Latest news with #PetronasGas
Barnama
17 hours ago
- Business
- Barnama
FBM KLCI Erases 0.25 Pct At Mid-afternoon On Heavyweight Selling
KUALA LUMPUR, July 22 (Bernama) -- Persistent selling in selected heavyweights, led by Press Metal, Sunway and Petronas Gas, pushed the key index down by 0.25 per cent by mid-afternoon. Press Metal fell 10 sen to RM5.21, Sunway dropped nine sen to RM4.80, and Petronas Gas declined 26 sen to RM17.56. These three counters collectively contributed 3.28 points to the composite index. At 3 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.81 points to 1,520.78 from yesterday's close of 1,524.59. The benchmark index opened 1.70 points higher at 1,526.29 at the opening bell. Across the broader market, decliners overwhelmed gainers 569 to 291, while 468 counters were unchanged, 1,151 untraded and seven suspended. Turnover stood at 2.1 billion units worth RM1.18 billion. Among the heavyweight stocks, Maybank added two sen to RM9.54, Public Bank fell two sen to RM4.28, TNB was flat at RM13.78, and CIMB gained five sen to RM6.57. Among the most active stocks, Zetrix eased one sen to 92.5 sen, Tanco gained one sen to 91.5 sen, NexG rose half-a-sen to 51 sen, and Pharmaniaga declined half-a-sen to 21.5 sen. On the broader index board, the FBM Emas Index fell 36.47 points to 11,425.46, the FBMT 100 Index shed 36.49 points to 11,188.33, and the FBM Emas Shariah Index dropped 52.68 points to 11,457.03.
The Star
15-07-2025
- Business
- The Star
BASF Petronas pays RM52mil to settle electricity dispute
KUALA LUMPUR: BASF Petronas Chemicals Sdn Bhd is paying RM52 million as final and full settlement to Petronas Gas Bhd (PGB) after both parties entered into a settlement agreement over a dispute on electricity supply. Petronas Gas said in a filing with Bursa Malaysia that the transaction was made in the ordinary course of business and has been negotiated and concluded on an arm's length basis. "It is in the best interest of Petronas Gas, is fair, reasonable and on normal commercial terms, and is not detrimental to the interest of minority shareholders. "The settlement is supported by business opportunities between Petronas Gas and BASF Petronas and avoids prolonged dispute resolution processes which may lead to uncertainties in revenue recognition and financial expectations," it said. Petronas Gas and BASF Petronas had entered into a sale and purchase of electricity dated Dec 21, 1998, along with its supplementary agreements. Petronas Gas noted that between 2018 and 2019, there were disputes between the parties arising from the electricity agreement. - Bernama
New Straits Times
15-07-2025
- Business
- New Straits Times
BASF Petronas makes RM52mil payout to settle electricity dispute with Petronas Gas
KUALA LUMPUR: BASF Petronas Chemicals Sdn Bhd is paying RM52 million as final and full settlement to Petronas Gas Bhd (PGB) after both parties entered into a settlement agreement over a dispute on electricity supply. Petronas Gas said in a filing with Bursa Malaysia that the transaction was made in the ordinary course of business and has been negotiated and concluded on an arm's length basis. "It is in the best interest of Petronas Gas, is fair, reasonable and on normal commercial terms, and is not detrimental to the interest of minority shareholders. "The settlement is supported by business opportunities between Petronas Gas and BASF Petronas and avoids prolonged dispute resolution processes which may lead to uncertainties in revenue recognition and financial expectations," it said. Petronas Gas and BASF Petronas had entered into a sale and purchase of electricity dated Dec 21, 1998, along with its supplementary agreements. Petronas Gas noted that between 2018 and 2019, there were disputes between the parties arising from the electricity agreement.
Malay Mail
07-07-2025
- Business
- Malay Mail
Petronas Gas restores supply to Shah Alam, Connaught Bridge after bypass pipeline completed
KUALA LUMPUR, July 7 — Petronas Gas Bhd (PGB) has fully restored natural gas supply to Batu Tiga, Shah Alam, and Connaught Bridge following the successful commissioning of its newly constructed bypass pipeline on July 1, 2025. The gas infrastructure and utilities company said the operation was carried out after fulfilling all engineering, operational, and regulatory safety requirements, including the issuance of a permit to operate (PTO) by the Occupational Safety and Health Department (DOSH). 'With natural gas powering between 40 per cent to 50 per cent of Malaysia's electricity, PGB remains focused on ensuring the public feels secure living near this critical infrastructure — a responsibility the company embraces as part of its commitment to safe, reliable energy for all,' it said in a statement today. PGB said as part of its safety-first philosophy, the company has implemented enhanced engineering reinforcements at the bypass section in Putra Heights, including advanced sensors to detect soil and pipe movement, exceeding standard requirements. To ensure long-term stability and structural integrity, sheet piling and engineered support structures were also installed to safeguard the pipeline, ensuring safe, secure, and uninterrupted performance. The company also said a new permanent pipeline is currently being designed with enhanced safety features and will be installed on deep-piled slab foundations, offering greater structural resistance to soil movement and unpredictable ground shifts, given the specific risks in the area due to surrounding development. It noted that the layout will also include new shut-off valves to allow shorter isolation distances in the unlikely event of an emergency. In addition to restoring supply, the company has disbursed more than RM2 million in ex-gratia and humanitarian aid through local authorities, including RM1.38 million in direct assistance to affected families and a RM25 million contribution via the Housing and Local Government Ministry for home reconstruction. PGB also carried out precautionary assessments along other sections of the 2,680-kilometre Peninsular Gas Utilisation (PGU) pipeline to ensure system-wide integrity. These efforts involved the use of inspection tools such as Geopig and Magnetic Flux Leakage (MFL) technology, complemented by targeted visual inspections at selected segments. The company confirmed that to date, no other locations exhibit risk characteristics similar to those identified in Putra Heights. — Bernama
Free Malaysia Today
02-07-2025
- Free Malaysia Today
Petronas Gas reaffirms commitment to safety after release of probe findings
Petronas Gas Bhd said since the April 1 pipeline explosion in Putra Heights, the firm had worked to ensure public safety, support the impacted community, and maintain gas supply continuity in the country. (Facebook pic) PETALING JAYA : Petronas Gas Bhd has reaffirmed its commitment to ensure the safety of the nation's gas transmission system following the findings released by the relevant authorities over the April 1 Putra Heights pipeline explosion and blaze. In a statement, Petronas Gas reiterated its commitment to full transparency, continuous improvement and collaboration with the special task force and relevant authorities, as well as support for those affected by the incident. 'This incident is unprecedented in the history of our gas transmission system, and we fully recognise the public concerns surrounding the safety of the pipeline system, especially with the continuity of gas flow through the network,' it said. It added that since the incident, the firm had worked to ensure public safety, support the impacted community, and maintain gas supply continuity across the country. Petronas Gas also said the Peninsular Gas Utilisation (PGU) system was designed with multiple layers of safety and resilience, underpinned by over three decades of engineering and operational experience. Selangor police chief Hussein Omar Khan said yesterday investigations found no evidence of foul play, sabotage, or negligence in the April 1 blast. However, a special task force will be formed to determine responsibility and subsequent actions. The department of occupational safety and health (DOSH), which led the technical investigation into the incident, had said certain segments of the pipeline gave way because of cyclic loading and insufficient support from the ground underneath. DOSH petroleum safety division director Husdin Che Amat said this was mainly caused by unstable ground conditions, leading to the physical failures at parts of the pipe, which then led to a gas leak and the blaze. He also said that Petronas had identified other parts of its gas pipeline network that might be affected by the same issue, and that the agency had discussed with the firm the short- and long-term actions and measures that needed to be taken. The blaze on April 1 saw flames soaring over 30m high with temperatures reaching up to 1,000 degree Celsius. There were no fatalities, but 150 victims had to seek treatment at hospitals.
