Petroliam Nasional Berhad News

Japanese shipping company Mitsui O.S.K Lines (MOL) 9104.T has received in-principle approvals for a liquefied CO2 vessel and a floating storage and offloading unit (FSO) from the American Bureau of Shipping, its Chief Executive Takeshi Hashimoto said on Wednesday.The vessel and the FSO were developed by the company along with Malaysia's state-run oil company Petronas and Shanghai Merchant Ship Design and Research Institute, Hashimoto said in a statement.The statement gave no further…

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) would build a third floating liquefied natural gas (FLNG)unit if there’s a demand.Petronas is the only company to own and operate two FLNGs, namely PFLNG Satu and PFLNG Dua.Bernama reported, quoting the gas and new energy business executive vice-president and chief executive officer Adnan Zainal Abidin, that if there is a reservoir with a sizeable amount of reserves and with the right gas composition that it is economically viable, it opens up a case for another floater.According to the Bernama report, while the first two FLNGs are Malaysia-bound, the third one might be deployed elsewhere…

According to the preliminary estimate, the consumption of natural gas in China exceeded 27 million cubic meters in 2018, registering a YOY increase of more than 10%, said a report.The growing Chinese economy and stricter environmental protection policies drive the growth of natural gas consumption in China. In 2018, the Chinese government introduced several environmental protection policies to further prevent and control atmospheric pollution and replace coal with natural gas in key areas, which pushed up natural gas consumption in China.The market survey by ResearchAndMarkets shows that in 2018, the consumption of natural gas for power generation…

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) said that it is well-positioned to meet rising LNG demand and expands its flexible and innovative LNG solutions for existing and new markets."With its growing portfolio of LNG supply sources in Malaysia, Australia, Egypt and soon in Canada, Petronas is well-positioned to provide clean energy through its flexible and innovative LNG solutions to existing and new demand markets, as well as to emerging trading hubs," said a press statement from the fully integrated oil and gas company.Petronas President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said: “Asia…

Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries.As per MoU, Pertamina will swap crude produced in its Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Petronas' Indonesian fields of Jabung and Ketapang, said a Reuters report quoting Pertamina sources.Meanwhile, Pertamina,  Jakarta-based state-owned oil and natural gas corporation, said in a statement that the two companies have also agreed to explore crude processing investment in East Asia and in other continents…

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) through its subsidiary, Petronas LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) announced the signing of binding Heads of Agreement (HOA) for long-term liquefied natural gas (LNG) sale and purchase (SPA) agreement.Under the terms of the agreement signed on 1 October 2018, the LNG supply to Vitol commencing in 2024 will be approximately up to 0.8 million tonnes per annum for a period of up to 15 years on both Delivered Ex-Ship (DES) and Free on Board (FOB) basis, said a press release from the global energy and commodity trading company, which is also one of the largest and most experienced independent traders of LNG.The primary supply to Vitol will come from LNG Canada as well as from other PLL’s global LNG supply portfolio.

Malaysian oil company Petronas is looking to tap new markets to sell liquefied natural gas, including as fuel for ships, the head of its upstream operations told Reuters on Monday. State-owned Petroliam Nasional Berhad, known as Petronas, also sees significant growth potential for LNG in India, Pakistan, Bangladesh and some parts of Southeast Asia, its upstream CEO Mohd Anuar Taib said. "The key for us in the LNG business is to figure out a way to broaden and expand the customer base…

LNG1 (L) Ltd. (PFLNG) to provide maintenance services for PETRONAS’ two forthcoming floating LNG vessels. A Contract Exchange ceremony for the award was held in Kuala  Lumpur on Thursday, 24 March 2016 between PFLNG and SKGE. Under the agreement, SKGE will provide PETRONAS with complete maintenance services for their fleet of twelve gas turbines as well as their fleet of GE compressors, generators and electric motors to be installed on their floating LNG vessels. These maintenance activities will be fully executed by the joint venture’s growing pool of local qualified field service engineers and diagnostic experts. The PETRONAS floating LNG vessels are examples of the emerging trend in the industry for smaller…

Malaysian state-owned shipping company MISC has bought the remaining 50% stake in the Gumusut-Kakap Semi-Floating Production System Limited (GKL) for $445m from E&P Venture Solutions (EPV), part of Petronas Carigali. GKL, a wholly-owned subsidary of PETRONAS Carigali Sdn Bhd (PCSB), owns the Gumusut-Kakap semisubmersible floating production system (FPS), which is now on a 25 year charter with Sabah Shell Petroleum Co. - a unit of Royal Dutch Shell plc. - that commences October 2014. MISC told Bursa Malaysia on Wednesday that it had sold the stake in GKL, which left it with the remaining 50%, to strengthen the group’s financial position, which has since improved significantly.

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd. for the PETRONAS Refinery and Petrochemical Integrated Development (RAPID) project located in the state of Johor, Malaysia. Under this contract, the Fluor and Technip joint venture will be responsible for the utilities, interconnecting and offsites (UIO) scope of work. PRPC Utilities and Facilities Sdn. Bhd. is a subsidiary of PETRONAS Refinery and Petrochemical Corporation Sdn. Bhd. (PRPC), a company under the umbrella of Petroliam Nasional Berhad (PETRONAS) group, Malaysia’s national oil and gas company. RAPID is part of PETRONAS Pengerang Integrated Complex development.

EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, agreed to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia. The agreement is subject to the approval of Petroliam Nasional Berhad (PETRONAS) and satisfaction of certain conditions precedent. This acquisition is another step in the execution of the Company’s strategy to extend its international footprint in Malaysia. Following completion, the acquisition will contribute approximately 5,000 Boepd of net production and 11.0 MMboe of net 2P reserves to EnQuest. EnQuest has extensive experience in creating value from late stage maturing assets in the North Sea…

BMT Asia Pacific Pte Ltd (BMT), says it has completed a concept design for the Material Off Loading Facility (MOLF) at Petroliam Nasional Berhad’s (Petronas’) proposed Refinery and Petrochemical Integrated Development (RAPID) complex in southeast Johor, Malaysia. The RAPID project will help to address the growing need for petroleum and commodity petrochemical products in the Asia Pacific region. The proposed RAPID refinery will have a capacity of 300,000 barrels per day that will produce naphtha and liquid petroleum gas (LPG) feedstock for the RAPID petrochemical complex…

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), a group company of Mitsubishi Heavy Industries, Ltd. (MHI), has received orders from Hyundai Heavy Industries Co., Ltd. (HHI) of Korea for four Ultra Steam Turbine (UST) plants to be installed in four LNG (liquefied natural gas) carriers HHI is to construct for Petroliam Nasional Berhad (PETRONAS), the state-owned oil and gas provider in Malaysia. The orders, which were received with an option on additional USTs for four more carriers, marks the first time the MHI group has sold USTs outside Japan.

MISC Berhad results were slightly lower than the quarter ending December 2012 but were in line with its expectation. For the quarter ending March 2013, MISC reported a marginal 2.3% increase in its revenue from the December quarter mainly due to increase in revenue of in its heavy engineering business. quarter ending December 2012. repairs. segments declined. "MISC's performance should improve in the next few quarters as the company completes the construction of its Gumusut project in July 2013 and the charter rates for its vessels -- especially in petroleum segment- stabilize towards the end of the year" says Vikas Halan, a Moody's Vice President and Senior Analyst. million. MISC's credit metrics continues to improve.

According to a Feb. 4 report from Offshore-mag.com, a consortium of Technip and Daewoo Shipbuilding & Marine Engineering Co Ltd. has won a contract from Petroliam Nasional Berhad and MISC Berhad for front-end engineering and design of a floating liquefied natural gas vessel. (Source: Offshore-mag.com)

Moody's Investors Service has assigned Baa2 foreign currency and local currency issuer ratings to Malaysia International Shipping Corporation Berhad (MISC). The outlook for the ratings is stable. The ratings of MISC are assigned on a stand-alone basis. Moody's ratings reflect the strong and stable cash flow of MISC derived from long-term contracts. The long-term nature of these contracts ensures MISC a stable revenue stream. Moody's recognises that the LNG shipping contracts of MISC for MLNG and MLNG2 are long-term contracts on a "take-or-pay" basis. Moody's further expects MISC to enter into similar long-term "take-or-pay" contracts for MLNG3. The inherently highly profitable LNG business, which reflects high demand for LNG, in Moody's opinion, is likely to persist for some time.