Malaysia's Petronas, Petros finalising deal on gas distribution in Sarawak state, PM says
Anwar Ibrahim, the Prime Minister of Malaysia, said that Petroliam Nasional Berhad and Petroleum Sarawak Berhad are working to finalize details for a long-delayed gas distribution agreement in Sarawak. Both companies have been at odds for months over Sarawak's plans to take control of all gas trading within the energy-rich state away from Petronas - whose sole shareholder, the Malaysian Government, is Petros. Media reports claim that Sarawak Premier Abang Johari openedg said a solution had been reached this week…
VEGOILS-Palm trades lower after Malaysian palm oil data
The price of Malaysian palm futures dropped on Tuesday, after the data released by the industry regulator confirmed that market expectations were correct. This was due to a decline in Malaysian stocks, production and exports. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery had fallen 82 ringgit (1.6%) to 5,038 Ringgit ($1,138.27). Malaysian palm oil stocks fell for the second consecutive month, dropping 2.6% from November to 1,84 million tons.
VEGOILS - Palm oil drops as the weather improves in Malaysia. Gains for a second consecutive week
The price of Malaysian palm oils futures fell on Friday as supply concerns eased. However, the contract continued to rise for the second consecutive week, thanks to improved weather conditions in Malaysia, the second largest producer in the world. The benchmark palm-oil contract for February delivery at the Bursa Derivatives Exchange fell 3 ringgit or 0.06% to 5,132 Ringgit ($1,161.87) per metric ton. The contract increased by 2.29% in the last week.
Palm oil drops as the weather improves in Malaysia. Set for second week gains
The price of Malaysian palm futures fell on Friday as supply concerns eased. Weather conditions in Malaysia, the second largest producer of palm oil, also improved. However, the contract was still set to increase for a second consecutive week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had fallen 20 ringgit or 0.39% to 5,115 Ringgit ($1,157.24). This week, the contract has increased by 1.89%. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Siemens Equipment for Pertamina's Balikpapan Refinery
Siemens Gas and Power will supply a range of compression and power generation equipment for the Petramina's Balikpapan Refinery located on Borneo Island in East Kalimantan, Indonesia.The equipment will be installed as part of Pertamina’s Refinery Development Master Plan (RDMP). The RDMP involves the construction of a residual fluid catalytic cracker (RFCC) unit with a design capacity of 90,000 barrels per stream per day (bpsd)…
Malaysian State Open to Buying Petronas Stake
Malaysia's Terengganu state said on Wednesday it was open to buying a stake in national energy giant Petronas, after Prime Minister Mahathir Mohamad said he was considering such a sale to raise funds for his heavily-indebted federal government.Petronas, the world's third-largest exporter of liquefied natural gas, is one of the biggest sources of revenue for the federal government that has a debt pile of more than 1 trillion ringgit…
Petronas Quarterly Profit Halves
Malaysia's state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year before.Net impairment charges totaled 2.6 billion ringgit, while revenue fell 14% to 55.1 billion ringgit…
Japan's JX to Develop Offshore Malaysia Gas Field
JX Nippon Oil & Gas Exploration Corp said on Monday it had decided to develop Layang gas field off the coast of the Malaysian state of Sarawak on Borneo island for an undisclosed sum, aiming to start production in April-June 2016. Layang field, which is located about 8 km (5 miles) east of Helan gas field, now under production, in the same SK10 block, will have a floating production, storage andoffloading system (FPSO) installed, the company, a wholly-owned unit of JX Holdings, said in a statement.
