Petronas: strengthening its operations across the globe.

Petronas: strengthening its operations across the globe. Sep 21st 2014, 23:00 PETROLIAM Nasional Berhad (Petronas) is one of the leading oil and gas companies in the world. The company undertakes the exploration, development, production, refining, storage, transportation, and distribution of oil, gas and petrochemical products around the world. Vertically integrated business structure coupled with geographical operations has strengthened the company's business...

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CNPC, Petronas eye Angola bids.

CNPC, Petronas eye Angola bids. Apr 16th 2013, 23:00 China National Petroleum Corp and Malaysia's Petronas are considering bids for Marathon Oil Corp's stakes in two Angolan offshore oil and gas fields, people familiar with the matter said. This would be potentially the third major energy deal in Africa this year, a major new front for Asian state energy firms looking to fuel fast growing economies.

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BASF, Petronas disagree.

Publications by Oil & Gas News Resent articles by the "Oil & Gas News" from The Free Library

BASF, Petronas disagree. Apr 2nd 2013, 23:00 BASF and Malaysian state-owned oil and gas firm Petronas have decided not to pursue an extension of their partnership to a second speciality chemicals plant after failing to agree on terms. "Petronas and BASF concluded that it would be in their mutual interest to terminate the HoA (Heads of Agreement) as both parties were unable to come to an agreement on the terms and conditions," the...

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Najib Tun Razak announced bonuses for the 40,000 employees of national oil firm Petrona

KUALA LUMPUR: Prime Minister Najib Tun Razak announced bonuses for the 40,000 employees of national oil firm Petronas today, signalling a long wait for a general election is nearly over as he seeks last-minute support from the middle class.
In recent days, Najib has expanded a slew of handouts to include thousands of workers at state-linked firms, underlining the government’s ability to try to win support through its close control of Malaysia’s biggest companies.

Najib, whose ruling Barisan Nasional coalition could face the closest election battle in its 56-year rule, must call the polls by the end of April or Parliament will automatically dissolve for the first time in the country’s history.
At a town hall-style meeting with Petronas staff here, Najib said they would each get RM1,000 (US$320) bonuses for “contributing to nation-building”. Media predicted he would dissolve Parliament tomorrow.

The government-controlled New Straits Times newspaper reported that ministers had been ordered to wear a suit and tie for tomorrow’s regular Cabinet meeting for an official photograph. Tomorrow marks exactly four years since Najib took power after the coalition’s worst-ever election result.
Najib appeared to be getting ready for battle as he told the Petronas staff, who make up a part of Malaysia’s urban middle class that has swung to the opposition in recent elections, to keep the government in power, according to company officials.

“He told us that we had to vote wisely or Petronas, which has always been independent under the current government, will lose its independence if the opposition came into power,” said a Petronas employee who attended the meeting.
The board of Petronas answers only to Najib, who approved the one-off bonuses amounting to RM40 million.
Petronas, often described as Malaysia’s piggy bank, accounts for up to 45% of the government budget.
Late April polls?
If Najib dissolves Parliament tomorrow, it would signal an election by around the end of the month or in early May, raising doubt over Najib’s participation in a Southeast Asian leaders’ summit in Brunei on April 24-25.
Over the past two years, Najib’s government has handed out about US$2 billion in one-off payments to poorer families, in what the opposition has called thinly disguised vote-buying. Other handouts have included free wheels for taxi drivers, pay rises for civil servants and allocations to schools run by minority Chinese and Indians.
In recent days, the government has announced one-off bonuses of RM500 to more than 40,000 employees of Telekom Malaysia and Pos Malaysia.
Lower income workers make up a large part of Telekom Malaysia and Pos Malaysia and analysts expect state power firm Tenaga to pay out a similar bonus.
“In the past, there would be salary increments and the giving out of election goodies. Now, with these bonuses, it has gone to a new level,” said Ibrahim Suffian, head of the Merdeka Centre polling firm.
Political opponents have said Najib’s delay in calling the polls is a sign of his indecisiveness and concern in the face of a strong challenge by the opposition following its best-ever election performance in 2008.
Najib’s coalition is expected to win the vote but a failure to improve on its last performance could cost him his job.
In recent days, Najib has huddled with senior members of his party to decide on candidates. The ruling coalition has yet to publish its election manifesto.
Najib has repeatedly defended the polls delay, saying he wants time to show Malaysians how they have benefited from his ambitious Economic Transformation Programme, which aims to double per-capita incomes by 2020.
“Election dates are not for announcement until they actually happen. That’s a fact,” Najib told Reuters in an interview last week, laughing off a question on whether the election would be held in April.
Najib remains popular, polling significantly higher than his coalition in surveys. An opinion poll by the respected Merdeka Centre gave him a 61% approval rating in February, but that is down 10 points from the end of 2011.
- Reuters

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Petronas Q2 net profit up 53% at RM18bil

By DANIEL KHOO
danielkhoo@thestar.com.my

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) posted a 53.8% jump in net profit to RM18.3bil for its second quarter ended Sept 30, 2011 from RM11.9bil a year ago due to higher prices across its product range. However, the impact of the better prices was partially offset by the stronger ringgit against the US dollar.

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Petronas move to list 2 big units welcomed

Analysts say this is good good news for investors, considering that big new listings have been slow in coming to Bursa Malaysia
National oil firm Petroliam Nasional Bhd (Petronas) will list two "sizeable" subsidiaries with good track records on the local stock exchange this year, Prime Minister Datuk Seri Najib Razak said.

Analysts said this was good news for investors, considering that big new listings had been slow in coming to Bursa Malaysia, with sizeable companies like Astro All Asia Networks plc aiming to go private.

Last year, there were just 12 new listings on Bursa Malaysia.

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Petronas sells stakes in Irish gas fields to Providence

PETALING JAYA: Providence Resources plc is exercising options to acquire 40% stakes in the Kinsale Head Area gas fields plus the adjoining Seven Heads field from Petronas International Corp Ltd, the overseas investment arm of Petroliam Nasional Bhd (Petronas).

Kinsale Head comprises the Kinsale Head, South West Kinsale and Ballycotton gas fields and also gas storage facility in the Celtic Sea.

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Petronas Plans To Maintain Capex At US$12 Billion

KUALA LUMPUR, June 25 (Bernama) -- National oil company Petroliam Nasional Bhd (Petronas) plans to maintain capital expenditure (capex) for its current financial year ending March 31, 2010, at US$12 billion, president and chief executive officer Tan Sri Hassan Marican said today.

Speaking to reporters after announcing the group's results for the financial year ended March 31, 2009, he said that 60 percent of the amount will be utilised for domestic operations and the remaining 40 percent for international operations.

For the financial year just ended, the group increased its capex to RM44.0 billion from RM37.6 billion.

During the year, the group reinvested 21.1 percent or RM21.9 billion of its profit before taxation, royalty and export duties.

The reinvestment was significantly lower compared to other major oil and gas companies.

However, Hassan said that Petronas sees 35 to 40 percent of its profit as a comfortable level for the reinvestment.

The reinvestment is necessary to ensure the group's sustainable operations and to generate future revenue and profit, he said.

On overseas expansion, Hassan said the group was looking to strengthen its presence in the countries that it was already operating.

As at March 31, 2009, Petronas is involved in various activities along the oil and gas value chain in more than 30 countries worldwide.

Asked about the speculation concerning his successor, Hassan said: "There are always speculations on my successor. I think that question needs to be addressed to the government."

He said that under his employment contract, his term will end in February next year.

-- BERNAMA

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Malaysia Petronas says oil industry to stay volatile

KUALA LUMPUR, June 8 (Reuters) - The oil industry will stay volatile even after a price rally towards $70 a barrel, as it is still unclear if the rise is due to the broader economy or a new speculative play, the chief of Malaysia's state oil and gas company said on Monday.

Mohd Hassan Marican said the industry is undergoing a further wave of consolidation, as cash-strapped small- to medium-sized firms sell off assets due to lower margins, and that selected international and state-run oil companies will gain from this.

"It is still uncertain whether the increase is due to the 'green shoots' of economic recovery or due to a new speculative play in the commodities and the weakening of the U.S. dollar," Petronas President and Chief Executive Officer Hassan told the annual Asia Oil and Gas Conference.

"Despite the fragile sense of stability emerging in the market, I believe that we can expect continued volatility in the industry for some time to come, reflecting the ongoing developments in the broader economy."

U.S. oil prices jumped to a seven-month of $70.32 on Friday, before easing below $68 on Monday as the U.S. dollar continued to strengthen from its recent weakness. [O/R]

Oil prices have doubled from the low $30s hit last winter, although many in the industry fret that the rise is not fed by fundamentals but by optimism only.

Hassan said that after nearly a decade of limited spare capacity averaging 2.7 million barrels per day (bpd), spare crude capacity this year is expected to rise to 6.4 million bpd, or about 8 percent of world oil demand.

He urged the industry to continue to develop oil and gas fields without excessive disruption due to adverse market conditions in order to moderate the volatility inherent in the industry cycle. (Reporting by David Chance and Chua Baizhen; Writing by Ramthan Hussain, Editing by Michael Urquhart)

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Petronas forms JV with MISC and Mustang Engineering

KUALA LUMPUR, May 15 — Petronas International Corporation Ltd (PICL), a wholly-owned subsidiary of Petronas, has signed an agreement to form a joint-venture company with MISC Bhd and Mustang Engineering Ltd of the United Kingdom.

The company will provide floating liquefied natural gas (LNG) engineering solutions and services worldwide, said Petronas in a statement today.

According to Petronas, the company will also aspire to be a one-stop centre in delivering cost-effective engineering solutions to develop and monetise remote offshore gas reserves, create high-value intellectual properties and offer best practices in floating LNG production storage and offloading project management and operations.

Petronas said the shareholding structure of the company would consist of PICL with 60 per cent of overall shares, follow by MISC 30 per cent and Mustang engineering, ten per cent.

Petronas stated that the partnership with MISC and Mustang Engineering is in line with its aspiration to grow further its leadership position in the global LNG business.

MSC is a marine transportation and logistics service company. Mustang engineering deals with among others, engineering, design, project management, and construction management services to the oil and gas industry. — Bernama

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Petronas posts record profit of $18.1 bil., interested in Iran gas+

AP

Posted: 2008-07-15 05:26:26

KUALA LUMPUR, July 15 (Kyodo) - Malaysia's state-owned oil company Petroliam Nasional Bhd. announced Tuesday a 40.3 percent increase in net profit to a record $18.1 billion for the financial year ended March 31, on the back of higher sales and higher oil prices.

Petronas, Malaysia's biggest and most globalized company, also said it is still interested in Iran's Pars liquefied natural gas project although its partner, Total SA of France, has canceled its investment over increasing political tension.

"We continue to be interested in operating in Iran. Yes, we know the situation there. I have read the announcement by Total, but as Petronas, we continue to be interested in Iran, " Petronas CEO Hassan Marican told a press conference.

Total, which has a 40 percent stake in the Iran's South Pars project, announced last week it would not spend any more money in the project due to political risk as Iran comes under increasing pressure from the United States to halt its nuclear energy program.

Petronas, which holds a 10 percent share, said it would reassess the project's cost structure.

The remainder of the consortium is held by National Iranian Gas Export Co.

"But on the LNG project specifically, where we are in a consortium with Total, I have said previously that we cannot come to a final decision on that particular project because of the increase in cost and because we have not completed our discussion with the Iranians," Hassan said.

Whether Petronas will go it alone on the project, he said: "We are capable and able to undertake the LNG projects but there are other factors. So we have to make an assessment."

The South Pars field holds around 14 trillion cubic meters of gas, about 8 percent of world reserves.

Petronas's aggressive expansion overseas has paid off handsomely for the company.

The group, which also controls several listed units such as shipping firm Malaysia International Shipping Corp. Bhd., retail gasoline station operator Petronas Dagangan Bhd. and gas distributor Petronas Gas Bhd., saw revenue rose 29.8 percent from the previous year to $66.2 billion.

But for the first time, the biggest contributor to revenue came from the group's international operations, which generated 40.3 percent of total revenue.

The high oil prices brought windfalls to Petronas and also to the Malaysian government, with Petronas now the single largest contributor to government revenues.

For the 2007 financial year it paid a total of 67.6 billion ringgit ($21 billion) in taxes, dividends, royalties and export duties, up from 52.3 billion ringgit the previous year.

Out of the 67.6 billion ringgit, 62.8 billion ringgit went to the federal government and made up 44 percent of government's total revenue.

The rest went to the state governments.

But despite the company's payments to the government, its huge profits became a political issue after the government decided to raise retail gasoline prices by nearly 41 percent and diesel prices by 63 percent.

Led by the opposition, there have been calls for the government to use Petronas's profits to subsidize fuel prices but Hassan said it would be dangerous for the government to do so.

"Given the volatile nature of the industry, given the fact that we are investing into new development of reserves at high cost, should there be a major downturn in the oil price, then the ability to maintain the high results would be a real challenge and would then have a major impact on government revenue," he warned.

He added that the 67.6 billion ringgit total payment to governments for the year represented 63.1 percent of the group's total profits even as operating costs are rising.

For example, he said, daily charter rates for drilling rigs have recently gone up almost 300 percent and the average price of steel has risen 225 percent.

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Malaysia's Petronas posts record profit of $12.9 bil

(Kyodo) _ Malaysia's state-owned oil company Petroliam Nasional Bhd. announced Thursday another record profit for the financial year that ended March 31, on the back of higher sales and rocketing oil prices.

Better known as Petronas, Malaysia's biggest company recorded a 13.2 percent increase in net profit to $12.9 billion from a revised figure of $11.4 billion a year earlier.

The Petronas Group saw its revenue rose 14.9 percent to $51.0 billion from $44.4 billion in the previous year.

The group also controls several listed units such as shipping firm Malaysia International Shipping Corp. Bhd., retail gasoline station operator Petronas Dagangan Bhd. and gas distributor Petronas Gas Bhd.

"This year saw crude oil prices remaining high as global demand, particularly from the transportation sector, continued to increase on the back of strong economic growth especially from China and India," Petronas said in a statement.

During the financial year under review, Malaysia's benchmark Tapis crude rose 11.2 percent to $68.50 per barrel.

Against this positive backdrop, Petronas Chief Executive and President Hassan Marican told a press conference the 2006-2007 year had also been challenging as costs escalated and there was still a lack of engineering and construction capacity to meet demand coupled with a shortage of skilled workers.

"It was a tough year for the industry. However, we managed to swim the tide," he said.

The high demand and soaring oil prices of the last few years have not only brought windfalls to Petronas but also to the government, as Petronas is the single largest contributor to government coffers.

For this financial year, it paid a total of 48.3 billion ringgit ($14.0 billion) in taxes, dividends, royalties and export duties, making up 35.4 percent of the government's total revenue.

Petronas is one of the few well-run, government-linked companies, and the most international. It has presence in 33 countries and 36.7 percent of its revenue was derived from its overseas operations as domestic production declined by 2.7 percent to 1.13 million barrels of oil equivalent per day.

Malaysia's total reserves of crude oil, condensates and natural gas, as of Jan. 1, stood at 20.18 billion boe, up from 19.91 boe a year earlier.

Petronas Sumbang RM48.3 Bilion Kpd Kerajaan

KUALA LUMPUR, 28 Jun (Bernama) -- Sumbangan perbadanan minyak nasional, Petronas, kepada kerajaan dalam tahun kewangannya yang berakhir 31 Mac, 2007, meningkat kepada RM48.3 bilion daripada RM41.7 bilion sebelum ini.

Pembayaran di segi duti merupakan sumbangan tertinggi, yang berjumlah RM21.8 bilion, diikuti dividen sebanyak RM16 bilion, royalti sebanyak RM8.5 bilion dan duti eksport sebanyak RM2 bilion, kata Presiden Petronas Tan Sri Hassan Marican kepada pemberita di sidang media di sini.

Dividen itu tidak termasuk dividen interim kedua sebanyak RM6 bilion dan dividen akhir sebanyak RM10 bilion bagi tahun kewangan 2007 dan yang akan dibayar dalam tahun kewangan 2008, kata Hassan.

"Sehingga ini, kami telah memulangkan RM336 bilion kepada kerajaan," katanya.

Petronas kekal sebagai penyumbang terbesar tunggal kepada perolehan kerajaan, yang meningkat 35.4 peratus bagi tahun kewangan berakhir 31 Mac, 2007, berbanding dengan 34.4 peratus dalam tahun sebelum ini.

-- BERNAMA

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Petronas Twin Towers

INFO: Petronas Twin Towers

Petronas Towers, twin skyscrapers in Kuala Lumpur, Malaysia, that are the world's tallest twin towers. Standing 1,483 ft (452 m) high, they were designed by the Argentinean-American architect Cesar Pelli. Completed in 1997, they surpassed Chicago's Sears Tower as the record-holding tallest structure; they themselves were surpassed by Taipei 101 in 2003. The twin towers house Petronas, Malaysia's government-owned oil company, as well as associated Malaysian firms and multinational companies. Part of a large burst of construction that marked the country's 1990s economic boom, the buildings stand at the northern end of a projected high-tech business zone, the Malaysia Multimedia Supercorridor. Built of steel-reinforced concrete columns clad in stainless steel and glass, with a design based on geometric patterns originating in ancient Islam, the 88-story buildings are connected at levels 41 and 42 by a double-decker pedestrian skybridge, and each tower is surmounted by a 242-ft-high (74-m) pinnacle. At the lower level, the Petronas Towers also include a concert hall that is home to the Malaysian Philharmonic and a business reference library.

See C. Pelli and M. J. Crosbie, Petronas Towers (2001); M. Thomas, The Petronas Twin Towers (2001).

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.

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