacott described it as a strategically attractive as it would not only give the national oil company a new potential LNG supply source but also give it its first exposure to the unconventional gas sector.

He expected Petronas to explore further opportunities in the Australian LNG sector.

Asked how the current low prices of crude oil would impact on Petronas, he said Petronas would probably continue to take its long-term view in evaluating any opportunities.

On possible competition from other NOCs and IOCs, Ellacot said Petronas was well-positioned in view of its strong financial position and broad ranging technical capability. — Bernama
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