bump!

U mean being cheaper?

Afw again..not bad not bad

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has disposed of a 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) in Malaysia for US$500mil (RM2.14bil) to Thailand's national company and partner.

According to a statement by Thailand's PTT Exploration and Production Public Company Ltd (PTTEP) to the Thailand Stock Exchange on Thursday, it said that its subsidiary's JV had acquired the stake.

PL9SB owns the ninth LNG liquefaction train and other related associated facilities located in the Petronas LNG complex in Bintulu, Sarawak with a production capacity of 3.6 million tonnes per annum of LNG. The commercial operations started on Jan 1, 2017.

“The acquisition of equity interest in PL9SB is part of PTTEP’s strategy to synergise with PTT in the integrated LNG value chain to meet the country’s growing energy demand,” PTTEP said.

The stake was acquired by PTTGL Investment Ltd (PTTGLI) – a company set up PTTEP's subsidiary PTT Global LNG Company Limited (PTTGL). PTTGL is a subsidiary of PTTEP, which is a 50:50 joint venture between PTTEP and PTT plc.

PTTEP said on Thursday PTTGLI had signed the share sale and purchase agreement with Petronas to acquire the 10% equity stake in PL9SB.

“The total consideration of the acquisition is approximately US$500mil of which PTTEP’s portion is approximately US$250mil,” it said. Then expected closing date would be within September.

“With the entrance of PTTGLI, the share proportion in PL9SB shall stand at 80%, 10% and 10% owned respectively by Petronas, JXTG Nippon Oil & Energy Corporation (through its subsidiary, Nippon Oil Finance (Netherlands) B.V.) and PTTGLI.

PTTEP said the US$500mil acquisition cost will be funded by 40:60 debt and equity.

MMHE is partly owned by MISC which is also owned by petronas..no?

(Bloomberg) -- Oil tumbled by the most in more than five weeks as fears of falling oil demand in China overshadowed news that Libya’s crude supply was disrupted.

Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest oil field, Sharara, cut output by more than 30 percent because of security threats, a person familiar with the matter said. Meanwhile, the dollar strengthened, eroding the lure of commodities as a store of value.

"We’re seeing some strength in the dollar, and the preponderance of news seems to be favoring the bears right now," Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. "If you look at the China data this morning, when it came to the China refinery runs being down in July, that’s adding to the perception of slowing demand, and it’s offsetting the concerns about Libyan oil production."

Oil has lingered below $50 a barrel in New York this month as investors weigh rising global supply against output curbs from the Organization of Petroleum Exporting Countries and its allies. Data on China’s sliding refinery runs are stoking fears that the world’s second-largest oil consumer will taper its appetite.

In the U.S., producers keep drilling for more oil, with the number of active rigs at its highest since April 2015 and the Energy Information Administration forecasting crude output at major shale plays reaching an all-time high of 6.15 million barrels a day in September.

West Texas Intermediate for September delivery fell $1.23 to settle at $47.59 a barrel on the New York Mercantile Exchange, the lowest level in three weeks. Total volume traded was about 3 percent above the 100-day average.

Brent for October settlement declined $1.37 to end the session at $50.73 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $3 to October WTI.

Chinese oil processing in July dropped 4.4 percent from the previous month to about 10.76 million barrels a day, according to Bloomberg calculations based on data released Monday by the National Bureau of Statistics.

"The China news for oil is a concern," Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. "Beijing is trying to land an aircraft being buffeted by strong crosswinds. After goosing the engine earlier this year, now they’re tapping the brakes a little bit."

‘Sign of Weakness’
Amid all the signs of a persistent supply glut, famed trader Andy Hall said goodbye to the oil market as the outlook for prices worsens. Hall, a trader nicknamed "God" by his peers, said he decided to close his flagship hedge fund, citing a deteriorating outlook for prices next year and the “frustrating” dominance of algorithmic traders.

"The fact that OPEC has had to talk about further extending its production cuts is ultimately a sign of weakness, not of strength,” Hall said in an Aug. 1 letter to investors that was reviewed by Bloomberg News. There’s no clear view on how shale supply will respond to shifts in the market and therefore no consensus on a long-term price anchor for oil, he said.

“For a long time, there was a sense of ‘oh, in another year or two the market will tighten up again’ and I think people are starting to think that’s maybe not the case,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone.



And....our petrol price keep increasing

This post has been edited by DuFfz: Aug 16 2017, 09:08 AM

will the market improve?

Da berita berita projek onshore baru d area bintulu bos?

Iteeew diaa

Job is there. Whethe you want it or not. Maybe you're picky.

Couldn't agree more, the only place u can see a 'well educated' ppl becum the worst kind of human in the name of progress. In the end its just business nothing personal.

Kus semengatttttt
Btw bukan afw dah..its wood already

This post has been edited by DuFfz: Nov 28 2017, 06:10 PM

"There are about 4,000 O&G companies that are registered with Petronas. Norway, which has similar-sized O&G deposits as Malaysia, has just around 700 players in this sector."

Norway is doing good in promoting renewable i.e. ready for the future, while our country still far behind.

Aren't they liable for defamation lawsuit?

Glad that oil company profiting from death of civilians.
#sarcasm

anyone heard of petrohorizon before?

Noted..thanks

Bruh..ada tender minor construction onshore .. ada ngekot bid? hehe

Just for sharing :

I’m looking to hire 2 Engineers, (1) Mechanical Engineer (2) Electronic Engineer.
If you know of any persons who maybe interested, pls request them to send me the CV. kannan@toyokanetsu.net

Work location at KL.
Looking for permanent employee for long term.

Should be fine i guess. No harm trying