The BLACKGOLD Business

Petronas profit falls on lower sales, oil price

Wednesday, December 09, 2009 profit 6 comments

PETROLIAM Nasional Bhd, Malaysia’s state oil company, said first-half profit dropped 48 per cent because the global economic slowdown sapped energy demand and reduced fuel prices. Net income fell to RM20.29 billion (US$6 billion) in the six months ended Sept 30 from RM38.65 billion a year earlier, Petronas, as the company is known, said in a statement on its Web site. Sales declined 38 per cent to RM98.18 billion...

Petronas sells stakes in Irish gas fields to Providence

Friday, December 04, 2009 petronas 3 comments

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...

Petronas gas records pre-tax profit of RM268.716 mln in Q2

Tuesday, December 01, 2009 No comments

KUALA LUMPUR, Nov 20 (Bernama) -- Petronas Gas Bhd recorded a lower pre-tax profit of RM268.716 million in the second quarter ended Sept 30, 2009, compared to a pre-tax profit of RM273.595 million in the corresponding quarter in 2008. Revenue declined to RM823.188 million from RM849.700 million previously, the company said in an announcement last Friday...

Petronas Dagangan Records Pre-tax Profit Of RM275.914 Million In Quarter 2

Tuesday, December 01, 2009 1 comment

KUALA LUMPUR, Nov 23 (Bernama) -- Petronas Dagangan Bhd recorded a higher pre-tax profit of RM275.914 million in the second quarter ended Sept 30, 2009 compared to the pre-tax profit of RM182.933 million posted in the same quarter of 2008. However, revenue dropped to RM5.152 billion from RM7.69 billion, the company said in a statement to Bursa Malaysia here Monday...

Gold $5000+

Friday, November 20, 2009 No comments

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Wang ehsan for Kelantan from next year

Thursday, November 05, 2009 No comments

KUALA LUMPUR: Kelantan will receive compassionate payment from the federal government from the state's offshore oil production revenue starting next year, Datuk Seri Najib Tun Razak announced today. The prime minister said that just like for Terengganu, the compassionate payment was being given after taking into account the need to continue developing Kelantan and to enhance the wellbeing of the people in line with national development trend...

Research and Markets: Malaysia Oil and Gas Report Q4 2009 Reveals That Malaysia Will Account for 1.95% of the Asia Pacific Regional Oil Demand by 2013

Wednesday, November 04, 2009 No comments

DUBLIN--(Business Wire)-- Research and Markets (http://www.researchandmarkets.com/research/fcc350/malaysia_oil_and_g) has announced the addition of the "Malaysia Oil and Gas Report Q4 2009" report to their offering....

Petronas Plans To Maintain Capex At US$12 Billion

Friday, June 26, 2009 petronas, profit No comments

Malaysia Petronas says oil industry to stay volatile

Sunday, June 14, 2009 petronas No comments

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...

Petronas forms JV with MISC and Mustang Engineering

Sunday, May 17, 2009 misc, petronas 1 comment

Malaysia Stocks to Fall on Earnings, Dilution, AmResearch Says

Wednesday, March 04, 2009 No comments

By Tien Hin Chan March 4 (Bloomberg) -- Malaysia’s benchmark stock index may drop another 7.5 percent by year-end to a five-year low as the global recession batters earnings and more companies seek funds from shareholders to boost capital, AmResearch Sdn. said. The research unit of AMMB Holdings Bhd. cut its year-end target for the Kuala Lumpur Stock Exchange Composite Index to 800 from 850. The gauge is headed for its lowest level since May 26, 2004, as corporate earnings will shrink 7 percent...

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Petronas profit falls on lower sales, oil price

PETROLIAM Nasional Bhd, Malaysia’s state oil company, said first-half profit dropped 48 per cent because the global economic slowdown sapped energy demand and reduced fuel prices.

Net income fell to RM20.29 billion (US$6 billion) in the six months ended Sept 30 from RM38.65 billion a year earlier, Petronas, as the company is known, said in a statement on its Web site. Sales declined 38 per cent to RM98.18 billion.

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.

Petronas gas records pre-tax profit of RM268.716 mln in Q2

KUALA LUMPUR, Nov 20 (Bernama) -- Petronas Gas Bhd recorded a lower pre-tax profit of RM268.716 million in the second quarter ended Sept 30, 2009, compared to a pre-tax profit of RM273.595 million in the corresponding quarter in 2008.

Revenue declined to RM823.188 million from RM849.700 million previously, the company said in an announcement last Friday.

Petronas Dagangan Records Pre-tax Profit Of RM275.914 Million In Quarter 2

KUALA LUMPUR, Nov 23 (Bernama) -- Petronas Dagangan Bhd recorded a higher pre-tax profit of RM275.914 million in the second quarter ended Sept 30, 2009 compared to the pre-tax profit of RM182.933 million posted in the same quarter of 2008.

However, revenue dropped to RM5.152 billion from RM7.69 billion, the company said in a statement to Bursa Malaysia here Monday.

Wang ehsan for Kelantan from next year

KUALA LUMPUR: Kelantan will receive compassionate payment from the federal government from the state's offshore oil production revenue starting next year, Datuk Seri Najib Tun Razak announced today.

The prime minister said that just like for Terengganu, the compassionate payment was being given after taking into account the need to continue developing Kelantan and to enhance the wellbeing of the people in line with national development trend.

Research and Markets: Malaysia Oil and Gas Report Q4 2009 Reveals That Malaysia Will Account for 1.95% of the Asia Pacific Regional Oil Demand by 2013

DUBLIN--(Business Wire)--
Research and Markets
(http://www.researchandmarkets.com/research/fcc350/malaysia_oil_and_g) has
announced the addition of the "Malaysia Oil and Gas Report Q4 2009" report to
their offering.

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

Malaysia Petronas says oil industry to stay volatile

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)

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

Malaysia Stocks to Fall on Earnings, Dilution, AmResearch Says

By Tien Hin Chan

March 4 (Bloomberg) -- Malaysia’s benchmark stock index may drop another 7.5 percent by year-end to a five-year low as the global recession batters earnings and more companies seek funds from shareholders to boost capital, AmResearch Sdn. said.

The research unit of AMMB Holdings Bhd. cut its year-end target for the Kuala Lumpur Stock Exchange Composite Index to 800 from 850. The gauge is headed for its lowest level since May 26, 2004, as corporate earnings will shrink 7 percent this year, AmResearch strategist Benny Chew wrote in a report today. The index was at 864.44 at 11:59 a.m. local time.

Malayan Banking Bhd. and TM International Bhd. last week sought a combined 11.3 billion ringgit ($3.1 billion) from shareholders to boost capital. The race to “de-leverage” balance sheets by selling additional stock will be led by banks, carmakers, airlines and producers of oil, gas and building material, risking a dilution of equity, AmResearch said.

“The global trend of companies resorting to rights issue has only recently caught on with Malaysian companies,” Chew wrote. This is “due to the belated acceptance of a more prolonged economic downturn and a tougher funding environment, where capital is scarce or competed away.”

Malayan Banking, known as Maybank, has slumped 5.1 percent since it announced the sale of new shares to existing shareholders on Feb. 27. TM International has lost 11 percent since Feb. 26, after its 5.25 billion ringgit rights offer.

“Current valuations would still need to be significantly diluted to reflect growing risk of rights issues,” AmResearch said. “Valuations are already depressed.”

“Risk aversion” also means the price of the stock sale needs to be attractive to entice demand, signaling that the share price discount “would likely be steep,” Chew said.

To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

The BLACKGOLD Business

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Petronas profit falls on lower sales, oil price

Petronas sells stakes in Irish gas fields to Providence

Petronas gas records pre-tax profit of RM268.716 mln in Q2

Petronas Dagangan Records Pre-tax Profit Of RM275.914 Million In Quarter 2

Gold $5000+

Wang ehsan for Kelantan from next year

Research and Markets: Malaysia Oil and Gas Report Q4 2009 Reveals That Malaysia Will Account for 1.95% of the Asia Pacific Regional Oil Demand by 2013

Petronas Plans To Maintain Capex At US$12 Billion

Malaysia Petronas says oil industry to stay volatile

Petronas forms JV with MISC and Mustang Engineering

Malaysia Stocks to Fall on Earnings, Dilution, AmResearch Says

Petronas profit falls on lower sales, oil price

Petronas sells stakes in Irish gas fields to Providence

Petronas gas records pre-tax profit of RM268.716 mln in Q2

Petronas Dagangan Records Pre-tax Profit Of RM275.914 Million In Quarter 2

Gold $5000+

Wang ehsan for Kelantan from next year

Research and Markets: Malaysia Oil and Gas Report Q4 2009 Reveals That Malaysia Will Account for 1.95% of the Asia Pacific Regional Oil Demand by 2013

Petronas Plans To Maintain Capex At US$12 Billion

Malaysia Petronas says oil industry to stay volatile

Petronas forms JV with MISC and Mustang Engineering

Malaysia Stocks to Fall on Earnings, Dilution, AmResearch Says

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