Author Topic: PETRONAS  (Read 18154 times)

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PETRONAS
« on: February 26, 2016, 09:02:01 PM »





财经  2016年02月26日
低油价衝击 国油料再砍500亿开销

(吉隆坡26日讯)根据《路透社》报导,趋软的原油价格衝击国家石油(Petronas,简称国油)盈利,市场预测,国家石油下周公布业绩时,可能会进一步宣布削减开销,即在未来4年削减500亿令吉的开销。

国油公司营业额的贡献,佔大马政府油气收入的约三成,同时也为国民提供大量的工作机会,因此该公司不明朗的前景,將衝击身为东南亚第3大经济体的大马。

大马唯一入榜福布斯500大企业的国油,將在下周一(29日)公布去年末季业绩。

分析员预计,国油將扭转2014年末季亏损的局面,取得低于10亿令吉的净利,主要由下游业务带动。

同时,市场人士预测,国油將公布重组详情,包括在未来4年削减开销高达500亿令吉。

国油早前已经透露,2016年支付给政府的股息,將大砍40%,至160亿令吉。惟,市场人士认为,国油可能进一步减少支付给政府的股息数额。

祸不单行的是,国际信贷机构--穆迪(Moody's)本周初放话说,可能会降低国油的评级,归咎原油价格低迷,衝击其营运现金,以及导致其负债膨胀。

另一方面,针对削减员工薪资和减少工作时间的传闻,国油公司发言人对《路透社》指出,该公司目前並无此打算,但正在检视与核心业务关联性不大的工作合约。

无论如何,市场人士相信,国家石油將会保留大型项目,如加拿大液化天然气和边佳兰炼油及石油化工综合发展计划(RAPID)。

不过,新加坡BMI研究分析员则不看好加拿大项目的前景,因为环境问题和当地人民反对

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Re: PETRONAS
« Reply #1 on: February 26, 2016, 09:28:05 PM »



 49 2 0 54
Petronas set to reveal more cost cuts
February 26, 2016
Chief Executive Wan Zulkiflee Wan Ariffin is due to speak to staff about the belt-tighening measures, which local media have said could also see a reduction in working hours, and pay, for staff.
petronasKUALA LUMPUR: Malaysian oil giant Petronas is expected to announce further spending cuts next week as it braces for earnings battered by the slump in crude prices that is also pressuring its global peers.
The grim outlook for state-owned Petroliam Nasional Bhd puts more pressure on Southeast Asia’s third largest economy, as the company accounts for nearly a third of the government’s oil and gas-related revenue and provides a large number of jobs to Malaysians.
Malaysia’s only Fortune 500 company is due to report fourth-quarter earnings on Monday, and analysts expect it to reverse last year’s loss – its first in five years – and notch a net profit of less than RM1 billion ($237.2 million), supported by its downstream business.
But Petronas is also expected to announce details of a sweeping overhaul, already disclosed internally, that could see spending cut by as much as RM50 billion over four years.
The company has already said it would cut its 2016 dividend to the government by almost 40 percent to RM16 billion($3.8 billion), a figure analysts said could shrink further.
“Can Petronas still pay up such a high price? I don’t know,” Vikas Halan, Singapore-based vice president for Moody’s told Reuters, referring to the dividend.

Earlier this week, the credit ratings agency said Petronas was at risk of a downgrade as oil prices languish, drying up operating cash and inflating debt.
On Tuesday, Chief Executive Wan Zulkiflee Wan Ariffin is due to speak to staff about the belt-tighening measures, which local media have said could also see a reduction in working hours, and pay, for staff.
A Petronas spokesman told Reuters there were no current plans for implementing a four-day working week, and that there would be no salary cuts. The spokesman, however, said the company was reviewing contract positions that were not critical to its core business.
In February, Petronas shelved a joint venture risk-sharing contract with compatriot oil and gas service provider Dialog Group Bhd, blaming depressed oil prices.
Analysts say it is likely to stick with large-scale projects, namely the RAPID refining and petrochemical complex in Malaysia’s southern state of Johor and the construction of a liquefied natural gas (LNG) export terminal in Canada.
The Canadian project, however, could be delayed due to worries about marine life, analysts said.
“Given the amount of environmental concerns the project has, plus local opposition to it and the well supplied nature of the global LNG market, I’m bearish on the project’s prospects,” said analyst Peter Lee from BMI Research Singapore.
– Reuter

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Re: PETRONAS
« Reply #2 on: February 26, 2016, 09:30:21 PM »



Thursday, 25 February 2016 | MYT 2:22 PM
Fitch affirms Petronas ratings, outlook stable






 
 
KUALA LUMPUR: Fitch Ratings has affirmed Petroliam Nasional Bhd's  (Petronas) long-term foreign- and local-currency issuer default ratings (IDRs) at 'A', and its Short-Term Foreign-Currency IDR at 'F1'.

The ratings agency said on Thursday the outlook on the long-term IDRs remains Stable.

Fitch also affirmed Petronas’ foreign currency senior unsecured rating at 'A', including debt issued by Petronas Capital Ltd and guaranteed by Petronas.

It explained the national oil company’s foreign- and local-currency IDRs were constrained by Malaysia's country ceiling and local-currency IDR, respectively.

Petronas is 100%-owned by Malaysia and the government can exert significant influence over its operating and financial policies.

Fitch believes that Petronas' importance in generating foreign currency for Malaysia warrants a foreign-currency rating at Malaysia's country ceiling of 'A' which is higher than Malaysia's foreign currency IDR of 'A-'.

“Petronas’ foreign-currency IDR will continue to be rated at Malaysia's country ceiling provided the company continues to maintain its strong standalone financial profile, without material deterioration, after satisfying its financial commitments to the state.

“Malaysia has helped Petronas by reducing its expected dividends in the current low oil price environment which meaningfully benefits the company's expected financial profile.

“Despite weakened oil and gas prices, Petronas continues to maintain a strong standalone credit profile assessed by Fitch at 'AA-'.

“The rating headroom for its standalone profile has, however, weakened due to pressure on operating cash generation from sustained low oil prices, and expected slow recovery of prices over the forecast period, despite the aforesaid reduction in dividends.

“Its rating also benefits from material capex and opex savings announced by the company totalling RM50bil through 2020,” it said.

Fitch also said it expects lower dividend payment of RM16bil in 2016, down from RM26bil in 2015 and RM29bil in 2014.

“With this reduction in dividends, Fitch expects Petronas to have the ability to meet a majority of its capex from internal cash generation notwithstanding the weaker operating cash generation from low commodities prices,” it said.

However, in Fitch's view, Petronas will continue to make sizeable contributions to the government's revenue. Any sustained reduction in its dividend payments remains predicated on the government's policy and its financial requirements given the government's reliance on Petronas for state revenues.

In January 2016, Petronas announced spending cuts of RM50bil over the next four years.

Fitch, however, expects Petronas' capex programme to remain significant, including material capex on the liquefaction/production facilities associated with its Canadian joint venture, Pacific NorthWest LNG project and the downstream Refinery and Petrochemical Integrated Development (RAPID) project in Malaysia.

 A conditional final investment decision on the Pacific NorthWest LNG project was made on 11 June 2015, which is still pending the receipt of final environmental approval. Its funding needs associated with this venture depend on any further reduction in Petronas' stake in the project, which currently stands at 62%.

“It is unclear if Petronas will be able to involve additional equity partners for this project given the weaknesses in oil and gas prices. The sponsors may, however, reassess the feasibility and timing of this project given the significant weakening in oil and gas prices.

“The US$16bil RAPID project consists of a refinery, naphtha cracker plant and other petrochemical facilities; the commissioning of the refinery is expected in early 2019 and associated petrochemical plants to be done in a phased manner,” it added.

Other facilities associated with the RAPID project, covering electrical and water supplies, LNG import terminal and a regasification terminal, will require an additional capex of US$11bil,” it said.

Fitch expects Petronas’ free cash flows to remain weak, reflecting the expected slow recovery of oil prices, high committed capex and dividends payments.

Petronas' financial flexibility, however, remains strong benefitting from lower dividend payment in 2015 and 2016 as well as low funding costs achieved in its US$5bil bond issuance in March 2015.

The company also had material cash balances of RM125bil at Sept 30, 2015, and was in a net cash position given its relatively low indebtedness of RM63bil.

“Its leverage, as measured by funds from operations (FFO)-adjusted net leverage, was negative at 0.7 times (a net cash position), and its FFO interest coverage was at 49 times for 2014,” it said.

Fitch said the key assumptions were that oil price was based on Fitch's Brent price deck of US$33 a barrel (bbl) in 2016, US$45 in 2017 and US$55 in 2018.

It also assumed dividend payment of RM26bil in 2015 and RM16bil in 2016. Capex of RM60bil in 2015 and then average RM50bil in 2016 to 2018

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Re: PETRONAS
« Reply #3 on: February 27, 2016, 07:29:42 AM »



Report: Petronas reviewing 2nd floating LNG project






   
STATE oil company Petroliam Nasional Bhd (Petronas) is reviewing its second floating liquefied natural gas development (PFLNG2) and is now in talks that could see the project suspended for at least two years, according to Upstream, an international oil and gas publication.

The weekly newspaper quoted a Petronas spokesperson this week, saying that construction work for PFLNG2 was “in progress,” but multiple sources had told them (Upstream) they were expecting to see it halted.

The operator has been holding intense negotiations with the engineering, procurement, construction and installation contracting consortium comprising Samsung Heavy Industries and Japan’s JGC about penalties for suspending or even cancelling fabrication work, the sources told the publication.

They added that Petronas’ decision to cut spending, reportedly set to involve reductions of up to RM50bil (US$11.8bil) over the next four years, in response to the falling oil price has strained almost all of its new projects.

According to Upstream’s sources, PFLNG2, which also involves development of the Rotan gas field at Block H 130 kilometres off Sabah in Malaysia, is one of a number of projects that are likely to be hit by cutbacks.

“Petronas is in talks with Samsung and JGC about the cancellation of PFLNG 2,” the weekly quoted a source, who claimed the Malaysian operator did not have the cash under its new strategy to allocate to project financing.

However, another source told the publication that PFLNG2 has been confirmed for suspension for two years rather than cancellation, and that Petronas at best will take the hull only in 2018, reported the magazine.

Upstream also quoted sources saying that discussions now focused on how much it would cost for Petronas to suspend the ABS-classed project, which would be cheaper than continuing fabrication till delivery.

It is understood that Petronas has already called back some of its site engineers and managers from the Samsung yard.

“The project is put on hold and Petronas has demobilised some of their engineers,” it reported.

In addition, Upstream said the hull, which is already 80% complete, was originally scheduled for launch in April this year at Samsung’s yard at Geoje, adding that work on the topsides for the liquefaction unit, fabrication, of which has yet to start, was due to be carried out by JGC.

The integration of the topsides and hull was originally planned for July next year, according to the weekly.

Based on Upstream report, Petronas started building PFLNG2 in June last year following a decision to sanction the project in 2014 in order to monetise a series of stranded gas fields. It said PFLNG2 was designed for deep-water operations in water depths ranging from 500 to 1500 metres and has been planned to have a production capacity of 1.5 million tonnes per annum of LNG, as well as house up to 150 personnel for an operational lifespan of 20 years.

The weekly said that other major contractors involved in PFLNG2 include Sofec, which is building a DNV-classed external mooring system in China, originally planned to be installed for 2017, and Air Products, which is providing the liquefaction technology, equipment and process licence.

The suspension or cancellation of work on PFLNG2 would put a dent in the development of the Rotan field operated by Murphy Oil, the magazine said.

It could mean the field development being rethought altogether, and may push first gas back by at least two years from the original schedule in 2018, sources told Upstream.

The field is 80% held by Murphy Oil and 20% by Petronas, said Upstream, adding that the PFLNG2 floater was planned to be owned by Petronas and be leased to Murphy for about 10 years.

The report mentioned that Petronas’ first FLNG vessel – PFLNG1 – to be used to develop the Kanowit gas field, is far more advanced and is not thought to be affected by the budget cuts.

And Petronas is scheduled to unveil detailed restructuring plans early next week, including major cost-saving measures.

The weekly cited that chief executive Wan Zulkiflee would address company employees in a briefing on March 1 to reveal details on how it will cut capital and operating expenditure.

In mid-January, a leaked internal memo indicated that Petronas wants to reduce spending by RM50bil (US$11.8bil) over the next four years due to the low oil price environment. Upstream’s sources said divisional changes were expected, pay cuts were on the cards, as were job losses, and possibly a reduction in the number of working days for some employees

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Re: PETRONAS
« Reply #4 on: February 27, 2016, 09:29:13 AM »
thanks king for sharing :handshake:
"Price is the most important factor to use in relation to value."  - Walter Schloss

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Re: PETRONAS
« Reply #5 on: February 27, 2016, 06:25:50 PM »



传国油再减500亿开销 路透社: 砍薪资和工时
财经新闻 财经  2016-02-27 14:27

 
(吉隆坡26日讯)市场传言,国家石油(Petronas)将在公布业绩当日,宣布削减高达500亿令吉开销,同时,总执行长拿督旺祖基菲里也将在隔日与员工会面,宣布削减工作时数和薪资。
根据路透社报道,国际油价大跌,拖累了国油业绩,也对政府油气收入和国内就业市场带来冲击。
周一宣布业绩
分析员预期,国油下周一(29日)宣布的2015财年第4季业绩,净利将少于10亿令吉,但已扭转亏损的颓势。
此外,预计国油当日也会宣布已经在内部公开的长期举措,即早前传出的未来4年再次削减500亿令吉开销计划。
同时,旺祖基菲里也将在下周二(1日),与公司员工洽谈有关财政紧缩措施。
据此,国内媒体估计,旺祖基菲里可能会削减员工的工时和薪资。
国油发言人对此回应道:“公司目前无意实行4天工作制,也不会削减员工薪资。”
不过,发言人指出,公司已针对那些对核心业务不重要的工作合约,展开检讨。
或再减股息
市场也对国油在今年派发160亿令吉股息给政府的能力感到担忧,因此,分析员预期,公司可能会再度调低派息规模。
穆迪驻新加坡副总裁哈兰(Vikas Halan)说:“如今,我不知道国油是否还能派发如此高昂的股息。”
此外,也有分析员指出,国油的加拿大Pacific Northwest LNG计划引发危害环境的担忧,因此可能会遭到展延。
新加坡BMI研究分析员李彼得(译音)称:“基于人们对环境的忧虑程度与当地反对声浪,还全球液化天然气供应充足的市况,我并不看好该项目的前景。”
早前,消息透露,国油财务总监在发送给雇员的内部备忘录中,所提及公司将在未来4年,降低高达500亿令吉的资本与营运开销

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Re: PETRONAS
« Reply #6 on: February 28, 2016, 09:54:15 AM »



As jobs dry up, oil and gas workers rely on Petronas’ Pengerang project for a lifeline
BY RAM ANAND

Sunday February 28, 2016
06:30 AM GMT+8

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File picture showa a worker preparing to transport oil pipelines to be laid for the Pengerang Gas Pipeline Project at an area 40km away from the Pengerang Integrated Petroleum Complex in Pengerang, Johor, February 4, 2015. — Reuters pic
File picture showa a worker preparing to transport oil pipelines to be laid for the Pengerang Gas Pipeline Project at an area 40km away from the Pengerang Integrated Petroleum Complex in Pengerang, Johor, February 4, 2015. — Reuters pic
KOTA TINGGI, Feb 28 — State oil giant Petronas’ flagship project in Johor’s south-eastern tip of Pengerang has become a life raft for many oil and gas workers as contracts and new job opportunities dried up across the board over the past year.

The building of a new oil refinery and petrochemical plant, for which work started in 2012 and started picking up pace beginning last year, has taken in a growing number of oil and gas workers from all over the country.

“I took a pay-cut to work in Pengerang. It was either this or nothing at all for me,” said Thilak Jaganathan, a 28-year-old safety inspector.

Thilak left behind a job in Klang in 2013 in order to begin freelancing while upgrading his qualifications that would then enable him to command higher salaries.

He travelled to several different oil and gas sites in Malaysia, including to East Malaysia, before the jobs started drying up last year.

“I used to have a new job contract lined up every time an existing one finished. My contracts normally lasted between three to six months. But last year, there were stretches of months where I didn’t have any jobs lined up,” he said.

Eventually he decided to join Pengerang in late 2015 on a long-term salaried contract, taking a pay-cut from what he used to earn while he was freelancing.

“I will have to be here until the oil price recovers,” he said.

Mohd Syaiful Bahari, an engineer, used to work offshore at oil refineries but had to finally settle for an onshore job.

“There were no more offshore jobs that were consistent so I had to come to Pengerang,” he said.

Offshore contracts are known to be lucrative for oil and gas engineers who can earn north of RM10,000 a month every time they work on an oil rig. However, falling crude oil prices has made exploration expensive for oil and gas companies over the last year.

Mohd Faizuakma Salleh, 29, also came to Pengerang after offshore jobs dried up in the East Coast and took a pay-cut in the process.

“The salary is not as good as what I used to earn elsewhere, but this is where we all need to work to keep things going until the oil prices look good again,” he said.

On average, the oil and gas engineers and inspectors who end up in Pengerang are earning at least 30 per cent less than what they used to before the oil crisis hit.

The Refinery and Petrochemical Intergrated Development (RAPID) project in Pengerang spearheaded by the national oil company is a 20-year project that aims to make Pengerang a regional oil and gas hub by 2035.

The first phase, currently underway, is expected to be completed in 2019. The first phase will involve 38 per cent of the 20,000 acres of land on which the project is being built

- See more at: http://www.themalaymailonline.com/malaysia/article/as-jobs-dry-up-oil-and-gas-workers-rely-on-petronas-pengerang-project-for-a#sthash.cU6Hrmpx.dpuf

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Re: PETRONAS
« Reply #7 on: February 29, 2016, 08:33:23 AM »



国油长期IDR 评级稳定
财经新闻 财经  2016-02-28 11:11

 


(吉隆坡27日讯)国际评级机构惠誉(Fitch)重申国油(Petronas)长期外币和本币发行商违约评级(IDR)“A”级,短期外币IDR“F1”级,及长期IDR展望“稳定”。
该机构昨日发表文告,同时也重申国油外币高级无担保评级为“A”级,包括由国油资本有限公司(Petronas Capital)发行的债券,和有国油担保的债券。
惠誉指出,国油是国有公司,所以,评级受限于大马国家信用限额(Country Ceiling)和本币IDR评级。
该机构相信,国油获得外币的能力应与国家信用限额的“A”级同级,而且较国家的外币IDR“A-”级还要高。
惠誉还说,只要国油支付股息给国家后,还能持续维持独立的财务运作,且财务状况无显著恶化,该公司的外币IDR,就应该持续以大马国家信用限额的水平来衡量。
降低股息有利
“目前低油价环境中,大马政府也降低了预期股息,也对国油有利。”
独立来看,惠誉认为,尽管油气价都低迷,国油的独立信贷评级仍强劲,为“AA-”级;但该评级上调空间不大,因为低油价环境,造成现金流压力。
虽然今年内,国油将减少给予政府的股息,但惠誉相信,该公司还是会继续为我国政府贡献规模相当大的收入。
短期内,由于油价复苏缓慢、资本开销高,加上政府股息,国油短期内的自由现金流将持续疲弱

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Re: PETRONAS
« Reply #8 on: February 29, 2016, 08:33:59 AM »


国油长期IDR 评级稳定
财经新闻 财经  2016-02-28 11:11

 


(吉隆坡27日讯)国际评级机构惠誉(Fitch)重申国油(Petronas)长期外币和本币发行商违约评级(IDR)“A”级,短期外币IDR“F1”级,及长期IDR展望“稳定”。
该机构昨日发表文告,同时也重申国油外币高级无担保评级为“A”级,包括由国油资本有限公司(Petronas Capital)发行的债券,和有国油担保的债券。
惠誉指出,国油是国有公司,所以,评级受限于大马国家信用限额(Country Ceiling)和本币IDR评级。
该机构相信,国油获得外币的能力应与国家信用限额的“A”级同级,而且较国家的外币IDR“A-”级还要高。
惠誉还说,只要国油支付股息给国家后,还能持续维持独立的财务运作,且财务状况无显著恶化,该公司的外币IDR,就应该持续以大马国家信用限额的水平来衡量。
降低股息有利
“目前低油价环境中,大马政府也降低了预期股息,也对国油有利。”
独立来看,惠誉认为,尽管油气价都低迷,国油的独立信贷评级仍强劲,为“AA-”级;但该评级上调空间不大,因为低油价环境,造成现金流压力。
虽然今年内,国油将减少给予政府的股息,但惠誉相信,该公司还是会继续为我国政府贡献规模相当大的收入。
短期内,由于油价复苏缓慢、资本开销高,加上政府股息,国油短期内的自由现金流将持续疲弱

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Re: PETRONAS
« Reply #9 on: February 29, 2016, 05:45:54 PM »



Petronas’ 2015 profit down 56pc amid global oil plunge, restructuring in April
BY BOO SU-LYN

Monday February 29, 2016
05:13 PM GMT+8

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Petronas announced it recorded after-tax profit of RM21 billion for 2015, 56 per cent lower than the previous year. — Picture by Yusof Mat Isa
Petronas announced it recorded after-tax profit of RM21 billion for 2015, 56 per cent lower than the previous year. — Picture by Yusof Mat Isa
KUALA LUMPUR, Feb 29 — Petronas recorded after-tax profit of RM21 billion for last year, 56 per cent lower than in 2014 amid a global oil plunge.

The state oil firm also announced today that company restructuring would take effect on April 1, but declined to specify if it involved job cuts.

“I’ll want to share with the organisation first. After that, we’ll do a media announcement,” Petronas Group CEO Datuk Wan Zulkiflee Wan Ariffin told a press conference here, in response to a question on the company restructuring.

The state oil firm’s revenue for the 2015 financial year was RM248 billion, marking a 25 per cent decline compared to the previous year, with Brent price averaging at US$52 a barrel for 2015, 47 per cent lower than the average oil price of US$99 a barrel in 2014.

Wan Zulkiflee said the company has taken further cost-optimisation measures, amid its projection of oil prices at US$30 a barrel this year.

“These include additional reduction in CAPEX and OPEX of RM50 billion over the next four years, starting with RM15 to RM20 billion in 2016,” Wan Zulkiflee said, referring to capital and operational expenditure respectively.

He also said Petronas’ cash flow from operations was unlikely to be able to cover the remaining capital expenditure and the company’s RM16 billion dividend commitments to the government this year.

Petronas’ cash flow from operations dropped by 33 per cent to RM69.6 billion in 2015 from RM103.6 billion in 2014.

According to Wan Zulkiflee, Petronas would have to draw down on cash reserves and may possibly need to borrow money to cover the remaining capital expenditure and meet its dividend commitments.

But he affirmed that Petronas would be paying RM16 billion to the government this year.

Petronas also announced an increase in upstream production by three per cent compared to 2014, driven by enhanced production and new production streams from Malaysia and Indonesia, and additional production from Azerbaijan.

“The Pengerang Integrated Complex project is progressing as planned with the refinery and steam cracker construction on track,” said Wan Zulkiflee

- See more at: http://www.themalaymailonline.com/malaysia/article/petronas-2015-profit-down-56pc-amid-global-oil-plunge-restructuring-in-apri#sthash.WP43ARAb.dpuf

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Re: PETRONAS
« Reply #10 on: February 29, 2016, 06:39:00 PM »



Monday, 29 February 2016 | MYT 5:54 PM
Petronas to cut expenditure by RM15b to RM16b for 2016
BY INTAN FARHANA ZAINUL







 Petronas president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin
Petronas president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin
 
KUALA LUMPUR: Petroleum Nasional Bhd (Petronas) is going to reduce its capital expenditure and operational expenditure for 2016 by between RM15bil and RM20bil due to the low crude oil prices.

President and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the cuts would include revision and negotiation of contracts such as risk sharing contract, enhanced oil recovery and second floating liquified natural gas (PFLNG2).

"Company's cash flow from operation is unlikely to be able to cover capex and dividend commitments to the government," he told reporters at the Petronas financial year 2015 results on Monday.

He added that Petronas might tap into the debt market and its cash reserves if necessary to fund its capex.

In FY15, Petronas' cash flow dropped 33% to RM69.6il from RM103.6bil in 2014. Total cash inflow in 2015 totaled up to RM98.5bil while cash outflow was RM98bil.

For the fourth quarter ended Dec 31, 2015, Petronas posted a net loss of RM3bil due to RM12.9bil assets impairment. Revenue for the quarter fell 24% to RM60.1bil from RM79.4bil in same quarter in FY14.

Cumulatively, for FY15, the group reported a 56% decline in profit after tax to RM20.8bil from RM47.6bil in FY14. Revenue for the period fell 25% to RM247.7bil

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Re: PETRONAS
« Reply #11 on: February 29, 2016, 08:19:35 PM »



一葉知秋
2016-02-29 19:12     

 
國家石油(PETRONAS)成為油價暴跌下的受難者之一,週一公佈去年第四季和全年業績慘淡無比。據知,該公司即將公佈龐大的削減成本和包括裁員在內的重組計劃自救。
國油重組自救
國油是大馬最大的國營企業,過去油價輝煌時,國油一直是大馬政府最大的財源,並在多次衰退期扮演救火員,拯救陷入水深火熱的大馬企業,其中包括前名土著銀行,現易名的聯昌集團。如今國油面對史上最嚴峻的考驗,除了自救別無他法。
國油首席執行員深鎖的眉頭反映了全球油氣業的酷冬,卻也預告大馬經濟面臨深秋寒意。
馬股上市公司所公佈截至去年12月止的業績,交出好成績的少之又少,表現平平已經算好了,更多是業績下跌,最慘是由盈利轉虧的也不在少數。
油價暴跌
油氣業首當其沖
油價短短時間暴跌70%,油氣業自是首當其沖,連國油都挺不住了,其他油氣股可想而知,交出業績慘淡“赤紅”預料中。商品價格去年也是烏雲滿天,種植公司大部份業績難看;消費稅衝擊,消費股不好受;汽車股直接大受打擊;連一向穩健的銀行股也交不出好成績最令人擔心。
在大馬的主要銀行當中,除了大眾銀行和回教銀行盈利當季和全年保持成長外;聯昌銀行第四季大增,全年表現卻下跌;安聯金融第三季略成長,首9個月卻下跌。其他的馬來亞銀行、興業資本、豐隆銀行、大馬銀行、艾芬等,都交出當季和全年下跌業績。而馬屋業更因龐大撥備由盈轉虧。
或違約裁員
銀行現在擔心油價如果不幸繼續下跌,可能引發油氣公司違約問題,雖然油氣業債務在大馬銀行業的曝露不算巨大,但違約對信心和信評將造成直接的衝擊,市場利空情緒可能爆發的問題可大可小,殺傷力不容小覷,連瑣效應更難控制。
銀行股表現被視為景氣的溫度計,銀行股的盈利下跌,反映支撐國家經濟的商業活動和內需都在下跌中,大馬今年經濟成長預測已經由之前的保五退守至保四,如果景氣持續低迷,企業盈利和經濟前景堪憂。
國油裁員這片落葉,也為大馬經濟帶來另一道警訊:失業潮。
大馬的失業率一直非常低,只有3%左右,並且還需要龐大的外勞應付需求。就業率良好是經濟的安全網,大馬的家庭債非常高,在亞洲一數二,不過因為人民繼續有工作,就繼續有收入支付債務,就不會有太大的問題。
不過,一旦公司開始裁員,情況就令人擔心了。油氣業去年開始裁減人力;聯昌銀行去年就揮大刀砍了數千人。不少企業也以資遣計劃編縮員工;外資撤退也讓不少人失業,最新例子是三星關閉顯示器廠影響620人。
擔心引發青年失業問題
首相署部長拿督斯里阿都華希指出,大馬有40萬人失業,年齡介於20至24歲的大專畢業生佔16萬1千名,顯示青年失業問題也開始衍生。每年都有龐大的大專生畢業投入職場,這問題如果不能好好處理,將成為非常棘手的問題。
前車之鑑:歐債危機的爆發引發歐洲龐大青年失業潮,迄今都難以解決,也成為歐洲經濟復甦的絆腳石。
雖說經濟緩和是當前全球的問題,而大馬經濟和匯率因為受油價波動左右更有點不由自主,但為了不讓問題往“惡化”走,政府還是必須加倍努力。
當然,我們也可以祈禱國際油價不要繼續猛跌,讓國油的日子好過一點,讓馬幣不再繼續貶,讓大馬經濟可以喘口氣。(星洲日報/焦點評析‧作者:陳艷芳)


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Re: PETRONAS
« Reply #12 on: March 01, 2016, 08:30:59 AM »



Petronas may need to raise funds
Posted on 1 March 2016 - 05:36am
Lee Weng Khuen
sunbiz@thesundaily.com
Print
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), which posted a net loss in the fourth quarter of 2015, may consider raising funds following its inability to meet its capital expenditure (capex) and dividend commitment through cash flow from operations.

“The outlook is challenging, we see continued challenges in two years, we may need to raise some borrowings,” president and CEO Datuk Wan Zulkiflee Wan Ariffin told a press briefing here yesterday.

He reiterated Petronas’ commitment to pay a RM16 billion dividend to the government this year.

The oil major has started to draw on its cash reserves of RM136.7 billion to meet its capital investments due to the weakened oil prices.

“We’ve healthy cash balance that we can draw on, those are just savings and can be used as well,” executive vice-president and group CFO Datuk George Ratilal said.

As at end-December, Petronas’ borrowings stood at RM57.9 billion, with a gross gearing of 16%.

Ratilal said the group is comfortable with its current gearing level, but can gear up to 25% if it were to borrow.

However, he stressed that the group will not simply go for borrowings, but only if it finds a good investment. “Unless there is a pretty good reason, if not we would rather manage the capex,”

Petronas’ net loss came in at RM2.96 billion for the fourth quarter (Q4) ended Dec 31, 2015, compared with a net loss of RM7.28 billion in the previous corresponding period, mainly due to net impairments on assets of RM12.9 bilion.

Excluding the impairments, it would have reported a net profit of RM9.9 billion, a 21% drop from RM12.5 billion in the same quarter a year ago.

Revenue for the quarter under review tumbled 24% from RM79.4 billion to RM60.1 billion.

Wan Zulkiflee said Petronas has set a lower oil price assumption of US$30 (RM126) per barrel for 2016. Brent crude averaged US$52 per barrel for 2015.

For the whole of 2015, Petronas’ net earnings fell 56% from RM47.6 billion to RM20.8 billion on the back of a 25% drop in revenue from RM329.1 billion to RM247.7 billion.

Meanwhile, Wan Zulkiflee said Petronas has undertaken six measures to mitigate the current challenging market environment.

Three measures, namely cash management and generation, cost efficiency and simplification as well as focused execution on projects, are aimed at ensuring the group’s immediate survival and to remain competitive.

“These have led to tangible cash generation and cost savings of up to RM1.4 billion, which has cushioned further impact to our bottom line,” he said, noting that these initiatives are expected to generate additional RM6 billion to RM7 billion in the next three years.

Wan Zulkiflee said the other three meaaures are focused on long-term sustainability, including talent development, technological agenda and internal work culture.

The sharp decline in oil prices resulted in a 64% drop in upstream business’ net profit to RM19.6 billion. However, non-cash impairments of RM18 billion brought it down further to RM1.6 billion.

Wan Zulkiflee expects oil production to remain stable this year following a 3% growth last year.

“We think we can at least maintain this level with our production enhancement initiatives,” he said.

On the other hand, the downstream business saw a 50% increase in profit margin to RM8.9 billion, thanks to the realisation of post-acquisition synergies at Petronas Malacca Refinery and other cost savings initiatives

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Re: PETRONAS
« Reply #13 on: March 01, 2016, 08:32:00 AM »



New organisation structure from April 1
Posted on 1 March 2016 - 05:36am
Print
PETALING JAYA: Petronas president and CEO Datuk Wan Zulkiflee Wan Ariffin said the group will announce soon the restructuring of the organisation which takes effect on April 1.

He said this in response to a question on whether the prolonged oil price slump will lead to job cuts in the group.

He declined to elaborate on the restructuring exercise, except to say that he needs to share and discuss with the staff first this week.

“All matters with regard to restructuring and reorganisation, I will share with the organisation first. After that we’ll issue a media announcement. I will not pick up any questions with regard to that,” he said.

The new organisation structure comes after the completion of a review of Petronas’ business operating model to facilitate higher efficiency levels and robustness in the organisation, Wan Zulkiflee added.

News reports have said that contract jobs in the state-owned oil major’s non-core businesses will be affected

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Re: PETRONAS
« Reply #14 on: March 01, 2016, 09:54:33 AM »



Tuesday, 1 March 2016
Tough two years for Petronas
BY AFIQ ISA







 
 
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) faces daunting challenges over the next two years, as it undertakes several big projects planned several years ago when crude oil prices were trading at three times their current levels.

As a result of the lower crude prices, the cash flow from its current operations is unlikely to be able to cover its capital expenditure (capex) commitments going forward, said Petronas group chief executive officer (CEO) Datuk Wan Zulkiflee Wan Ariffin.

“Measures to address this include additional reductions in capex and operational expenditure (opex) of RM50bil over four years, starting with RM15bil to RM20bil this year,” he told reporters following a briefing on Petronas’ results for its financial year ended Dec 31, 2015 (FY15).

However, he reiterated that Petronas was committed to paying out RM16bil in dividends to the Government from its operations last year as previously announced.

To optimise its cost components and facilitate higher efficiency levels, Petronas will implement a new organisation structure, which will take effect on April 1 after reviewing its business model.

It is learnt that among the changes in the new organisation structure are reducing the number of board members and top-level positions in the organisation as a measure to cut cost.

Towards this end, Petronas has, on its own internal efforts, saved RM2.4bil as of Dec 31 last year through an extensive cost-reduction exercise.

Under the capex and opex cut, Wan Zulkiflee said Petronas would review and renegotiate contracts which include some of its marginal oilfields, enhanced oil recovery projects, the deferment of the Kasawari and Sepat gas fields, as well as its second floating liquefied natural gas project.

“The capex cuts will come from both the upstream and downstream segments and many projects will be affected. However, when prices recover, we have a pipeline of projects that can resume operating,” he said.

Going forward, Wan Zulkiflee also clarified that Petronas was pushing ahead with its big-ticket mega projects, namely, the refinery and petrochemical integrated development (Rapid) project in Johor as well as the LNG export project in British Columbia, Canada, via its subsidiary Progress Energy.

However, the timeline and investment commitments towards these projects would be reviewed continuously, he added.

“This is an industry where we will have to take a long-term view (towards major investments). At the same time, we are sensitive to our production profile as well as earnings in future years,” said Wan Zulkiflee, 55, who took over the top post on April 1 last year.

According to Petronas previously, the Rapid complex in Pengerang, Johor, is estimated to cost about US$16bil in total. A major proportion of the RM64.7bil in capital investments by Petronas for FY15 went towards Rapid.

On the other hand, the Canadian venture has yet to come to a final investment decision, but previous estimates put the total cost at up to US$30bil upon completion.

“We will review our current cost projections (for Canada) to account for the current market environment.

“We remain committed to the project,” said Petronas CEO of upstream operations Datuk Wee Yiaw Hin.

Additionally, Petronas may opt to tap into the debt market to finance its capex requirements. “Not only do we need to utilise some of our cash reserves, but we may also need to raise borrowings,” he said.

The oil giant’s vast cash reserves of RM137bil has ensured that its gross gearing remains low at 16%. Internally, Petronas can achieve a gross gearing of up to 35% should it choose to, said group chief financial officer Datuk Manharlal Ratilal.

With its assumption of crude oil prices averaging around US$30 per barrel throughout this year, Petronas is bracing for tougher times.

Wan Zulkiflee acknowledged that Petronas’ financial performance this year would be impacted by the prolonged volatility in oil prices. To counter this, it was intensifying efforts to cushion the impact and remain competitive and sustainable.

However, he did not foresee Petronas cutting its production levels anytime soon.

As of Dec 31 last year, it produced some 2,326 thousand barrels of oil equivalent (boe) per day, compared with 2,359 thousand boe the year before.

“We will maintain production at current levels or it may even go higher, assuming that the demand is there. We are also focusing on production-enhancement initiatives at the same time,” he said.

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Re: PETRONAS
« Reply #15 on: March 01, 2016, 10:16:00 AM »



PETRONAS ABSOLUTE VALUE STILL IMPRESSIVE BUT THE COMPARITIVE NUMBERS, PAINT A GIANT IN DECLINE.
Our Reporter | March 1, 2016
20160301_022822
KUALA LUMPUR – Petronas, the country’s only Fortune 500 company lost nearly five bilion ringgit in the last three months of 2015, now says that it expects more of less the same for 2016.
Its unclear if Petronas will be able to book a profit this year, if the 2016 mirrors the last three or even six months months of 2015.
In the third quarter of 2015, Petronas booked a profit of RM1.4 billion, which is respectable in terms of value, but when compared to the same quarters profit in 2014 of RM15 billion, the writting was on the wall, that the giant oil company was heading into unknown murky waters.
For the financial year ended December 31 2015, Petronas kept it self in the black purely due to the strong performance in the first half of 2015.
Full year profit came in at RM13.16 billion, while revenue stood at RM248 billion.
Both impressive numbers in absolute value, but when compared with how the oil giant fared in 2014, the numbers state that profit slipped 64.5 per cent while revenue was down by a quarter.

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Re: PETRONAS
« Reply #16 on: March 01, 2016, 05:22:56 PM »



Tuesday, 01 March 2016 23:10
RINGGIT DANGER AHEAD: NEXT PLUNGE TO 4.80 IF GAS PRICES COLLAPSE WILL TRIGGER NAJIB'S DOWNFALL
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 RINGGIT DANGER AHEAD: NEXT PLUNGE TO 4.80 IF GAS PRICES COLLAPSE  WILL TRIGGER NAJIB'S DOWNFALL
The prime minister should engage competent advisers to ensure that he does not suffer the ignominy that befell his good friend, Datuk Seri S. Samy Vellu, who was forced to step down from MIC after the realisation of GAS ("Gerakan Anti Samy Vellu") threat.

Whereas the "GAS" threat that faced Samy was the noisy and rambunctious MIC rebels who congregated at Sri Paandi, the GAS threat facing Daruk Seri Najib Razak is reflected in the financial reports prepared in the pristine and immaculately maintained offices of the Petronas Twin Towers.

This is because the key risk that could end Najib’s continued grasp of the Umno presidency and the prime ministerial chair is economic, and it does not matter whether Tun Dr Mahathir Mohamad is in Umno or if he joined DAP or PSM.

If the ringgit depreciates past RM4.80 to the US dollar, the pressure for Najib to resign will be unbearable.

If it trades below RM4.50, Najib is safe as the Umno hoi polloi lack an excuse to scuttle the prime minister.

As it stands today, the ringgit is trading at about RM4.20, or about 12.5% below the critical RM4.80 level.

While current ringgit depreciation already reflects the effects of the twin scandals of 1MDB and the RM2.6 billion "investment", does it reflect fully the country’s exposure to the GAS threat?



For Malaysia, the risk is more towards the natural gas market than the oil market. In 2015, Malaysia exported US$12.1 billion of liquefied natural gas (LNG) compared to only US$6.6 billion of crude oil.

However, a lot has changed in the oil market and even more in the LNG market since last year.

In 2015, Malaysia’s LNG export was at an average US$9.79 per MMBTU and crude oil exports averaged at about US$58.5 per barrel.

However, brent crude oil trades today at about US$36.6 per barrel or about 37.4% lower than the average levels before.

LNG is trading at far more depressed levels and according to the Chicago Mercantile Exchanges LNG Japan contract, the current spot market for LNG is US$4.85 per MMBTU or about 50.5% lower than the averages last year.

Here is where the future market sentiment looks decidedly weaker for LNG than it is for oil.

Most market observers believe that with a 10% cut in US production of crude oil, coupled by other reductions from oil majors, the crude oil market will probably get back into balance by the end of the year.

However, the same cannot be said of the LNG market.

The next five years will mark the commencement of operations for several LNG "mega projects" in Australia, the US and Cameroon, that will see the total supply of LNG increasing by 46.3%.

The long-term effect of this is “economics 101” – the price differential between LNG, which trades at US$8 to US$9 per MMBTU to that of natural gas (which is gas in gaseous form as opposed to LNG which is gas that is pressurised, cooled and liquefied), which trades at US$3-US$4, will evaporate.

So far, Petronas has been insulated by this effect due to the long-term nature of the contracts it has with buyers in Japan.

As a result of certain peculiarities of the LNG market, Petronas is able to still enjoy a higher price than the current market because the price paid by the Japanese customers uses a multiple, called a “slope” or “indexation” of the average historical oil prices over a certain period (six to nine months) as opposed to current spot prices, with “adjustments” to protect against extremely low oil prices.

Najib should note that Petronas's loss of RM3 billion in the fourth quarter of 2015 was still achieved with average LNG prices trading at US$8.30, far beyond what is being priced in the spot financial markets.

However, that will change as these old supply contracts get renegotiated.



The LNG market is a buyers’ market and buyers I have talked to are even saying that prices may go as low as US$3 per MMBTU.

Even assuming, LNG prices in 2016 to average US$5 per MMBTU and crude oil prices to average at US$35 per barrel has some serious impact to the Malaysian current account balance.

At those prices, the loss in export revenue is about US$8 billion per year. That loss is comparable to the current account surplus for the whole of 2015 of RM34 billion which would mean that should this situation persist in 2016, this could result in Malaysia registering a current account deficit.

This will put additional pressure on the ringgit and could see Malaysia experiencing a twin current and capital account outflow.

At that rate, a 10%-20% depreciation of the ringgit could be inevitable and may result in tremendous pressure on the prime minister to step down and for his deputy to take over a country facing severe economic head storms. – TM



Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=611748:ringgit-danger-ahead-next-plunge-to-480-if-gas-prices-collapse-will-trigger-najibs-downfall&Itemid=2#ixzz41dldqRly
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Re: PETRONAS
« Reply #17 on: March 01, 2016, 05:34:52 PM »



The Telegraph
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Energy price war spreads to gas as US shale storms global market, stalks Russia
 BG Group’s LNG shipping experience dates back to 1959 when the UK’s Gas Council pioneered the first international LNG shipment on a trial transatlantic voyage
The emergence of the US as a gas superpower is a geopolitical earthquake, said the US energy secretary
 Ambrose Evans-Pritchard, in houston
25 FEBRUARY 2016 • 8:04PM
The US has exported its first shipment of natural gas in a historic move that shifts the balance of power in the global energy market and kicks off a struggle with Russia for market share.

Surging US supply over the next five years threatens to break the Kremlin's dominance over Europe's gas market, and is already provoking talk of a "Saudi-style" counter attack by Moscow to drive US shale gas frackers out of business before they gain a footing.

At the very least, it sharpens a global price war as liquefied natural gas (LNG) bursts onto the scene, and closes the chapter on the 20th century system of pipeline monopolies. Gas is starting to resemble the spot market for crude oil, with the same wild swings in prices and boom-bust cycles.

gas ring
 

A seven-year, $11.5bn project by Cheniere Energy finally came to fruition this week as the first LNG cargo left Sabine Pass in Louisiana - in a special molybdenum-hulled ship at -160 degrees Centigrade - destined for Petrobras in Brazil. "It is a big day for our natural gas revolution," said Ernest Moniz, the US energy secretary.

Speaking at the IHS CERAWeek summit in Texas, he said the emergence of the US as a gas superpower is a geopolitical earthquake, though he has always been coy about the exact intention. "It is a change in the energy security picture," he said.

The US is ramping up LNG exports to almost 130bn cubic metres a day (BCM) by the end of the decade, roughly equal to Russia's gas exports to Europe. This may rise to 200 BCM and possibly beyond as the shale industry keeps finding once unthinkable volumes of gas.

Natural Gas Spot Prices
Natural gas spot prices
 

Mr Moniz said the world had been expecting the US to be a huge importer of LNG before the shale shock. The mere fact that this is no longer the case turns the market upside-down, and is a key reason why LNG prices have been in free-fall across the world.

The shift to net exports is something that almost nobody expected. Mr Moniz predicted that the US will match Qatar, and possibly exceed it to become the world's biggest exporter of LNG by 2020.

The US is still a net importer of natural gas but that is because Canadian pipelines supply New York and Detroit. However, it does not alter the overall picture.

Martin Houston, chairman of Parallax Energy, said the US may account for a quarter of the world's LNG market within a decade, and is so efficient that it can deliver gas to Europe for as little as $5 per million British thermal unit (Btu) despite the high cost of liquefaction and shipping.

Shale production
 

The Americans are now in a race for leadership with Australia as its offshore Gorgon field cranks into gear, but the two countries feed different markets.

The US shipments are aimed directly at Europe, where there is a large and unused infrastructure of LNG terminals, including Lithuania's new "Independence" plant designed to end reliance on Russian pipelines. The mere prospect of American LNG deprives Russia of its pricing power and political leverage in Europe, spoiling its gas cash cow.

Just as US shale oil has turned global crude markets upside-down, LNG from shale is now doing the same to the gas markets - beaching countless projects around the world launched in the pre-shale era.

Alexander Medvedev, deputy chairman of Gazprom's management committee, made light of the US challenge. "There is room enough for all in this gas market. Europe needs another 70 BCM of gas by 2020," he said at the CERAWeek forum.

Gas sales
 

The COP21 climate accords in Paris have made gas an imperative, giving it a clear edge over coal as the fossil fuel of choice, since its CO2 emissions are half as much.

But Mr Medvedev hinted that Russia will fight back, warning that its gas deliveries will be "competitively priced".

Russia faces a dilemma. Gazprom can easily undercut LNG from the US, able to deliver gas for just $3.50. It has 100 BCM of idle capacity in west Siberia, according to the Oxford Institute for Energy Studies (OIES).

James Henderson, a senior research fellow at the OIES, said it is tempting for Russia to "crater" the price until it falls below the break-even cost of shale frackers, much as Saudi Arabia is doing to oil frackers. “There may be some logic for Gazprom in adopting a Saudi-like strategy in order to reinforce its long-term competitive advantage,” he said.

Gazprom
A Gazprom worker
 

Russian gas prices in Europe have already fallen so far - to $5.80 today from $11.20 in 2013 - that it may be worth the pain of pushing it a little lower to defend Moscow's 30pc share of the market.

The OIES said Gazprom could lose $25bn to $40bn in revenues over the next five years if it fails to act. The question is whether to strike a pre-emptive blow now while the first US cargoes are still modest. America's huge ramp-up occurs after 2018.

Bud Coote, a former chief energy analyst at the US Central Intelligence Agency and now a senior fellow at the Atlantic Council, said the Kremlin may try to knock out America's LNG industry but that too would be very costly. "There's no question that the Russians could underprice LNG [but] it's hard to see them robbing themselves of so much revenue," he said.

pipeline
For the US, the start of LNG exports is a bitter-sweet victory. The first cargoes come just as the market crumbles. The price of LNG in Europe has dropped from $12 to $5.35 over the past three years.

In Asia it has dropped from $17 to $6 as Japan's nuclear power plants restart after the 2011 Fukushima crisis, and discounted Indonesian LNG is currently selling for $4.50. The glut has undermined the whole calculus behind the dash for LNG, at least for now.

Mr Houston, from Parallax, said the short-term ups and downs are meaningless in an industry with a horizon of 20 years or more, and COP21 is a gift to gas. "Coal may not be dead but it is on a respirator. The future for LNG in the US is absolutely great," he said

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Re: PETRONAS
« Reply #18 on: March 01, 2016, 06:19:19 PM »


FINALLY,
WOLF IS COMING.


Petronas announces overhaul affecting nearly 1,000 jobs, cuts over next 6 months
Tuesday March 1, 2016
05:40 PM GMT+8

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Petronas announced a massive restructuring exercise that will result in redundancies of under 1,000 jobs. — AFP file pic
Petronas announced a massive restructuring exercise that will result in redundancies of under 1,000 jobs. — AFP file pic
KUALA LUMPUR, March 1 — After reporting a RM4.69 billion net loss due to plunging world oil prices, state oil-and-gas giant Petronas announced today a massive restructuring exercise that will result in redundancies of under 1,000 jobs.

A separation scheme will be undertaken for the affected employees over the next six months.

“Exhaustive efforts are on-going to re-deploy affected employees. Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,” it said in a media statement on its website announcing a new leadership line-up

- See more at: http://www.themalaymailonline.com/malaysia/article/petronas-announces-overhaul-affecting-nearly-1000-jobs-cuts-over-next-6-mon#sthash.0GkJO6eE.dpuf

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Re: PETRONAS
« Reply #19 on: March 01, 2016, 07:39:11 PM »

FINALLY,
WOLF IS COMING.


Petronas announces overhaul affecting nearly 1,000 jobs, cuts over next 6 months
Tuesday March 1, 2016
05:40 PM GMT+8

ICYMI
The Edit: Amy Winehouse’s dad brands ‘Amy’ documentary a shamThe Edit: Amy Winehouse’s dad brands ‘Amy’ documentary a sham

ProjekMMO: Kompleks Kraf pula bakal jadi mangsa MRT?ProjekMMO: Kompleks Kraf pula bakal jadi mangsa MRT?

Bloody clashes erupt after Israel troops’ traffic app Waze errorBloody clashes erupt after Israel troops’ traffic app Waze error

The Edit: See Jesse Eisenberg in ‘Louder Than Bombs’The Edit: See Jesse Eisenberg in ‘Louder Than Bombs’

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Petronas announced a massive restructuring exercise that will result in redundancies of under 1,000 jobs. — AFP file pic
Petronas announced a massive restructuring exercise that will result in redundancies of under 1,000 jobs. — AFP file pic
KUALA LUMPUR, March 1 — After reporting a RM4.69 billion net loss due to plunging world oil prices, state oil-and-gas giant Petronas announced today a massive restructuring exercise that will result in redundancies of under 1,000 jobs.

A separation scheme will be undertaken for the affected employees over the next six months.

“Exhaustive efforts are on-going to re-deploy affected employees. Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,” it said in a media statement on its website announcing a new leadership line-up

- See more at: http://www.themalaymailonline.com/malaysia/article/petronas-announces-overhaul-affecting-nearly-1000-jobs-cuts-over-next-6-mon#sthash.0GkJO6eE.dpuf

this is the real joke, 1000 jobs cut. How many percent of 51,000 staff force?????

restructuring for the sake of doing but without conviction

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Re: PETRONAS
« Reply #20 on: March 02, 2016, 06:56:08 AM »



财经  2016年03月01日
高层人士大变动 国油瘦身裁员千人

11
(吉隆坡1日讯)国家石油公司(PETRONAS,简称国油)宣布裁员1000人,以及最高管理层的人事变动,从4月1日开始生效。

国油文告指出,高层人士变动,包括执行副总裁兼上游业务首席执行员拿督黄耀兴在4月1日合约结束后不会留任,其职位將由现任大马上游业务高级副总裁兼研发与生產部门首席执行员拿督莫哈末安努亚泰益取代。

国油总裁兼首席执行员拿督旺祖基菲利是在今天出席雇员集会时做出以上宣布,以应对当前油气领域的挑战。这些过剩的人手將会先调派至其他部门,然后再推出离职计划,预计在6个月內完成。

他指出,一些约满的管理层,也会在4月1日离开。唯另2名执行副总裁拿督乔治拉迪拉和莫哈末阿力夫玛末將留任。

削减资本营运开销

「新的结构將让国油拥有更精简及有效率的营运模式。」

旺祖基菲利在周一(29日)的业绩匯报会上曾透露,今年国油將削减150至200亿令吉的资本开销和营运开销,並于4月1日起推行重组计划,但当时没有回应是否会有裁员计划。

2015年平均油价按年暴跌47%,导致国油去年的净利和营业额分別大减56%和25%,迫使国油必须瘦身,以在未来4年减少500亿令吉的开销

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Re: PETRONAS
« Reply #21 on: March 02, 2016, 05:20:01 PM »




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比原油更慘!天然氣供需失衡、期貨價格創17年新低
回應(0) 人氣(39) 收藏(0) 2016/03/02 16:26
MoneyDJ新聞 2016-03-02 16:26:01 記者 賴宏昌 報導
cnbc.com 2日報導,中國液化天然氣(LNG)進口量去年年減1%、為史上(註:2006年開始統計來)首度出現縮減。在此同時,澳洲LNG產量則是預計在截至2020年為止的5年期間增加50%。
華爾街日報2月29日報導,NYMEX近(4)月天然氣期貨下跌4.5%、收1.711美元/百萬英熱單位,平1999年3月以來收盤最低紀錄,主要是受到氣象預報顯示未來兩週氣溫恐將高於原先預期的影響。受聖嬰氣候現象導致今年以來美國多數地區氣溫高於正常水準影響,天然氣價格2月下挫26%。美國大約有半數家庭將天然氣當作是主要的取暖燃料來源。
美國能源情報署(EIA)29日公布,2015年12月天然氣產量年增2%。截至2月19日為止當週美國商用天然氣庫存報2.584兆立方英尺、較5年同期平均值高出29%。報導指出,國際天然氣市場目前也是處於供給過剩狀態,因此美國液化天然氣(LNG)貨輪上週出港的消息並未能帶動報價走高。

英國電訊報2月25日報導,就像頁岩油讓全球原油市場翻天覆地一樣、頁岩氣的出現讓全球為數眾多的開發案被迫擱置。
美國能源部長Ernest Moniz在IHS CERAWeek峰會上指出,頁岩氣革命之前美國被視為是液化天然氣的主要進口國。他說,局勢已完全改觀、預估到2020年美國將躍居全球最大液化天然氣出口國。
新華報業網2月11日報導,中國石油天然氣集團公司經濟技術研究院發布報告指出,2015年中國天然氣消費增速創10年新低、僅年增3.7%。
美國天然氣生產商Ultra Petroleum Corp.(UPL.us)2014、2015年分別下跌39.21%、81.00%,今年迄今再跌85.60%!


美國天然氣生產商契薩皮克能源公司(Chesapeake Energy Corporation)2014、2015年分別下跌23.73%、77.01%,今年迄今再跌38.67%!
*編者按:本文僅供參考之用,並不構成要約、招攬或邀請、誘使、任何不論種類或形式之申述或訂立任何建議及推薦,讀者務請運用個人獨立思考能力,自行作出投資決定,如因相關建議招致損失,概與《精實財經媒體》、編者及作者無涉


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Re: PETRONAS
« Reply #22 on: March 02, 2016, 05:25:12 PM »



MARKETS  COMMODITIES  GAS MARKETS
Natural Gas Prices Fall Near 17-Year Low
Forecasts for the next two weeks calling for warmer weather amid supply glut
The Asia Vision LNG carrier ship sits docked at the Cheniere Energy Inc. terminal in this aerial photograph taken over Sabine Pass, Texas, on Feb. 24. Cheniere Energy Inc. shipped its first cargo of liquefied natural gas last week to Brazil, marking the historic start of U.S. shale exports. ENLARGE
The Asia Vision LNG carrier ship sits docked at the Cheniere Energy Inc. terminal in this aerial photograph taken over Sabine Pass, Texas, on Feb. 24. Cheniere Energy Inc. shipped its first cargo of liquefied natural gas last week to Brazil, marking the historic start of U.S. shale exports. PHOTO: LINDSEY JANIES/BLOOMBERG NEWS
By NICOLE FRIEDMAN
Updated Feb. 29, 2016 3:25 p.m. ET
0 COMMENTS
NEW YORK—The U.S. natural gas market faces another year of ultralow prices as winter comes to an end and the start of liquefied natural gas exports has failed to boost prices.

Natural gas prices plunged 26% in February and briefly dropped to their lowest level since the 1990s Monday as weather forecasts for the next two weeks turned warmer.

Winter typically marks the peak of natural gas demand as homes and offices turn up the heat. About half of U.S. households use natural gas as their primary heating fuel.

But the El Niño weather phenomenon has kept temperatures warmer than normal across much of the U.S. this year, reducing natural-gas demand.

Weather forecasts released Monday called for warmer weather in the next two weeks than previously expected, squashing any expectations that a late-winter cold spell could help shrink the oversupply of natural gas.

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Natural gas futures for April delivery settled down 8 cents, or 4.5%, to $1.711 a million British thermal units on the New York Mercantile Exchange. Prices settled at the same level last Thursday, when it was the lowest closing price reached since March 1999.

Natural gas prices have slumped in recent years as a shale-drilling boom in the U.S. pushed production to record levels.

Output remains high, even as companies have sharply cut spending on new drilling due to plummeting oil prices. The Energy Information Administration said Monday that natural-gas production in December was 0.3% lower than the prior month but 2% higher than a year before.

“Each passing week increasingly feels like a stroll up the down escalator,” said Shikha Chaturvedi, analyst at J.P. Morgan, in a note. “Rising production [and mild weather] will pressure and extend the ongoing pricing malaise.”

Analysts expect prices to remain subdued this year due to the massive glut of natural gas sitting in storage. Natural-gas inventories stood at 2.584 trillion cubic feet as of Feb. 19, 29% above the five-year average for this time of year, according to the EIA.

Natural-gas stockpiles typically shrink during the winter when consumption is strong, then grow between April and October as producers prepare for the next winter. That leaves only a few weeks left this season for storage withdrawals.

Traders are concerned that by the fall, natural-gas inventories could hit record highs and even exceed the country’s storage capacity.

“We’re talking about numbers that we don’t have enough storage capacity for,” said Todd Gross, chief investment officer at QERI LLC. A lack of storage capacity could force producers to shut wells if buyers don’t have anywhere to put gas, he said.

Analysts have long expected the start of U.S. LNG exports to lift the market, as the domestic glut would be absorbed by overseas demand, especially in Asia. But the international natural-gas market is also oversupplied, pushing down LNG prices and reducing the demand for U.S. fuel. The first U.S. LNG tanker for export left the country last week, but domestic prices have remained subdued.

To be sure, some analysts expect production to start declining more quickly due to a drop in drilling activity and low prices in certain producing regions.

“While production really seemed to defy gravity last year…it will be much harder to do so going forward,” said John Saucer, vice president of research and analysis at Mobius Risk Group in Houston. “I’m less inclined to look for another leg down” in prices, he said

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Re: PETRONAS
« Reply #23 on: March 02, 2016, 05:27:55 PM »



Analyst Blog
Nilanjan Choudhury
Natural Gas Hits 17-Year Low on Oversupply, Weather Woes
by Nilanjan Choudhury   Published on February 29, 2016 |
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The U.S. Energy Department's weekly inventory release showed a smaller-than-expected decrease in natural gas supplies. Following the bearish inventory news plus forecast of milder temperatures ahead, natural gas prices experienced sharp losses and fell to their 17-year lows. As it is, with production remaining plentiful and expected to outpace demand for most of 2016, the commodity is likely to stay depressed for a while.

About the Weekly Natural Gas Storage Report
The Weekly Natural Gas Storage Report – brought out by the Energy Information Administration (EIA) every Thursday since 2002 – includes updates on natural gas market prices, the latest storage level estimates, recent weather data and other market activities or events.
The report provides an overview of the level of reserves and their movements, thereby helping investors understand the demand/supply dynamics of natural gas. It is an indicator of current gas prices and volatility that affect businesses of natural gas-weighted companies and related support plays.
Analysis of the Data
Stockpiles held in underground storage in the lower 48 states fell by 117 billion cubic feet (Bcf) for the week ended Feb 19, 2016, below the guided range (of 144–148 Bcf draw) as per the analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial Inc. The decrease was also lower than both last year’s drop of 205 Bcf and the 5-year (2011–2015) average shrinkage of 144 Bcf for the reported week.
The past week’s decline – the thirteenth successive withdrawal of the 2015-2016 winter heating season after stocks hit an all-time high in November 2015 – took the current storage level down to 2.584 trillion cubic feet (Tcf). It is still up 615 Bcf (31.2%) from last year and is 577 Bcf (28.7%) above the five-year average.
Natural Gas Crashes to 17-Year Low
Following the less-than-expected decrease in storage, gas prices fell to $1.711 per MMBtu on Thursday – the lowest since 1999 – before recovering somewhat to end the week at $1.791 per MMBtu. Still, natural gas futures lost 4.1% for the week.
The slide was also exacerbated by predictions of tepid demand for the heating fuel due to milder weather forecasts over the last stretch of the November-March winter heating season.

As It Is, Prices Remain Depressed
Natural gas prices are way off the heights reached some years back. From a peak of about $13.50 per MMBtu in 2008 to under $2 now, the plummeting value of natural gas represents a decline of more than 85% over eight years. As mentioned above, it is currently trading near its lowest point in 17 years.
With production from the major shale plays remaining strong and the commodity’s demand failing to keep pace with this supply surge, natural gas prices have been held back. What’s more, industrial requirement has been lackluster over the past few years with demand barely rising.
In the past, winter weather has played a factor in boosting prices with demand for domestic natural gas exceeding available supply. But with no dearth of new supply, even this association is becoming more and more obsolete
- See more at: http://www.zacks.com/stock/news/208932/natural-gas-hits-17year-low-on-oversupply-weather-woes#sthash.UNPYEBJo.dpuf

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Re: PETRONAS
« Reply #24 on: March 02, 2016, 06:26:22 PM »



MTUC slams Petronas for prioritising shareholders
FMT Reporters | March 2, 2016
Secretary-General N Gopal Krishnam says Petronas should reconsider move to make 1,000 positions redundant by reducing dividends and management expenses.
Gopal-Krishnam-petronas

PETALING JAYA: MTUC secretary-general N Gopal Krishnam has called on Petronas to reconsider its decision to cut more than 1,000 jobs.
Instead, he said the oil giant should examine other strategies, such as reducing dividends or other operational and management expenses to cope with the slump in global prices.
“MTUC regrets that the Petronas president and group CEO is giving priority to fulfil its dividend commitment to shareholders rather than his staff.
“Although the shareholders bring in investment, the revenue is generated by the staff or workforce,” he said, adding the Petronas management should not treat its workers as mere commodities.

Gopal said in facing the current economic slump, employers and organisations should not take the easy way out by trimming their workforce.
Meanwhile, Parti Sosialis Malaysia (PSM) Secretary-General Sivarajan Arumugam called on the government to start a retrenchment fund to ensure the 1,000 workers would be protected fully.
“Whenever an economic crisis hits, it is the workers who become victims.
“The retrenchment fund will ensure workers receive a temporary monthly allowance until they get a new job.”
Yesterday, Petronas announced the start of its group-wide transformation which could result in nearly 1,000 positions becoming redundant.
Petronas said the transformation was geared towards making it “more resilient and focused to thrive, both in the current and future industry landscapes

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Re: PETRONAS
« Reply #25 on: March 02, 2016, 08:35:27 PM »



Natural gas crashes as Japan demand wanes, Australia supply takes off
Huileng Tan   | @huileng_tan
6 Hours Ago
CNBC.com
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COMMENTSStart the Discussion

Natural gas prices have crashed to 17-year-lows in the past week, underscoring burgeoning supply in the global market just as U.S. exports its first ever shale gas cargo.

On Monday, natural gas prices on the New York Mercantile Exchange settled 4.5 percent lower to their lowest level since 1999 after U.S. weather forecasts signaled warmer weather in the weeks ahead, curbing demand for natural gas used for heating.

The decline brought February losses in natural gas to 26 percent. Prices recovered on Tuesday but the outlook remains depressed.
Japan, the world's largest importer of natural gas, is restarting its nuclear reactors six years after the 2011 Fukushima disaster, with three out of 43 nuclear reactors brought back online since August and more expected to come.

Japan is likely to bring back more reactors online, which will make the country less dependent on liquefied natural gas (LNG, the super-cooled version of natural gas made for easier storage and shipping) for electricity generation.
The Asia Vision LNG carrier ship is docked at the Cheniere Energy terminal in this aerial photograph taken over Sabine Pass, Texas, Feb. 24, 2016.
US has a new role in the global energy market
In January, shipments of LNG into Japan fell the most in more than six years, according to Bloomberg calculations.

This does not bode well for Australia, which has pumped more than $160 billion in LNG investments just before the commodities rout that has taken oil prices down 70 percent since the summer of 2014.

Australian LNG production is expected to grow 50 percent in the five years through to 2020 even as certain producers cut capital expenditures and reduce spending on upstream activities, said Fitch Group unit BMI Research in a note last week.

"A ramp-up in production from gas developments associated with mega LNG export ventures will support a large upsurge in overall gas output," BMI research said.

Demand in China is also tapering off with LNG imports falling 1 percent in 2015--the first time on record--as the economy slows. Buyers have reportedly delayed previously-contracted cargoes because the sustained decline in energy prices means spot prices are now more competitive than those struck some time ago.

A tractor plows a field in Firebaugh, Calif.  The farmer had 20 percent of his almond trees removed because he doesn't have access to enough water to keep them watered.
This may spark the next big move in natural gas
Competing energy sources such as coal and renewables are also curbing demand, spurring discussions about contract terms.

In an oversupplied market, BMI Research expects LNG contracts to evolve toward a cargo-by-cargo contract model rather than one based on traditional contracts spanning 15-20 years that require minimum delivery volumes yearly.

The first U.S. LNG cargo from Sabine Pass to Brazil's Petrobas on February 24 underscores that point as it was sold on a spot basis to Brazil's Petrobas even though the facility operated by Cheniere Energy was expected to be exporting long-term contracted cargoes.

"This is something on an issue today, as there is hardly a global shortage of natural gas, and prices have tumbled in the wake of the collapse of the crude oil price, with several producers are offering LNG cargoes in the spot market," said Crag Jallal, senior data editor at VesselsValue.com, an online ship valuation database

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Re: PETRONAS
« Reply #26 on: March 02, 2016, 08:40:46 PM »
Lower natural gas prices will benefit our local glove manufacturers.   :cash:
It’s better to buy a wonderful company at fair price than a fair company at wonderful price.

1.  Understand the business
2.  Business must have DCA
3.  Management with integrity
4.  Buy at a sensible price

Big Fat Pitch.  Focus Investing.  Long term portfolio for capital appreciation and income.

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Re: PETRONAS
« Reply #27 on: March 02, 2016, 08:44:50 PM »
Lower natural gas prices will benefit our local glove manufacturers.   :cash:


For Malaysia, the risk is more towards the natural gas market than the oil market. In 2015, Malaysia exported US$12.1 billion of liquefied natural gas (LNG) compared to only US$6.6 billion of crude oil.

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Re: PETRONAS
« Reply #28 on: March 02, 2016, 08:48:13 PM »

For Malaysia, the risk is more towards the natural gas market than the oil market. In 2015, Malaysia exported US$12.1 billion of liquefied natural gas (LNG) compared to only US$6.6 billion of crude oil.


 :cash:  That is worrying for our national income.
It’s better to buy a wonderful company at fair price than a fair company at wonderful price.

1.  Understand the business
2.  Business must have DCA
3.  Management with integrity
4.  Buy at a sensible price

Big Fat Pitch.  Focus Investing.  Long term portfolio for capital appreciation and income.

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Re: PETRONAS
« Reply #29 on: March 02, 2016, 08:50:05 PM »

 :cash:  That is worrying for our national income.


OF COURSE

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Re: PETRONAS
« Reply #30 on: March 02, 2016, 08:52:52 PM »

 :cash:  That is worrying for our national income.


The next five years will mark the commencement of operations for several LNG "mega projects" in Australia, the US and Cameroon, that will see the total supply of LNG increasing by 46.3%.

The long-term effect of this is “economics 101” – the price differential between LNG, which trades at US$8 to US$9 per MMBTU to that of natural gas (which is gas in gaseous form as opposed to LNG which is gas that is pressurised, cooled and liquefied), which trades at US$3-US$4, will evaporate.

So far, Petronas has been insulated by this effect due to the long-term nature of the contracts it has with buyers in Japan.

As a result of certain peculiarities of the LNG market, Petronas is able to still enjoy a higher price than the current market because the price paid by the Japanese customers uses a multiple, called a “slope” or “indexation” of the average historical oil prices over a certain period (six to nine months) as opposed to current spot prices, with “adjustments” to protect against extremely low oil prices.

Najib should note that Petronas's loss of RM3 billion in the fourth quarter of 2015 was still achieved with average LNG prices trading at US$8.30, far beyond what is being priced in the spot financial markets.

However, that will change as these old supply contracts get renegotiated.

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Re: PETRONAS
« Reply #31 on: March 02, 2016, 09:37:29 PM »

The next five years will mark the commencement of operations for several LNG "mega projects" in Australia, the US and Cameroon, that will see the total supply of LNG increasing by 46.3%.

The long-term effect of this is “economics 101” – the price differential between LNG, which trades at US$8 to US$9 per MMBTU to that of natural gas (which is gas in gaseous form as opposed to LNG which is gas that is pressurised, cooled and liquefied), which trades at US$3-US$4, will evaporate.

So far, Petronas has been insulated by this effect due to the long-term nature of the contracts it has with buyers in Japan.

As a result of certain peculiarities of the LNG market, Petronas is able to still enjoy a higher price than the current market because the price paid by the Japanese customers uses a multiple, called a “slope” or “indexation” of the average historical oil prices over a certain period (six to nine months) as opposed to current spot prices, with “adjustments” to protect against extremely low oil prices.

Najib should note that Petronas's loss of RM3 billion in the fourth quarter of 2015 was still achieved with average LNG prices trading at US$8.30, far beyond what is being priced in the spot financial markets.

However, that will change as these old supply contracts get renegotiated.


I am worried for the government's coffer.  They need to restructure the budget again.  More cost cutting. 
It’s better to buy a wonderful company at fair price than a fair company at wonderful price.

1.  Understand the business
2.  Business must have DCA
3.  Management with integrity
4.  Buy at a sensible price

Big Fat Pitch.  Focus Investing.  Long term portfolio for capital appreciation and income.

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Re: PETRONAS
« Reply #32 on: March 03, 2016, 06:27:05 PM »



Thursday, 3 March 2016
Report: Petronas likely to keep deferring contracts






 
 
More in Business

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National oil company may also refrain from cutting production

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will have to continue to defer and negotiate contracts in a low oil price environment, said UOB Kay Hian Research.

In a note yesterday, the research house cited that Petronas would most likely refrain from cutting production, which is a consistent pattern among oil majors globally.

“We believe Petronas’ upstream core loss in the fourth quarter implies a net profit breakeven price of US$44 per barrel and that it is behind its opex cut target,” said UOB.

This also meant that further deferments of by the oil giant were likely in a US$30 per barrel environment, it added.

Petronas reported core profits of RM40bil for the financial year ended Dec 31,2015 (FY15) as upstream profits fell 64% to RM20bil on the back of lower crude oil prices.

The decline was offset by strong performance in its downstream division which reported a net profit of RM9bil for the year.

Meanwhile, its operating cashflow plunged 33% to RM70bil, which is barely sufficient to cover the group’s RM65bil in capex last year, UOB noted.

“Our estimates suggest that Petronas reduced only 17-19% of its cost of goods sold and expenses last year, below the 30% targeted opex cuts,” it said.

This week, Petronas announced significant measures to cut its capex and opex. Some RM50bil in expenditures will be cut from the previous estimate of RM350bil over the next four years. This will be done through the renegotiations of contracts and the re-phasing of projects to account for the lower crude oil prices presently.

On Tuesday, the group also announced a separation scheme for 1,000 employees in a bid to reshuffle its organisational structure.

The newstructure would be implemented beginning April 1, Petronas said.

Going forward, oil and gas firms in Malaysia would face a tough year in light of the extensive cuts made by Petronas as well as the lack of contract visibility for local players, UOB said.

“This will be another tough year of the downcycle, especially for service players with high dependence on Petronas. Companies such as Barakah Offshore Petroleum Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Perisai Petroleum Teknologi Bhd, Dayang Enterprise Holdings Bhd and UMW Oil and Gas Bhd will be affected,” it said.

The research house added that despite significant capex cuts this year and commitments by major oil producers to freeze output, the current crude oversupply situation may only be rectified by 2017

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Re: PETRONAS
« Reply #33 on: March 08, 2016, 12:54:27 PM »



PETRONAS TO WALK OUT OF CANADA PROJECT
Our Reporter | March 8, 2016
lng1
CALGARY • Malaysia’s Petronas is frustrated that Prime Minister Justin Trudeau’s climate-change priorities are introducing new uncertainty for its proposed $36 billion Pacific NorthWest LNG project in northern British Columbia and has threatened to walk away if it doesn’t get federal approval by March 31, according to a source close to the project.

The project, to be located on federal lands on Lelu Island near Prince Rupert, received a largely favourable assessment from the Canadian Environmental Assessment Agency (CEAA) last month, was greenlighted by the British Columbia government in November, 2014, and received conditional corporate support — or a final investment decision — from Malaysia’s state-owned company and its partners in June of last year.

But the new federal Liberal government is toughening up environmental reviews of major energy projects to regain “public trust” and as it strives to meet international commitments to reduce greenhouse gas emissions.

It said in January they would be subject to additional assessment on “direct and upstream greenhouse gas emissions.” A spokeswoman for CEAA said she would look into how the new requirements will impact Pacific NorthWest LNG.

After spending an estimated $12 billion to get the project to this stage, and having suffered multiple delays and setbacks, including aboriginal and environmental movement opposition, Petronas has conveyed to federal cabinet ministers it won’t accept additional hurdles.

“They have given Trudeau to March 31 to either approve it as it stands now or they are going to leave,” the source told the Financial Post. “They started off with the Conservatives, and the (environmental) standards are very high. They said OK we will meet those standards and they did in all the engineering and design of the project. This last greenhouse gas thing that Trudeau came up with really threw them for a loop.”

The big worry is that the cabinet, which has final say, will keep stalling instead of handing down a decision while the project continues to burn cash, the source said

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Re: PETRONAS
« Reply #34 on: March 09, 2016, 04:29:34 PM »



Update
Petronas to evaluate overall conditions of Canada LNG project
By Sangeetha Amarthalingam / theedgemarkets.com   | March 9, 2016 : 2:10 PM MYT   
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KUALA LUMPUR (March 9): Petroliam Nasional Bhd (Petronas) and its CAN$36 billion Pacific NorthWest liquefied natural gas (PNW LNG) project shareholders will review the final report and evaluate its conditions to further determine the impact on the overall cost structure and the project schedule.

In a statement issued in response to Canadian media reports recently, Petronas said the outcome (of the joint review), considered together with the LNG market outlook and overall project commercially, would be used to develop the proposal for an investment decision by the shareholders.

Its shareholders comprise China Petroleum and Chemical Corp or Sinopec Ltd, Japan Petroleum Exploration Co, India Oil Corp and state-owned Brunei National Petroleum Company Sdn Bhd.

Two days ago, Financial Post quoting a source close to the project, wrote that the new climate change rules by Canada’s Liberal government might cause Petronas to abandon the project to be located in northern British Columbia, if it fails to get Canadian federal government approval by March 31.

Petronas, which has so far spent US$12 billion to get the project to the current stage, is said to be subject to the new policy introduced by recently-elected Prime Minister Justin Trudeau, said the report.

The publication said Trudeau’s government was `toughening up environmental reviews of major energy projects to regain public trust, while trying to meet international commitments on greenhouse gas emissions.

In response, state-owned Petronas added that Petronas, through its subsidiary Pacific NorthWest LNG, is proactively taking steps to mature the project towards its final investment decision.

“Currently, the Canadian environmental impact assessment process for the PNW LNG project is still ongoing, following which, a final report will be produced by the relevant agency to be submitted to the government of Canada for approval,” it said.

The turn of events comes on the heel of Petronas’ announcement of cutting RM20 billion on capital and operating expenditure till 2020, and a reduction in workforce by 1,000 last week, to cope with the oil rout globally.

Petronas also said part of its business strategy would involve deferring some of its projects, but did not specify which ones.

On what a project abandoment could mean to Petronas, JF Apex Securities Bhd analyst Lee Cherng Wee said the immediate impact would be recognition of loss from initial investment, while the medium term impact would be cost savings and conserve cash.

“According to the report, it seems like Petronas is weighing their options and setting the limit, in order not to incur more costs,” Lee told theedgemarkets.com

Meanwhile, Financial Post said the project on Lelu Island near Prince Rupert has apparently undergone multiple delays and setbacks, including opposition from aboriginal and environmental groups.

It added that Petronas had in February, received a favourable assessment from the Canadian Environment Assessment Agency (CEAA), after getting the nod from the British Columbian government in November 2014.

CEAA, in its draft report, concluded that the project would likely cause significant adverse effects on harbour porpoise as a result of greenhouse gas emissions, but was `not likely to cause significant adverse environmental effects, taking into account the implementation of key mitigation measures’, Financial Post wrote

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Re: PETRONAS
« Reply #35 on: March 11, 2016, 06:42:54 AM »



财经  2016年03月10日
油气下游业务前景 马投资局乐观看待

儘管合顺油气(UMWOG,5243,主板贸服股)管理层有信心在2年內转亏为盈,但达证券分析员表示,基于每日租金(DCR)承压及偏低的钻井使用率,他维持合顺油气「卖出」投资评级,及68仙的目標价。

与合顺油气总裁罗海扎达鲁及企业发展主管周颖红(译音)会晤后,达证券分析员在3月10日撰写的分析报告指出,该公司管理层將实施4项措施,以求在未来2年转亏为盈。该4大措施分別是扩展业务至中东市场;优化营运成本;具竞爭力的每日租金定价;重组债务。

该分析员透露,合顺油气管理层將在本月杪月竞投沙特阿拉伯和阿布扎比的合约。同时,该公司在阿布扎比的新办事处贏得当地的国防服务代理,並获得阿布扎比最高石油委员的批准。

他说,中东市场的合约通常更具吸引力,主要是租约期限较长及每日租金较高。儘管在中东的升降式钻井租金已趋软,但13万美元至15万美元的租金,仍然高于大马的9万美元至11万美元。

分析员称,虽然中东市场相当竞爭,但管理层相信凭著较新的船队以及经验,可以脱颖而出,並允许公司扩大市场范围。

管理层认为,有5至6艘钻井可在2016財政年达到收支平衡。然而,分析员表示,该公司在船只分配方面持续面对挑战,因东南亚升降式钻井的使用率趋低,从去年1月的85%,已大幅降至今年2月的44%。

分析员预测,该公司在2017及2018財政年可通过5艘钻井转亏为盈。不过,若最糟糕的情况发生,也就是所有钻井处于閒置状態,预测该公司手握的现金储备,只能支撑该公司超过一年的营运活动。

另外,该公司也在印尼、越南、巴布亚新几內亚、泰国和缅甸市场呈交竞投申请。

在大马方面,国油將优先考虑本地钻井公司,因此合顺油气管理层表示,本地竞爭有限。目前在大马共有7架自升式钻井营运,其中3架来自海外钻井,並將在1年半后逾期。

管理层指出,预计该公司今年该能维持至少3至4架钻井合约,而另外4架閒置钻井正在爭取新合约。

然而,为了应对每日租金减少情况,管理层將不会更新合约员工,並且长期合约员工会转换成每日支付合约,以在钻井閒置时,节省成本。

因此,该公司员工人数预计將从1000人,减至约700人。此外,资深管理层的薪资也將削减,以及库存的备件也將会优化。整个活动,预测可节省约40%成本。

分析员说,隨著每日租金降低4%、平均使用率下跌至53%,以及每年融资成本提升约2000万令吉,分析员对合顺油气2016及2017財政年亏损预测,调高至1亿2010万令吉及4780万令吉。同时,2018財政年盈利预测也被下修50%,至1130万令吉。

技术面而言,自去年11月起,该股的18天及40天移动平均便呈下跌走势。虽然在今年2月形成「黄金交叉」,但目前2条移动平均並无明显拉开跡象,呈横摆格局。

该股强弱势指標(RSI)为36.67,属「中和」水平

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Re: PETRONAS
« Reply #36 on: March 19, 2016, 07:00:59 AM »



财经
油價今年即使持穩 馬石油現金料大縮水40%
 209点阅   2016年3月18日
20160319bs01
 (吉隆坡18日訊)分析師指出,即便是自去年底至今,油價穩定在平均每桶44美元(約179令吉),馬石油(Petronas)接下來的業績將持續看跌,並預計今年營運現金大挫40%至418億令吉。



 根據艾芬黃氏資本研究,馬石油營業額自2014年高峰時期至今共挫30%,布蘭特原油期貨價格迄今也下滑了59%。

油價續衝高

 該研究推測,這或許是馬石油產品定價和基准原油價格之間存在滯后效應所造成的現象。以馬石油液化天然氣(LNG)產品為例,該產品價格與原油價格之間存在6個月滯后。

 “如果我們的假設屬實,即使布倫特原油價格依然持平于每桶44美元,馬石油的收入和盈利將可能在未來幾個季度進一步下跌。”

 去年,在油價低迷的拖累下,馬石油營運現金按年挫33%至6940萬令吉,這或讓該公司在今年持續承壓。

 艾芬黃氏資本研究指出,假設今年布蘭特原油價格維持在平均每桶34美元(約138令吉)、以令吉計價的生產成本持平,加上按年產量保持穩定,馬石油今年的營運現金預計將大挫40%至418億令吉。

 另外,“路透社”報導,因市場樂觀看待產油國下月有望就凍結產量達成協議,加上美元走勢趨弱,紐約原油期貨價格也終于衝破每桶40美元(約163令吉)水平,趕上布蘭特原油期貨價格。

 紐約原油期貨連續三天走揚,站穩每桶40美元,本週有望取得連續第5個週線漲幅,截至下午7時半報40.39美元(約163.95令吉),起19美分(約77仙);布蘭特原油期貨則報41.69美元(約169.23令吉),起15美分(約61仙)。

若單靠今年營運現金
或出現280億缺口

艾芬黃氏資本研究認為,若僅僅依賴今年的營運現金,馬石油將無法為資本開銷與股息派發進行融資。

 “假設布蘭特原油價格為平均每桶34美元(約138令吉),我們預測馬石油今年只能生產420億令吉營運現金,這將不足以應付該公司達540億令吉的資本開銷。”

 同時,若加上今年股息派發達160億令吉,馬石油將面臨高達280億令吉的現金缺口。

 不過,由于該公司可挪用2015年末余下的余額,這目前不是最大問題。

 報告指出,截至2015年底,馬石油尚有超過1290億令吉的現金余額,因此該公司具有龐大的舉債空間。

資本開銷減15%
油氣業整體開銷跌21%

馬石油是我國最大的石油與天然氣業者,同時也是大馬石油與天然氣服務最主要的客戶。為此,該公司每一步舉措可謂牽一發動全身。

 艾芬黃氏資本研究分析顯示,馬石油每削減15%資本開銷,將連帶影響本地石油與天然氣行業整體資本開銷按年下滑21%至482億令吉。

 “鑒于原油價格低迷使石油與天然氣的探索和開發活動減少,我們預測該公司資本開銷的削減將落在上游領域;且馬石油亦有指,今年資本開銷將注重下游項目。”

 根據馬石油近期報備的項目,該行相信下游業務將占該公司540億令吉資本開銷預算的41%。

 換言之,倘若其他領域的資本開銷持平,那么馬石油將在上游業務方面按年削減44%資本開銷

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Re: PETRONAS
« Reply #37 on: March 20, 2016, 04:39:16 PM »



HUGE PETRONAS CANADA LNG PROJECT RUNS INTO FURTHER DELAYS
admin | March 20, 2016

OTTAWA: A major liquefied natural gas export project in Canada ran into another delay on Saturday when the federal environmental assessment agency was granted an extra three months to finish an impact study.
Ottawa did though commit to announcing a final decision on the project this year, which would end a long-running saga for Malaysia’s state-owned oil giant Petronas.
The firm and its partners have been waiting nearly three years for a permit to build the Pacific NorthWest LNG facility in northern British Columbia, on the Pacific coast.
News of the latest delay broke on Saturday, when federal Environment Minister Catherine McKenna agreed to the Canadian Environmental Assessment Agency’s request (CEAA) for the extra three months.
The CEAA – which had been due to deliver its report to McKenna by March 22 – said it needed more data from the project’s backers after they handed over a series of documents and observations on March 4.
A spokeswoman for McKenna said the federal cabinet would announce a decision three months after the backers had handed over the requested additional information.
The ambitious plan to build Canada’s first LNG export terminal faced challenges from the start, including controversy over its chosen site, which local aboriginal and environment groups said would destroy a critical salmon habitat.
It is also the first major project to have an environmental assessment completed under new rules that include the impact of upstream production on project emissions.
A spokesman for Pacific NorthWest did not immediately respond to a request for comment.
Petronas, battling a profit-sapping slump in prices that could produce heavy losses, can ill afford to splurge on future supply.
But neither can it afford a lengthy and inconclusive process with authorities in Canada, where the project is seen as a test of Prime Minister Justin Trudeau’s green credentials.
Trudeau’s Liberals came to power last November promising to do a much better job of protecting the environment than the previous Conservative government.
But the Liberals, who say Canada must cut emissions of greenhouse gases, are also under pressure to push through approvals of projects in the energy sector, which is losing jobs due to the slump in oil and gas prices.
“The agency has requested additional information from the proponent in order to determine whether the project is likely to cause significant adverse environmental effects,” it said in the statement.
The request for more time to complete the impact study raises the prospect of more conditions on construction. This could simply make the project economically enviable, analysts say, leaving Petronas to write off billions already invested.
For Petronas, and Malaysia, the conditions have changed dramatically since it launched the project, long considered a front-runner among dozens proposed for British Columbia.
Gas prices are currently a quarter of 2014’s peak. Last month, Petronas cut jobs and announced some $12 billion in spending cuts over the next four years – the same sum analysts estimate it has sunk into the Canadian project.
And Malaysia’s economy too is cooling, dampened by China and a domestic financial scandal. Petronas is one of the country’s biggest employers and accounts for nearly a third of the government’s oil and gas-related revenue.
The stakes are also high for Canada, which is seeking to kick start the local LNG industry, said Wood Mackenzie analyst Chong Zhi Xin, speaking before Saturday’s announcement.
But those ambitions come as Trudeau promises to transform Canada’s environmental image. If built, environmental campaigners say the Petronas project would tarnish that.
– Reuters
Source: Free Malaysia Today

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Re: PETRONAS
« Reply #38 on: March 21, 2016, 04:48:30 PM »



Canadian natives say no to Petronas’ C$1 billion
FMT Reporters | March 21, 2016
An aboriginal community votes out a proposed gas pipeline project in British Colombia to protect a river that salmons call home.
Lax-Kw'alaams,petronas

PETALING JAYA: An aboriginal group in Canada has thrown cold water on Petronas’s plan to build a liquified natural gas (LNG) pipeline in British Colombia, according to a report in the The Guardian.
The British daily said every member of the Lax Kw’alaams First Nations community voted with a resounding “no” against the project, which came at the hefty price of C$1.15billion (RM3.56 billion).
The paper reported that the community decided to turn down the offer to preserve the Skeena river, where hundreds of millions of young salmons travel to annually before maturing.
“Opportunities like that don’t come to your door every day,” the community’s hereditary chief, Yahaan, was quoted as saying. “But I give my people credit for taking that bold step. They showed their love and their passion for the land and water. No amount of money can compare to the richness of the river and what it gives us.”
This was despite the community’s poverty and lack of employment prospects, said the report.

 
Petronas’s multi-billion LNG export terminal project lies at the mouth of the Skeena, an area lying within the community’s traditional grounds.
The project was approved by the British Colombian state government despite the Lax Kw’alaams rejection. Since then, Yahaan and other members of his community have been turning Petronas workers away from sensitive areas at the river while camped on Lelu Island.
According to Yahaan, Canadian policemen escorting workers from the oil firm had issued threats against his community, saying they were being constantly watched and that they had refrained from acting against the activists only because they did not want to be seen as “protecting the corporations.”
Yahaan’s community has been getting increasing backing from other aboriginal groups, local Canadian groups and opposition politicians alike, who have all signed the Lelu declaration calling for protection of the area from economic exploitation.
Petronas’s three-year wait for a permit to build the LNG terminal encountered a further delay last weekend when the Canadian government decided to give its environmental agency three more months to complete a study on the impact of the project. The initial report was supposed to have been tabled on March 22.
The Canadian government has said that it would make its decision known three months after the additional information is handed over, which would further stretch the timeline to the end of this year.
This hiccup comes as Petronas sees a reduction in its profit due to the drop in global crude oil prices

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Re: PETRONAS
« Reply #39 on: March 23, 2016, 08:56:20 AM »



油价和油气业前景蒙尘 国油营运现金料跌40%
财经新闻 财经  2016-03-22 13:28

 

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(吉隆坡21日讯)艾芬黄氏投行研究分析员指出,随着油价和油气领域前景蒙尘,估计国家石油(Petronas)今年的营运流动现金,将陷入按年跌40%的窘境。
分析员在报告中指出,尽管国油去年第4季的核心净利,已按年挫67%,归咎于资产减值和上游业务净利走软。
“不过,这还未全面反映出油价走低的影响,因为基准价格和实际平均售价之间,存在时间滞后效应。”
自前年次季以来,国油营业额已减少30%,但相较同期布兰特原油的59%跌幅,营业额的下滑幅度还算平缓。
分析员说:“估计是两者之间的时间滞后效应,导致这种现象的发生。”
因此,若分析员预测属实,相信在接下来季度中,即使布兰特原油价格可维持在去年第4季的每桶44美元水平,国油盈利和营业额还是会进一步下滑。
同时,在油价低企的环境中,国油的营运流动现金已在去年按年跌33%,至6940万令吉,仅稍高于今年的6080万令吉净资本开销。
如今,随着产品售价与基准油价开始变得一致,以及油价可能进一步走低,预料营运流动现金会蒙受更沉重压力。
面临280亿资金短缺
分析员表示,预计今年的布兰特原油平均价格,将企于每桶34美元,加上产量和以令吉计价的生产成本可稳定持平,相信在此环境中,营运流动现金将按年挫40%,至418亿令吉。
“我们的预测显示,国油今年的营运流动现金会减少,而我们也相信,这是促使国油决定在未来4年,削减500亿令吉开销的关键原因。”
分析员也点出,随着营运流动现金走软,国油今年无法单靠这些现金,来支付资本开销和派发股息。
“国油今年的流动现金为420亿令吉,不足以应对540亿令吉的资本开销,而股息为160亿令吉,因此,公司将面临280亿令吉的资金短缺。”
不过,分析员并未对此感到担忧,因为国油截至去年底的现金存款,达1290亿令吉以上,足以应付这些开销和股息。
首选必达能源
国油的营运流动现金萎缩,将冲击油气设备与服务业者,并加剧油气领域的颓势,因此,艾芬黄氏投行研究目前仅看好必达能源(PENERGY,5133,主板贸服股)。
分析员指出,在油气设备与服务业者当中,相信受到最严重打压的,是为探勘和开采活动提供服务的业者,因为这些活动将在接下来持续低迷。
“尽管在油价长期低企的环境中,大部分油气股的股价都低于账面价值,但我们的首选买入股是必达能源。”
这是因为必达能源符合分析员的两大考量,即专注在上游领域的生产业务,以及并未拥有过多资产和高企的财务杠杆。
另一方面,虽然沙肯石油(SKPETRO,5218,主板贸服股)也具备这两个条件,但该股在过去3个月已上涨24%,因此,分析员将投资评级调低至“守住”

Offline ongchef

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Re: PETRONAS
« Reply #40 on: March 23, 2016, 08:58:43 AM »
 :D :D :D..............collected fees from situpit followers,but lost on stocks!!! :D :D :D

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Re: PETRONAS
« Reply #41 on: March 23, 2016, 02:36:51 PM »



Wednesday, 23 March 2016
O&G industry faces structural shift
BY INTAN FARHANA ZAINUL







 Wan Zulkiflee: ‘Potential divestments continue to make headlines.’
Wan Zulkiflee: ‘Potential divestments continue to make headlines.’
 
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KUALA LUMPUR: The oil and gas (O&G) industry is adapting to a “fundamental structural shift”, with billions of ringgit worth of projects having been deferred or cancelled around the world, said Datuk Wan Zulkiflee Wan Ariffin, president and group chief executive officer of Petroliam Nasional Bhd (Petronas).

“This mindset and drive for excellence will be critical to adapt to the challenges at hand to ensure long-term robustness,” he said during his opening remarks at the Offshore Technology Conference (OTC) Asia 2016 yesterday.

He said globally, industry layoffs have exceeded a quarter of a million and close to US$50bil worth of projects have been cancelled or deferred.

“Potential divestments continue to make headlines. Over the first quarter of this year, major O&G players, in turn, have announced significant drops in revenue and profits for 2015 compared to 2014,” he said.

Wan Zulkiflee said that since the price of crude oil started falling in mid-2014, Petronas had taken both internal and external actions.

Premier launch: Prime Minister Datuk Seri Najib Tun Razak officiating at the launch of the Offshore Technology Conference Asia in Kuala Lumpur. With him are OTC Asia Oversight committee chairman Dr Arnis Judzis (right) and OTC Asia Advisory committee chairman, Petronas president and group CEO Datuk Wan Zulkiflee Wan Arifffin.  See story on page 3
Premier launch: Prime Minister Datuk Seri Najib Tun Razak officiating at the launch of the Offshore Technology Conference Asia in Kuala Lumpur. With him are OTC Asia Oversight committee chairman Dr Arnis Judzis (right) and OTC Asia Advisory committee chairman, Petronas president and group CEO Datuk Wan Zulkiflee Wan Arifffin. 

Year to date, the local O&G industry had saved over RM2.44bil from Petronas’ industry-wide cost-reduction and productivity-improvement initiatives, he added.

He said the national oil company saved RM1.4bil last year from internal cash management, cost efficiency and simplification efforts.

Wan Zulkiflee was previouly quoted as saying that Petronas would review and negotiate contracts which include some of its marginal oil fields, enhanced oil recovery projects, and deferment of the Kasawari and Sepat gas field as well as its second floating liquefied natural gas (FLNG) project.

In his speech yesterday, Wan Zulkiflee said technology and innovation would remain focus areas for Petronas despite the difficult period.

Despite the deferment of its second FLNG project, Petronas had unveiled the world’s first FLNG liquefaction, storage and offloading vessel – Petronas FLNG Satu – earlier this month, which is expected to commence operations this year.

Wan Zulkiflee said the FLNG vessel is set to unlock value for remote and stranded gas fields.

This year, OTC Asia saw about 15,000 participants, sponsors and exhibitors from 65 countries registered for the four-day event.

Prime Minister Datuk Seri Najib Tun Razak officiated at the opening ceremony of the 2016 OTC Asia.

He said Petronas’ Refinery and Petrochemicals Integrated Development (Rapid) project in Pengerang, Johor, was scheduled to come on-stream by 2019.

“Rapid will be a magnet for global technology players looking to expand their footprints here and in South-East Asia, and its skilled workforce will be ready to meet the world’s demand when the industry picks up again,” he said

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Re: PETRONAS
« Reply #42 on: March 24, 2016, 02:41:06 PM »



Thursday, 24 March 2016
Cost reduction saves billions for Petronas
BY TOH KAR INN







 Petronas vice-president of Malaysia Petroleum Management, Zamri Jusoh speaking during the press conference on Petronas call for industry consolidation through Coral 2.0. IZZRAFIQ ALIAS / The Star. March 23, 2016.
Petronas vice-president of Malaysia Petroleum Management, Zamri Jusoh speaking during the press conference on Petronas call for industry consolidation through Coral 2.0. IZZRAFIQ ALIAS / The Star. March 23, 2016.
 
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An estimated RM2.4bil in savings realised to date

KUALA LUMPUR: Petronas’ industry wide programme, Cost Reduction Alliance 2.0 or better known as Coral 2.0, is expected to generate cost savings of RM1.5bil to RM2bil for 2016 for its upstream business.

An estimated RM2.4bil in savings has been realised to date under the programme.

“We have identified three main cost buckets that we are focusing on, namely engineering and construction, drilling and completion, as well as operation and maintenance.

“These three buckets constitute nearly 90% of our cost structure in the upstream business.

“From these three cost buckets, we have identified 11 initiatives that we worked in since March 2015,” said Petronas Malaysia Petroleum Management vice-president Muhammad Zamri Jusoh (pic).

The current unit production cost is US$8 to US$9 per barrel, which Zamri said he is not satisfied with, which is why Petronas is continuing with the 11 initiatives.

As for crude oil prices, Petronas is taking a conservative outlook, expecting prices to remain at current levels for quite some time.

One of the main contributors to the cost savings is the logistics control tower.

The movement of supply vessels in Malaysian waters was tracked manually in the past.

However, through the logistics control tower initiative and integrated operations, movements of these vessels can now be detected real time, such as current locations and destinations of the vessels.

This initiative has saved fuel consumption and during emergency situations, the vessels nearest to an area of incidence can be deployed immediately.

As Coral 2.0 is expanded across other oil and gas operators, it serves as a platform for petroleum arrangement contractors (PAC) to collaborate and share services, such as the sharing of vessels, among others.

Apart from that, the low cost drilling initiative has contributed RM1.5bil in cost savings.

Moving forward, Coral 2.0 is focusing on cash generation and will explore an additional five new areas, some of which are reactivation of idle wells, unplanned deferment of barrels as well as efficiency in water injection facilities.

“Moving forward, we will also focus on cash generation. The key word is collaboration; collaboration among PACs, service providers and product suppliers.

“Essentially, what we hope to garner from this Coral 2.0 exercise is for the entire industry to rebase its costs to a sustainable level.

“The current low oil price environment gives us the urgency to expand Coral 2.0 initiatives further,” said Zamri

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Re: PETRONAS
« Reply #43 on: March 25, 2016, 11:02:05 AM »



Friday, 25 March 2016
Petronas set to delay FLNG2 project






 Floating plant: Petronas plans to sail the FLNG1 in May and the capacity of the facility is estimated at 1.2 billion tonnes a year.
Floating plant: Petronas plans to sail the FLNG1 in May and the capacity of the facility is estimated at 1.2 billion tonnes a year.
 
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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has confirmed it will be delaying the floating liquefied natural gas 2 (FLNG2) project to 2020 from 2018.

Its vice president & venture director for LNG projects (domestic) Datuk Abdullah Karim said in press conference yesterday that the decision was taken as a part of the wider group’s plans to rationalise certain projects.

“As you would have read in the news, that we had to rationalise to control ... this is one area we believe we can carry this out to control cashflows,” Abdullah said.

Abdullah and the vice president for global LNG projects Adnan Zainol also announced that Petronas would be sailing the FLNG1 in May 2016.

“This will bring the facility to the location offshore Sarawak, it is about 200km offshore of Sarawak. And from there we will commence hook-up operations to start up the facility.

“We will then make the first drop of LNG in the third quarter of 2016. We hope to send out the first cargo out of the facility towards the end of the year,” Adnan said.

The capacity for the FLNG1 capacity that will be parked in Kanowit, Sarawak is 1.2 billion tones a year, according to Abdullah.

“With the FLNG1, we now have a way to monetise the smaller remote fields with this facility. We could not do that prior to this. With this, it opens up a new (technological) play for us,” Adnan said.

When asked about the status of the Canadian LNG project, Adnan said the group would make an announcement in the near future. “We would not dwell on that for now.”

Meanwhile, Adnan said that it was now a buyers market in LNG due to the ongoing supply glut in the industry. However, he added that demand may outstrip supply if projects worldwide continued to be deferred.

“For the moment there is an oversupply of LNG. That is why there are a number of projects that were deferred or not sanctioned. If you look at it, the demand is expected to grow annually and it will only be a matter of time when LNG will be in demand again,” Adnan said.

“Demand is growing but it is only in this period where we have a number of LNG plants coming online at almost the same time, including ours and Australia-based Blackstone’s.

The new plants would help widen the glut situation,” he added.

He also declined to comment on what would be a breakeven level for LNG prices for its FLNG1 given that there are many other considerations including shipping and refrigeration costs involved.

“There are sold on a long-term basis,” he said.

Offline ahbah

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Re: PETRONAS
« Reply #44 on: March 25, 2016, 02:55:51 PM »
Flash: SapuraKencana's 4Q net loss at RM1.29b, full-year loss at RM792m

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Re: PETRONAS
« Reply #45 on: March 25, 2016, 02:58:33 PM »
Flash: SapuraKencana's 4Q net loss at RM1.29b, full-year loss at RM792m


 :clap: :clap: :clap:

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Re: PETRONAS
« Reply #46 on: March 25, 2016, 05:57:42 PM »



Friday, 25 March 2016 | MYT 5:18 PM
Pak Lah appointed Petronas adviser







 
 
KUALA LUMPUR: Tun Abdullah Ahmad Badawi has been appointed Petronas adviser.

His appointment is effective April 1

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Re: PETRONAS
« Reply #47 on: March 25, 2016, 05:58:47 PM »


Friday, 25 March 2016 | MYT 5:18 PM
Pak Lah appointed Petronas adviser







 
 
KUALA LUMPUR: Tun Abdullah Ahmad Badawi has been appointed Petronas adviser.

His appointment is effective April 1


T KELANTAN PRINCE GOT TO

BANK BALLS HARD HARD LOR

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Re: PETRONAS
« Reply #48 on: April 04, 2016, 07:35:46 AM »



Petronas: 2H outlook difficult to predict
Posted on 4 April 2016 - 05:39am
Ee Ann Nee
sunbiz@thesundaily.com
Print
KUALA LUMPUR: Petronas Dagangan Bhd’s (PDB) outlook for the second half of the year remains uncertain but the company said it has the right strategies in place to weather the volatile market.

Managing director and CEO Mohd Ibrahimnuddin Mohd Yunus said how things pan out would depend on the sentiments of the market.

“Nobody can predict where crude oil prices is going and it’s difficult in the present scenario. One day you see it at US$40 per barrel, one day you can see it below US$40,” he told reporters after the launch of the Kad Mesra Angkasa on Friday.

PDB is retaining last year’s strategy of optimal inventory management, cost optimisation as well as efficient supply and distribution this year, in light of the volatile oil prices.

“Those strategies that we implemented in 2015 are still relevant for 2016. The market has not changed much in terms of oil prices. It’s still volatile. It’s going up a bit, going down a bit. We don’t know where it is going, therefore the strategies remain for 2016.

“With the right strategies, the company will perform well. With the right products in the market, consumers will be happy and we hope they will come to our stations and use our products,” Ibrahimnuddin said.

PDB is the principal domestic marketing arm of Petroliam Nasional Bhd (Petronas). The company markets a range of petroleum products including motor gasoline, aviation fuel, kerosene, diesel, fuel oil, bunker fuel, lubricants, liquefied petroleum gas and asphalt in Malaysia.

It is looking at opening seven to 10 petrol stations in Malaysia this year, from 15 to 17 stations last year.

Earlier, Ibrahimnuddin launched Kad Mesra Angkasa, the first co-branded loyalty card by Petronas and Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa).

The collaboration with Angkasa, which has eight million co-operative members, has opened up opportunities to reach out to members registered under the individual co-operatives with the body. The partnership also provides a platform for co-operatives registered with Angkasa to highlight their businesses and promotions to Kad Mesra Angkasa holders, which is among PDB’s efforts to support and promote locally-made products and services through its retail business.

The co-branded loyalty card will enable members to collect and redeem points at any Petronas station similar to the normal Kad Mesra with added benefits and privileges exclusive for Angkasa members

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Re: PETRONAS
« Reply #49 on: April 04, 2016, 08:54:23 AM »



Monday, 04 April 2016 23:30
THE BRIBE FACTORY: DARK SECRETS OF NAJIB, PETRONAS & RANHILL
Written by   steadyaku47
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 THE BRIBE FACTORY: DARK SECRETS OF NAJIB, PETRONAS & RANHILL
Dark secrets of Asian powers

Asian companies such as Hyundai, Samsung, Sinopec and Petronas are household names. But they have dark secrets. In the latest in Fairfax Media and The Huffington Post’s global bribery expose, these firms and more are implicated for paying kickbacks, money laundering and corruption.

Richard Baker, Michael Bachelard, Daniel Quinlan and Nick McKenzie

As Asian companies expand their global power and influence, the Monaco-based bribe factory Unaoil has been quick to sign them up to its corrupt business model.

A trove of leaked emails from inside Unaoil show it working closely with Malaysia’s national oil company Petronas, as well as South Korean titans Hyundai and Samsung, and even the Chinese government giant Sinopec. The oil industry’s biggest ever scandal has also exposed Asian conglomerates Yokogawa of Japan, South Korea’s ISU, Singapore’s Keppel and Malaysian firm Ranhill.

The emails show some Asian executives are enthusiastic participants in graft, underscoring the pervasive culture of corruption across the region. It’s an alarming proposition as Asian companies develop into some of the most powerful and influential players in global business.

The massive leak of files from Unaoil this week has already sparked investigations by the US Department of Justice, the FBI, Britain’s National Crime Agency and other authorities.

Today, we reveal how Unaoil’s corrupt dealings with its multinational clients has also infected the fast-growing African oil industry.

Malaysian millions: Petronas and Ranhill



Unaoil bribed Petronas executives to rig the contract. Unaoil’s client was British oil services firm Petrofac.

Oil for many countries is by far the biggest game in town. Many struggling oil-producing nations hire international companies to manage their fields, hoping this will deliver the best value for their people.

The Iraqi government was hoping for such a result when it appointed the Malaysian government-owned oil company Petronas to help manage huge oil fields in Iraq’s south in 2010.

Then Unaoil stepped in. Unaoil had a client that wanted to secure a large contract Petronas was overseeing. So Unaoil bribed Petronas executives to rig the contract. Unaoil’s client was British oil services firm Petrofac.

Leaked emails reveal that Unaoil agreed to pay millions of dollars to a Malaysian middle man who claimed he could influence a top Petronas’ executive and other Malaysian officials in 2010. “I’ll make [an] arrangement for us to see Mr [Petronas executive] when I’m in Dubai,” middle man Affandi Yusuf wrote to Unaoil.

“As you are aware the situation is very sensitive at the moment. I’ll have to meet Mr [Petronas executive] personally to make him comfortable to meet up with your team.”



In a later email from Affandi, the middleman claims that, in return for the bribes, his corrupt Petronas contacts had “fed us” inside information from a tender committee. This ensured that Unaoil’s client Petrofac qualified for a large contract.

“They have lived up to their obligation to get PF [Petrofac] qualified technically. According to them, PF would have been initially technically disqualified,” Affandi wrote in an email in which he demanded money.

Petrofac responded that it did not condone bribery in any of its operations.

Note : The above is an extract from tn article in the Age. Please click here for the full article :

http://www.theage.com.au/interactive/2016/the-bribe-factory/day-3/asian-powers.html

- http://steadyaku-steadyaku-husseinhamid.~.my/



Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=613226:the-bribe-*-secrets-of-najib-petronas--ranhill&Itemid=2#ixzz44oVIvFL9
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