Latest news with #Petronas-Petros
Focus Malaysia
01-07-2025
- Business
- Focus Malaysia
Oil market reacts mildly to geopolitical de-escalation
FOLLOWING almost two weeks of mutual missile strikes, the US President last week announced that Israel and Iran have agreed to a ceasefire, sending Brent oil prices to below USD70/bbl and effectively erasing gains driven by geopolitical tensions. The oil price pullback is not entirely surprising as the conflict had minimal impact on the physical oil market. We reiterate our view that the oil demand-supply fundamentals remain unexciting in view of rising barrels production from OPEC+ by 411kbpd in May and June, which would likely continue in 2H25. We expect the planned production hikes by OPEC+ to tilt the oil market towards oversupply territory in 2025, aggravated by wobbling oil demand, as US Liberation Day tariffs dampen global economic growth. EIA in its Short-Term Energy Outlook (June) forecasted an oil oversupply of 820kbpd in 2025, which may cap oil price upside in the near-term due to stock build over the course of the year. We do not rule out any further oil price spike in the event of an escalation in geopolitical conflict, especially in the Middle East region. However, judging by the fundamentals, we reckon that Brent oil prices may see strong resistance to sustain at above USD70/bbl. Given their high earnings sensitivity to oil prices, companies with substantial upstream E&P exposure could see earnings contraction due to lower average realised oil prices (2025e: USD67/bbl) when compared to a high base of USD80/bbl in 2024. The reduced exploration works as a result of dwindling oil prices and lingering Petronas-Petros debacle will continue to put drilling demand under pressure. According to Wood Mackenzie, the oil industry is likely to delay growth capex and discretionary spending in view of softening oil prices and macro uncertainties, especially for major projects, given that US' tariffs may inflict decision paralysis for some. That said, oil prices of USD65/bbl may dent margins but unlikely to warrant significant budget cuts and development plan changes. Our channel checks also indicate that the global O&G project pipeline remains largely intact but merely seeing some deferrals in contract award. As such, the temporary pullback on development projects may, in our view, slowdown new FPSO project awards from oil majors. The petrochemicals sector is still in the doldrums with a prolonged downcycle perpetuated by persistent demand weakness and global petrochemicals overcapacity. Overall, the petrochemicals sector will remain in the woods in the coming years as global capacity addition will continue to outstrip demand growth, which will in turn weigh on global utilisation rate. We retain our Brent oil price forecasts for 2025/2026 at USD67/bbl and USD70/bbl, with the view that oil prices will continue hovering at USD60-65/bbl in 2H25, barring escalation in geopolitical conflict. On a macro level, we view that oil prices are skewed to the downside from current levels due to (i) dissipating geopolitical premiums given Middle East conflict de-escalation, (ii) increasing output from OPEC+ and (iii) potential demand slowdown induced by US Liberation Day tariffs. However, our OVERWEIGHT rating is based on a bottom-up view of the sector as most of our stock recommendations are BUYs due to favourable fundamentals and earnings profile of the respective stocks, along with undemanding valuation across the sector. —July 1, 2025 Main image: Siemens
Herald Malaysia
16-05-2025
- Business
- Herald Malaysia
Malacca Johore Diocese News Update #222
Implosion is expected within PKR; Petronas-Petros dispute continues; unhappy doctors march to Putrajaya, a DAP rep reminds a politician that the nation belongs to all, not just the Malays. May 16, 2025 Welcome dear friends. Local takes: 'No man is an island. No man stands alone.' In a borderless and globalised world, can we remain untouched, untaught and unlearning? The US tariffs talks, if it fails, investors may divest and move elsewhere; supply chain disruptions, cost inflation and order cancellations occur; companies with investments here may relocate; Malaysia may become the dumping ground for cheap products. The US cited Malaysia's halal import restrictions and bumiputra equity requirements and others as trade barriers. Other interesting ripples: Implosion is expected within PKR; Petronas-Petros dispute continues; unhappy doctors march to Putrajaya, a DAP rep reminds a politician that the nation belongs to all, not just the Malays. A MACC witness disappears on the way there. Plans to revive the direct train link from KL and Bangkok are underway, while Johor waits for Spore-JB RTS and the ETS from Gemas. Conclave Times. There will be lobbying. Yet the Holy Spirit is at work too. Going right or going left, conservative or progressive, hierarchical or Synodal — we have yet to see. The prayers everywhere are for continuity and building upon the legacy of Pope Francis. Note the four absolute conditions highlighted by Cardinal Camillo Ruini, for the good and future of the Church — a good and charitable Church, doctrinally secure, governed according to the rule of law, and deeply united internally. The Cardinals had also reflected on the hermeneutic of continuity between the pontificates of St John Paul II, Benedict XVI and Pope Francis. There is a call on re-visiting the role of the Eucharist, the Church's evangelising mission, scandals, liturgy, and canon law. As you read this article, we may already have our new pope. A Thought For The Week: ABQO. An employee, 'A', asked his manager for his task of the day. The manager asked him to cross a river. 'A' completed the task successfully and reported back. The manager said, 'Good job.' The next day, Employee 'B' received the same task. While crossing the river, 'B' noticed Employee 'C' struggling with the same task. He helped 'C' across and then reported back. The manager said, 'Very good job.' On the third day, Employee 'Q' received the same task but did some research beforehand. He consulted 'A', 'B', and 'C', documented the process, identified common mistakes, and created a guide for future reference. He then completed the task and presented the documentation to the manager, who said, 'Excellent job.' Finally, Employee 'O' was assigned the task. After reviewing 'Q's' guide, he realised the company was wasting resources on this repetitive task. Instead of crossing the river, he designed and implemented a bridge, eliminating the need for future crossings. The manager said, 'Outstanding job.' Lesson from ABQO: A: Completed the task as expected. B: Completed the task and helped a colleague, demonstrating teamwork. Q: Created a knowledge base to improve efficiency, showing leadership and foresight. O: Innovated by solving the root problem, adding long-term value to the company. While doing what is expected brings satisfaction, going above and beyond — through helping others, creating resources, or solving underlying issues — leads to outstanding success. Initiative and out-of-the-box thinking are the keys to lasting impact. Something's Happening Near You: 1. The diocese prepares for the Training of Trainers Programme on Synodality, the changes that are expected, the conversions needed, the spirituality required to sustain this new Pentecost. Ignorance is not bliss. 2. The PSO MJD will be conducting a Safeguarding of Minors Workshop on July 5 (9.00am - 1.00pm) at Majodi Centre for Tamil-speaking parents, youth leaders and catechists. QnQ! Q asks? 'The voice that says 'You can't', where is it coming from?' 1. The voice that says 'You can't' isn't yours. it's your paradigm. (A paradigm is a group of habits and a habit is an idea that has been fixed in your unconscious mind through repetition.) 2. Your conscious mind has the power to reject ideas. But your subconscious mind doesn't — it accepts whatever you feed it over and over. That's why repetition is so powerful. Every time you impress a new belief or image on your subconscious mind, you're building a new paradigm. One that aligns with who you want to become. 3. But don't be surprised when the old paradigm resists. It'll whisper things like: 'Who do you think you are? You've never done that before. You don't have what it takes.' That's not your truth — that's your programming. 4. You can override it. You can rewire it. But it takes awareness, repetition, and belief. 5. Keep feeding your mind the truth about your potential — and you'll create the life you want.' - Bob Proctor. (Shift and repeat, that's the 'magic'.) The Holy Spirit @work: 'And He departed from our sight that we might return to our heart, and there find Him. For He departed, and behold, He is here.' St Augustine Something To Tickle You: 'Some people want it to happen, some wish it would happen, others make it happen.' Michael Jordan Bishop Bernard Paul
The Sun
05-05-2025
- Business
- The Sun
‘Refrain from acting on Petronas-Petros dispute'
PETALING JAYA: Prime Minister Datuk Seri Anwar Ibrahim has called on all parties to refrain from taking any action or making statements until further discussions are held with the Sarawak government regarding the ongoing licensing dispute between Petronas and Petroleum Sarawak Bhd (Petros). He said the federal government and the Sarawak government would engage in further discussions to finalise the Petronas-Petros arrangement once Sarawak Premier Tan Sri Abang Johari Abang Openg returns from his official visit to London. 'I had the opportunity to speak with Premier Tan Sri Abang Johari yesterday regarding Petronas-Petros arrangements based on the principles previously agreed upon,' Anwar said in a post on his Facebook page yesterday. 'I'm highly confident that the issue can be resolved with wisdom and by staying firmly within the bounds of healthy and meaningful discourse, Insya-Allah.' Anwar's comments came after Petronas confirmed that its subsidiary, Petronas Carigali Sdn Bhd (PCSB), received a notice on April 30 from the Sarawak Utility and Telecommunications Ministry concerning gas processing and distribution. It was reported on May 2 that Sarawak had issued a legal notice to PCSB for allegedly operating without a permit at its Miri Crude Oil Terminal. PCSB was given 21 days in the notice dated April 30 to obtain the necessary licence, failing which it could face financial penalties under Section 21A of the Distribution of Gas Ordinance (DGO) 2016. It was also reported that PCSB, which functions as the upstream subsidiary of Petronas, is accused of violating Section 7(e) of the DGO 2016. This provision mandates that a licence be obtained for constructing, managing or maintaining gas pipelines and related infrastructure. The DGO, which took effect on July 1, 2018, designated Petros as the state's regulator and sole gas aggregator. This was part of Sarawak's broader initiative to assert greater control over its natural resources. Petronas failed to obtain an injunction in a Kuching High Court to halt the suit filed by state-owned Petros to stop the court from hearing the suit on gas payments. The national oil firm told Bernama that Petronas Carigali is statutorily authorised under the Petroleum Development Act 1974 to undertake the company's activities and comply with all applicable laws in doing so. Abang Johari was quoted by the Sarawak Public Communications Unit as saying that discussions are moving forward based on a win-win approach for both Sarawak and Petronas. 'In this oil and gas matter, we've been tactfully 'playing ball' with Petronas for a while now.' He said Anwar had contacted him and both of them agreed to move forward with a fair and sincere approach. He added that Sarawak had fulfilled its responsibilities despite not receiving additional revenue. 'This solution will be based on mutual goodwill and the belief that the nation's oil and gas wealth should be shared fairly.'
Borneo Post
04-05-2025
- Politics
- Borneo Post
Anwar urges postponement of actions or statements on Petronas-Petros issue
Datuk Seri Anwar Ibrahim KUALA LUMPUR (May 4): Prime Minister Datuk Seri Anwar Ibrahim today urged all parties to postpone any actions or statements regarding the issue of Petroliam Nasional Bhd (Petronas) and Petroleum Sarawak Bhd (Petros), in the interest of mutual understanding. Anwar said the Federal Government and the Sarawak State Government will hold further discussions to finalise the Petronas-Petros arrangement upon the return of Sarawak Premier Tan Sri Abang Johari Tun Openg from his official visit to London, United Kingdom. 'I had the opportunity to speak with the Sarawak Premier yesterday regarding the Petronas-Petros matter, based on the principles that were previously agreed upon. 'I strongly believe that this issue can be resolved wisely by staying committed to a path of healthy and meaningful dialogue, God willing,' he said in a post on his official Facebook account today. – Bernama anwar ibrahim lead oil and gas rights Petronas Petros Sarawak rights
Borneo Post
04-05-2025
- Business
- Borneo Post
PM Anwar: Further talks to finalise Petronas, Petros matters after Premier's return from UK
A photo posted on Anwar's Facebook page showing his previous meeting with Abang Johari in Putrajaya. KUCHING (May 4): Further discussions will be held to finalise matters involving Petroliam Nasional Berhad (Petronas) and Petroliam Sarawak Berhad (Petros) based on previously agreed-upon principles, said Prime Minister Datuk Seri Anwar Ibrahim. In a statement posted on his official Facebook page, Anwar said the discussions will take place as soon as Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg returns from an official visit to London, United Kingdom. Anwar confirmed that he had spoken to Abang Johari on Saturday regarding the Petronas-Petros matter. 'In the meantime, on the basis of mutual interest, all parties should postpone any action or issue any statements. 'I have high confidence that this issue can be resolved amicably by standing firm on the path of respectful and meaningful discourse, God willing,' said Anwar. Earlier, Abang Johari said he had received a phone call from Anwar to find an equitable and amicable resolution to the ongoing dispute involving Petronas and Sarawak. It was reported on May 2 that Sarawak had issued a legal notice to Petronas Carigali Sdn Bhd, as the company is allegedly operating without a permit at its Miri Crude Oil Terminal. abang johari anwar ibrahim discussions lead Petronas Petros
