Wednesday, 11 October 2017

Petronas bars TH Heavy Engineering unit from various job scopes

Loss-making TH Heavy Engineering Bhd, which is 30.08%-owned by Lembaga Tabung Haji, says its oil and gas fabrication unit has once again been barred by Petronas from various job scopes due to its “non-performance” in a Sabah project, this time without a specified timeline.

Its wholly-owned THHE Fabricators Sdn Bhd (TFSB) received the letter on the exclusion from Petronas, which stands for Petroliam Nasional Bhd, on Monday.

In a filing today, THHE said the latest exclusion was in relation to TFSB’s “non-performance in relation to a contract known as “Procurement, Construction and Commissioning (PCC) of KNPG-B Topside PH II, Kinabalu Non-Associated Gas (NAG) Development Project” (PH II Kinabalu Project).

The letter is another blow to TFSB, which is currently facing a two-year ban from participating in tenders by Petronas Carigali since April 4, 2016, due to what Petronas Carigali described as “non-performance” on TFSB’s part under the same contract.

Tuesday, 10 October 2017

KNM Awards UK EPCC Contract To China Western Power Industrial

KNM Group Bhd’s UK subsidiary, Peterborough Green Energy Ltd, has executed and awarded a £346 million (RM1.9 billion) engineering, procurement, construction and commissioning contract (EPCC) to China Western Power Industrial Co Ltd (CWPC) on a deferred payment scheme.

In a filing to Bursa Malaysia today, the company said the contract involves the erection of a net 36 megawatt energy from waste power plant for its Peterborough Green Energy Project in the UK.

KNM said the contract is for a period of 37 months from the commencement date of the construction, which is expected to commence in first quarter of 2018.

It said upon successful completion and commissioning of the plant, the project is expected to yield positive returns in line with KNM’s long term strategic direction of generating sustainable and recurring income streams from its renewable energy businesses for the Group.

Monday, 9 October 2017

DOE stop-work order on Lotte Chemical Titan lifted

The Department of Environment (DOE) has lifted its stop-work order on Lotte Chemical Titan Holding Bhd's (LCT) KBR Catalytic Olefins Technology catalytic cracking reactor (K-COT) within LCT's TE3 Project.

LCT said the stop-work order issued by the DOE on Oct 1 was lifted Oct 5th upon the company satisfactorily completing requested remedial actions.

To recap, LCT had on Oct 1 received the stop-work order from the DOE on its K-COT to mitigate and reduce odour emission and eliminate surface oil sheen/film discharge.

LCT subsequently said it was attending to remedial actions and would provide an update in due course.

Monday, 2 October 2017

Petronas Chemicals sells 50% stake in PRPC Polymers to Saudi Aramco

Petronas Chemicals Bhd has disposed of a 50% stake in its unit PRPC Polymers Sdn Bhd to Saudi Arabian Oil Company (Saudi Aramco) for US$900mil or RM3.8bil.

Petronas Chemicals said on Monday it had inked an agreement with Saudi Aramco’s unit Aramco Overseas Holdings Coöperatief U.A.(AOHC) to divest half of its 100% stake last Friday.

PRPC Polymers’ principal activities are to develop, construct, commission and operate polymers and glycol plants for the production and sale of products. PRPC Polymers has not started operations since the date of incorporation.

Based on the latest audited financial statements of PRPC Polymers for FY ended Dec 31, 2016 it has not generated any operating income, and recorded net loss of RM57mil. PRPC Polymers’s net assets are RM1.3bil.

“Petronas Chemicals will share the project and operation risk with Saudi Aramco upon divesting 50% of the equity interest and 50% of the shareholder loans in PRPC Polymers to AOHC,” it said.

Serba Dinamik secures contract worth RM206mil

Serba Dinamik Holdings Bhd via its wholly owned subsidiary Serba Dinamik Sdn Bhd has secured contracts worth a combined estimated value of RM206mil.

It said the contracts comprise three operation and maintenance (O&M) projects and four engineering, procurement, construction and commissioning (EPCC) projects with tenures ranging from six months to 10 years.

Serba Dinamik also announced that it will begin construction work of its new maintenance, repair and overhaul (MRO) and inspection, repair and maintenance (IRM) centre in Bintulu, Sarawak. The construction work is expected to take approximately two years to complete at a value of about RM200mil.

In addition, Top Luxury Sdn Bhd, a wholly owned subsidiary of Serba Dinamik, will be undertaking the construction works for Pengerang eco-Industrial Park value at approximately RM400mil.

Thursday, 28 September 2017

Petronas Carigali among 12 qualified for Brazil pre-salt rounds – report

National oil firm Petroliam Nasional Bhd (Petronas) subsidiary Petronas Carigali Sdn Bhd (Carigali) is among a dozen companies that have been qualified by the Brazilian National Petroleum Agency (ANP) to bid for the highly-coveted two pre-salt rounds featuring production sharing contracts due to take place today.

Energy portal Upstreamonline.com reported overnight that eight companies have successfully registered to bid for the second pre-salt round, which will see the ANP offering four “unitisable” areas surrounding existing discoveries such as North of Carcara, South of Gato do Mato, Sapinhoa Surround and Southwest of Tartaruga Verde.

It said Carigali, Petrobras, ExxonMobil, Shell, Statoil, Total, Repsol Sinopec and Galp Energia have applied for the second round.

Upstreamonline.com said that according to the regulator, 11 companies have qualified to submit offers in the third pre-salt round.

Wednesday, 6 September 2017

SPRM Tahan Pegawai Petronas Carigali

Seorang pegawai kanan Petronas Carigali Sdn. Bhd (PCSB) antara tiga individu yang ditahan kerana disyaki terlibat dalam kes rasuah membabitkan RM23.7 juta.

Pengurus penghantaran projek yang berusia 45 tahun di syarikat yang perkhidmatan cari dan penghasilan minyak danm gas itu ditahan oleh Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) di pejabatnya di Menara Berkembar Petronas, KLCC pada Selasa.

Satu lagi pasukan SPRM turut menahan pengarah syarikat berusia 57 tahun yang melaksakana kerja untuk PCSB ketika suspek berada di rumahnya di Batu 9, Jalan Cheras.

Pasukan ketiga pula menyerbu kediaman bekas pembantu teknikal PCSB di Puncak Alam dan menahannya di sana.

Pengarah Siasatan SPRM, Datuk Simi Abd Ghani mengesahkan tentang penangkapan itu yang dilakukan antara pukul 2.40 petang hingga 3 petang.

Thursday, 24 August 2017

TH Heavy 2Q losses expand

TH Heavy Engineering Bhd’s net loss widened 145% to RM16.79 million or 1.5 sen per share for the second quarter ended June 30, 2017, from RM6.85 million or 0.61 sen per share a year earlier, largely on unrealised foreign exchange (forex) losses.

It didn't help that revenue also contracted 69% year-on-year to RM2.38 million in 2QFY17, from RM7.72 million a year ago, amid lower fabrication activities.

In a bourse filing, TH Heavy said the widening of its losses was due to unrealised forex loss of RM1.4 million and the exclusion of unrealised forex gain of RM8.7 million recorded in the previous year’s corresponding quarter.

For the six months ended June 30 (1HFY17), net loss shrank 6% to RM37.97 million, from RM40.29 million, while cumulative revenue plunged 79% to RM4.63 million, from RM22.24 million.

Friday, 11 August 2017

Petronas plans expansion to capture India growth

Petronas, which has more than two decades of strategic partnerships in India, is enhancing its business strategy to strengthen and expand its presence in the world’s fastest-growing economy, said its President and Group CEO, Datuk Wan Zulkiflee Wan Ariffin, in a press release issued on Thursday.

“Petronas aims to continue to be part of India’s exciting journey and support its sustainable growth ambitions and commitments through further collaborations with our existing partners as well as through new strategic-fit opportunities,” he said.

Wan Zulkiflee, currently on Petronas’ annual official visit to meet with India’s industry leaders and partners, said high on Petronas’ priority would be the expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demands from the power, agriculture and transportation sectors.

According to the release, Petronas has the added advantage of providing tailor-made solutions across the LNG value chain such as flexibility, engineering expertise and experience in operations management.

Thursday, 10 August 2017

Sabah eyes 3 companies for RM3.4bil ammonia plant

Sabah Oil and Gas Development Sdn Bhd (SOGDC) is considering three companies to build its second ammonia plant costing US$800 million (RM3.4 billion).

Sabah Industrial Development Minister Raymond Tan said the new ammonia project would be sited next to the present Sabah ammonia urea (Samur) plant in the Sipitang Oil & Gas Industrial Park (Sogip).
“The plan is being studied by the SOGDC board of directors with applications from Eurochem, a China consortium and Petronas’s Markisa being considered,” he said.

The project was expected to be completed in 2021, he said when replying to Limus Jury (Upko-Kuala Penyu) in the state assembly today.