Monday, July 15, 2024

Malaysia News

Petronas Clean Energy Arm Sees India, Australia as Key in Rapid Growth Plans

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Gentari, the clean energy arm of Malaysia's state oil firm Petronas, sees India and Australia as its key markets for growth and expects to tap more financing to meet its ambitious targets, its chief executive told Reuters.Petronas launched Gentari as a separate entity in June, aiming to build renewable energy capacity of 30-40 gigawatts and produce up to 1.2 million tonnes per year of hydrogen by 2030 in Asia Pacific.It also plans to establish 25,000 public charging points for electric vehicles.In an interview on Wednesday…

Malaysia to Sue EU Over Palm Biofuel Restrictions

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Malaysia, the world's second-largest palm oil producer, will take legal action against the European Union's restrictions on palm oil-based biofuels with the World Trade Organization (WTO), calling the policy a "discriminatory action."Plantation Industries and Commodities Minister Mohd Khairuddin Aman Razali said on Wednesday the EU's renewable energy directive "restricts free trade practices.""The policies adopted by the EU in the Delegation Regulation under the European Union Renewable Energy Directive II have created unreasonable restrictions on Malaysia's sustainability efforts…

Lightning Sparks Fire at Hengyuan's Malaysian Refinery

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Hengyuan Refining Company Bhd said on Friday that a tank storing crude oil had caught fire at its refinery on the Malaysian west coast.Preliminary investigations show the fire at the Port Dickson refinery was due to a lightning strike, the company said in a statement."The damages sustained from the fire incident are restricted to one crude tank area," the company said.The fire affected a 10,000-litre capacity oil tank, Malaysian state news agency Bernama reported, citing fire and rescue department officials.

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

(File Photo: Petronas)

Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from the pandemic and a global oil market glut."The Board expects the overall financial year performance will be significantly affected by these factors," it said in a statement.The firm said although it continued to invest domestically, it anticipates supply chain constra

Malaysia Could List Petronas' Exploration Arm

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Malaysia is considering listing the exploration and production arm of state energy company Petronas, the world's third-biggest exporter of liquefied natural gas, state news agency Bernama reported on Friday citing Prime Minister Mahathir Mohamad.Mahathir has previously said that the government was looking to sell or list some state assets to reduce debt. There has been speculation this could include selling a portion of Petronas."At the moment, we feel that selling Petronas shares is not going to be good for the government…

Malaysia's 2nd FLNG May be Ready by Q1 2020

Wan Zulkiflee speaks at the LNG2019 conference in Shanghai (Photo: Petronas)

State-owned Petroliam Nasional Bhd, or Petronas, expects to have its second floating liquefied natural gas (LNG) facility in Malaysia ready by the first quarter of next year, its chief executive, Wan Zulkiflee, told the LNG2019 conference in Shanghai on Tuesday.Malaysia had said in October last year that the facility would be operational by July 2020.Petronas' first floating LNG (PFLNG) Satu is now moored in the Kebabangan cluster field, some 90 kilometers northwest of the Sabah state capital city of Kota Kinabalu, the company had said last month.(Reporting by Meng Meng and Andrew Galbraith; Writing by Jessica Jaganat

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay Murphy up to $100 million in bonus if certain exploration projects show results before October 2020, the company said.The deal follows moves by other U.S. oil majors to focus their investment and effort in high-yielding shale fields at home after U.S.

McDermott Bags Pan Malaysia Jobs

American multinational McDermott International has announced Malaysian offshore projects contracts for developing pan Malaysia oil fields.One contracts was from Sarawak Shell Berhad and the other from Sapura Exploration and production, a press release from the fully-integrated provider of technology, engineering and construction solutions to the energy industry said.McDermott's scope of work for SSB includes the transportation and installation of jackets, topsides and pipelines for the Gorek gas field.

Cheniere, Malaysia's Petronas Sign 20-Year LNG Pact

Houston-based Cheniere Energy Partners has signed a 20-year liquefied natural gas (LNG) supply deal with a subsidiary of Petronas, Malaysia's state-owned oil and natural gas company.Per long-term pact, Petronas agreed to buy about 1.1 million tons a year from the Sabine Pass facility, according to a statement Tuesday. That’s about a quarter of the sixth plant’s capacity. “Petronas is one of the largest and most experienced participants in the global LNG market, and we are pleased to have it as our newest foundation customer at Sabine Pass…

Malaysia Agrees to Extend Oil Output Cut

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Malaysia will extend its oil production cuts by another six months after the agreement between OPEC and other oil producers to reduce global supply ends this year.OPEC and non-OPEC producers agreed at a meeting in Vienna on Friday to a new level of production cuts from January to June 2019, setting it at 1.2 million barrels per day from the current rate of 1.8 million barrels per day."Malaysia has agreed to continue its voluntary commitment by reducing its total oil output by 15,000 barrels per day," Azmin Ali, minister of economic affairs, said in a statement on Saturday.Malaysia is not an OPEC member.

Norway's Equinor strikes LPG Deal with Malaysia

Norwegian oil and gas firm Equinor has entered into a long-term agreement with Malaysia's Global Petro Storage for a terminal and storage for liquified petroleum gas (LPG) volumes in Port Klang, in South-East Asia.According to statement from the petroleum and wind energy company, GPS will build a new facility to execute this agreement with startup of operations planned for mid-2021. Equinor will bring LPG to the terminal and sell into the domestic market in Malaysia as well as selling volumes to markets like Bangladesh…

Sapura Energy Wins Contracts in Mexico, Malaysia

Malaysia-based integrated oil and gas services Sapura Energy Berhad has strengthened its presence in Mexico and Malaysia with new contract wins valued at approximately RM1.75 billion (USD 410 mln).The new contracts have lifted the company’s orderbook to RM18 billion and total contract wins to-date for this financial year to RM7 billion (USD 1.68 bln).Sapura Energy has built capabilities and expertise that are critical to support its clients in their quest to meet global energy demand and as a result…

Sabah Shell's offshore Malaysia contract for TechnipFMC

TechnipFMC has been awarded an Engineering, Procurement, Construction and Installation contract by Sabah Shell Petroleum Company Ltd. This award covers the delivery and installation of subsea equipment including umbilicals, flowlines and the subsea production system for the Gumusut-Kakap Phase 2 Project. Hallvard Hasselknippe, President of TechnipFMC’s Subsea business, commented: “We are extremely honored to have been awarded this project by Sabah Shell Petroleum.