If very lucky can get back 0.18/ 0.19c..mari2 kasi turun skt.

Wait at 0.20c..blh sapu banyak2..kikiki

One day he had a dozen turkeys in his box. Then one sauntered out, leaving 11. "Gosh, I wish I had pulled the string when all 12 were there," said the old man. "I'll wait a minute and maybe the other one will go back,"

But while he waited for the twelfth turkey to return, two more walked out on him. "I should have been satisfied with 11," the trapper said. "Just as soon as I get one more back, I'll pull the string."

But three more walked out. Still the man waited. Having once had 12 turkeys, he disliked going home with less than eight. He couldn't give up the idea that some of the original number would return. When finally only one turkey was left in the trap, he said, "I'll wait until he walks out or another goes in, and then I'll quit." The solitary turkey went and join the others, and the man returned empty-handed.

Moral of the story: The analogy to the psychology of the normal investor is amazingly close.

STOP COUNTING TURKEYS AND GET RID OF YOUR LOSSES..

THE TURKEY STORY

A little boy was walking down the road when he came upon an old man trying to catch wild turkeys. The man had a turkey trap, a crude contrivance consisting of a big box with the door hinged at top.

This door was kept open by a prop to which was tied a piece of twine leading back a hundred feet or more to the operator. A thin trail of corn scattered along a path lured turkeys to the box. Once inside the turkeys found an even more plentiful supply of corn. When enough turkeys had wandered inside the box, the old man would jerk away the prop and let the door fall shut. Having once shut the door, he couldn't open it again without going up to the box and this would scare away any turkeys lurking outside. The time to pull away the prop was when as many turkeys were inside as one could reasonably expect.

Yes true. USA in deep sh!!t trouble. Facing us$31.4 trillion debt default. Their own US Treasury Secretary, Janet Yallen warns of financial crisis if USA defaults on debt payment.
(Us$31.4 trillion equal to RM134.6 trillion).

Better observe carefully. Don't fall in love with your stock..situation going to be bad. Possible Take profit first and reduce your stack, keep minimum as possible. 2c

Yes true. USA in deep sh!!t trouble. Facing us$31.4 trillion debt default. Their own US Treasury Secretary, Janet Yallen warns of financial crisis if USA defaults on debt payment.
(Us$31.4 trillion equal to RM134.6 trillion).

Better observe carefully. Don't fall in love with your stock..situation going to be bad. Possible Take profit first and reduce your stack, keep minimum as possible. 2c

Can go as lowest as 0.20c I guess. Lai lai I'm waiting..haha!

I queue at 0.25c below. Good entry point. See got luck or not.

The game is over for now. Who ever TP...congratulation. now find correct time to re-entry. Velesto potential to move further.

In my guess after this Velesto will go in sideline for temporary until the 4th qtr of 2022 release in end of Feb..

Whatever goes up must comes down..hahaha! Don't so greedy. Blh masuk balik tak ada hal punya.

I think so thats why as soon as I disposed my share I bought again some..incase lah..kikiki

My TP at 0.59c and waiting for reentry at good price. Congratulations all.

TP at 0.26c and waiting for good reentry. Congratulations all.

In 2022, velesto received contract from Hess carigali..that means usd120,000 rate for rigs hiring already countered in and will be reflect in up coming velesto qtr..

I just mentioned about daily charter rate...Star paper out already

As such, it said the global average JU daily charter rate (DCR) of just US$67,000 (RM284,750) per day in the 2020 trough has risen to as high as US$100,000 to US$130,000 (RM425,000 to RM552,500) per day for contracts signed in late 2022 and early 2023.


It noted that the aggregate supply of new JUs is likely to be very modest, and an expected equivalent of only 12 new JUs to be delivered in 2023, representing a fleet growth of just 5.5% year-on-year (y-o-y) in 2023, against global demand growth of 11% y-o-y.

Based on these strong fundamentals, among others, the research house expects Velesto’s profits to rise dramatically from financial year 2023 (FY23).

“From FY24 onwards, Velesto will no longer be bound by Petroliam Nasional Bhd’s (PETRONAS) umbrella contract.

“We have penciled in US$110,000 (RM467,500) per day DCR for FY24-FY25 forecast, US$100,000 (RM425,000) per day for FY26-FY28, moderating to US$80,000 (RM340,000) per day from FY29 onwards,” it said.


STARPICKS
Festive cheer and double celebration at LaLaport BBCC
Consequently, it expects Velesto’s core earnings to rise from a RM15mil net loss in FY22 to RM190mil net profit in FY23, to between RM273mil and RM327mil for five years between FY24 and FY28, before moderating to between RM123mil and RM132mil in FY29-FY32.

“Every US$10,000 (RM42,500) per day increase in our new-contract DCR assumptions will increase Velesto’s FY23 forecast core net profit by 17% and our discounted cash flow (DCF)-based target price by 20%,” it said.

Yes more contracts coming soon. Charter rate also increased. No sign of oil price retreating back as opec team maintains it production...kali lah. 2012 & 2013 glory in making...

Trading halt and resumption..adoi!

Woooooow! Another contract. Fantastic man


OTHERS AWARD OF CONTRACT FOR THE PROVISION OF JACK-UP DRILLING RIG FOR ROC OIL (SARtAWAK) SDN BHD
VELESTO ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
AWARD OF CONTRACT FOR THE PROVISION OF JACK-UP DRILLING RIG FOR ROC OIL (SARAWAK) SDN BHD
1. INTRODUCTION



The Board of Directors of Velesto Energy Berhad ("VEB") is pleased to announce that Velesto Drilling Sdn. Bhd. (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn. Bhd. (“VMV”), which in turn is a wholly-owned subsidiary of VEB, has received a Letter of Award from Roc Oil (Sarawak) Sdn Bhd ("ROC Oil") for the Provision of Jack-Up Drilling Rig services (“Contract”), the approval of which was received today.



The Contract is for VEB’s jack-up rig, namely NAGA 2, with an estimated contract value of USD14 million.



Details of the Contract is summarised below:



2. DETAILS



The Contract is to drill three (3) firm wells with an estimated commencement date between 25 January 2023 to 25 February 2023.



VEB Group will assign its NAGA 2 for this Contract. NAGA 2 is a premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.



3. INFORMATION ON PARTIES



3.1 Information on VED



VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is deemed to be registered under the Companies Act 2016. VED is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development and production in Malaysia and overseas.



3.2 Information on ROC Oil



ROC Oil is a company incorporated in Malaysia on 18 December 2013 and focuses on the undertaking of upstream oil and gas activities.

I got strong feeling that brent going rebound back and hit usd 100+ soon. Now seems retreat back but it won't stay there for long...trust. velesto is good bargain and worth to hold at this valuable price. Ayoh! Velestorian.

Macgyver11
Today 0.58c..ayoh! Armada

6 days ago

Tomorrow 0.60c..ayoh! Armada, engkau boleh.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.

The members of the JMMC “reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and Non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,” OPEC said in a brief statement after the meeting.

The panel is meeting next on April 3, 2023.

The no-change in policy was widely expected by the market, considering the uncertainties in both supply and demand in the coming months. Analysts expected OPEC+ to adopt a wait-and-see approach amid significant uncertainties going forward.

Earlier this week, Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin discussed OPEC+ cooperation on a phone call, according to various sources, with the focus on maintaining the stability of oil prices ahead of the virtual OPEC+ panel meeting today. Russian oil production has held up in spite of new Western sanctions and price caps, and three OPEC+ delegates have told Reuters that the Wednesday meeting was likely to conclude without any output policy changes.

In view of the uncertainties about Chinese demand and Russian supply in February and March, OPEC+ was widely expected to keep the current production levels, which reduced target output by 2 million barrels per day (bpd) from November onwards. Yet, the actual cut is estimated to have been around 1 million bpd.

In December, OPEC-13’s average December production rose by 91,000 bpd, according to the MOMR, to 28.971 million bpd, with nearly all of the gains coming from Nigeria. But December’s OPEC-10 production – the members bound by the OPEC+ pact – was still substantially below the production quota, with the group underproducing by more than 800,000 barrels per day.

Going forward, OPEC, OPEC+, and market participants will look to China and Russia for the most immediate clues on global demand and supply.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.

The members of the JMMC “reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and Non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,” OPEC said in a brief statement after the meeting.

The panel is meeting next on April 3, 2023.

The no-change in policy was widely expected by the market, considering the uncertainties in both supply and demand in the coming months. Analysts expected OPEC+ to adopt a wait-and-see approach amid significant uncertainties going forward.

Earlier this week, Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin discussed OPEC+ cooperation on a phone call, according to various sources, with the focus on maintaining the stability of oil prices ahead of the virtual OPEC+ panel meeting today. Russian oil production has held up in spite of new Western sanctions and price caps, and three OPEC+ delegates have told Reuters that the Wednesday meeting was likely to conclude without any output policy changes.

In view of the uncertainties about Chinese demand and Russian supply in February and March, OPEC+ was widely expected to keep the current production levels, which reduced target output by 2 million barrels per day (bpd) from November onwards. Yet, the actual cut is estimated to have been around 1 million bpd.

In December, OPEC-13’s average December production rose by 91,000 bpd, according to the MOMR, to 28.971 million bpd, with nearly all of the gains coming from Nigeria. But December’s OPEC-10 production – the members bound by the OPEC+ pact – was still substantially below the production quota, with the group underproducing by more than 800,000 barrels per day.

Going forward, OPEC, OPEC+, and market participants will look to China and Russia for the most immediate clues on global demand and supply.

Crude oil prices have found a floor and the only way they can go from here would be higher. That’s according to RBC commodity analysts Helima Croft and Michael Tran, as quoted by Bloomberg.

“We remain constructive on the fundamental framework, and in fact, we would not be the least bit surprised if the lows of the year end up being the US$72/bbl (per barrel) print that we saw three weeks ago on the second trading day of the year,” they said, adding that China’s reopening had not yet been fully priced in to the oil market.

This might sound a bit surprising given that China’s reopening is being cited as the biggest reason behind oil prices’ recent climb upwards and as the biggest tailwind for them going forward.

Yet with reports coming in about still high infection rates in the world’s largest importer of crude oil, it may well be the case that China’s reopening has not yet been priced in to the oil market.

“We don't think that there's much that's being priced into the oil market as a function of China's reopening yet and the reason why is because the consumer path towards normalization is still going to be quite bumpy,” Michael Tran told Bloomberg in an interview.

This path to normalization will likely be marked by an increase in imports, which are still about 1.5 to 1.7 million bpd below where they were pre-pandemic, according to Tran.

Not all of these volumes need to return for oil prices to spike, the analyst noted, however. “The key idea here is we don't need to get all of that back for the market to rally significantly. If you start picking up a quarter million, half million, [or] one million barrels a day over the course of the next several months, you better bet that this is going to be an oil market that moves higher,” Tran told Bloomberg.

Crude oil prices have found a floor and the only way they can go from here would be higher. That’s according to RBC commodity analysts Helima Croft and Michael Tran, as quoted by Bloomberg.

“We remain constructive on the fundamental framework, and in fact, we would not be the least bit surprised if the lows of the year end up being the US$72/bbl (per barrel) print that we saw three weeks ago on the second trading day of the year,” they said, adding that China’s reopening had not yet been fully priced in to the oil market.

This might sound a bit surprising given that China’s reopening is being cited as the biggest reason behind oil prices’ recent climb upwards and as the biggest tailwind for them going forward.

Yet with reports coming in about still high infection rates in the world’s largest importer of crude oil, it may well be the case that China’s reopening has not yet been priced in to the oil market.

“We don't think that there's much that's being priced into the oil market as a function of China's reopening yet and the reason why is because the consumer path towards normalization is still going to be quite bumpy,” Michael Tran told Bloomberg in an interview.

This path to normalization will likely be marked by an increase in imports, which are still about 1.5 to 1.7 million bpd below where they were pre-pandemic, according to Tran.

Not all of these volumes need to return for oil prices to spike, the analyst noted, however. “The key idea here is we don't need to get all of that back for the market to rally significantly. If you start picking up a quarter million, half million, [or] one million barrels a day over the course of the next several months, you better bet that this is going to be an oil market that moves higher,” Tran told Bloomberg.

Below are the list of companies that meets the F4GBM index criteria...
Aeon
Axis
Boustead
Bumi Armada
CJ century
Cross digital
D&O green tech
Dufu
Eco world
Ghl system
Globetronic
Hester
Hong leong
Kenenga inv
Lbs inv
Malaysia steel
Mi tech
Takaful
TH plantation
Uchi tech
Wct holding...and many more.

Some example of companies that listed in bursa meets the F4FBM index requirementd. Not all go up..I guess

Macgyver11

Yes true. Daily charter rate for rigs already increased as mentioned by Velesto CEO. Usd 120,000, imagine and see how much velesto can earn....

Megat says in 3QFY2022, Velesto’s average jack-up rig charter rate per day was US$73,000, a far cry from Southeast Asia’s, which rose to as much as US$120,000 last August, compared with US$88,000 in April.

4 days ago

Obakh222.

The worse is over for Velesto...
1) All rigs in full swing now...in operation to generate income.
2) Brent steady around usd$80+ (perhaps might go higher).
3) Daily charter rate increased to usd$100,000 and above (as said by Velesto CEO in recent press conference)
4) In lieu of increase in charter rate, expected Velesto returns to black every quertly...20mill to 30mill profits in hand.
5) Debt/cash in healthy side.

Very good prospect coming soon...

Huat!! Armada and velesto super power this year..

Velesto and Armada super strong..huat!!

hari2 naik 1c untung lah..pheeeewit!!

As I said earlier, taking profit time and building new baseline. It won't shot up dramatically. Let see after lunch.

High in selling. Investors taking profit.

Belum lagi 0.50kupang, you ingat senang ke dia nak bagi 50kupang. Building baseline dulu..sabar2

Today 0.58c..ayoh! Armada

In corporate world, this is leadership thinking that we want.

“We do get calls from people who want to buy our rigs. We will consider selling if it’s a good offer,” says Megat, adding that the group is not planning to buy any new assets — new builds cost US$200 million (RM866 million) to US$250 million, and take 10 to 15 years to recoup.

The above is what CEO said. They willing to let go their rigs if gets better offer. Its literally means that they want to diversify they business, not solely rely on rig service. Rigs services depend on global oil price, of course now business is good bcoz oil price at it peak but cannot guarantee how long. That's what happened in 2015 & 2016. Diversify business is good idea for future earnings.

Yes true. Daily charter rate for rigs already increased as mentioned by Velesto CEO. Usd 120,000, imagine and see how much velesto can earn....

Megat says in 3QFY2022, Velesto’s average jack-up rig charter rate per day was US$73,000, a far cry from Southeast Asia’s, which rose to as much as US$120,000 last August, compared with US$88,000 in April.

https://www.klsescreener.com/v2/news/view/1100995/a-leaner-velesto-eyes-activity-pickup-in-o-g-sector

Read guys. A very good prospect waiting for Velesto this year. Now IB changed TP 0.30.. ridiculous isn't it, from TP 0.16 to 0.30c. Next they will increase to 0.40..hahaha!

Wow!! Brent super hot today break usd 88.

Wow!! Brent super hot today break usd 88.

That means our PM gives priority to our local O&G sectors as most of the local players not strive to excellent under previous administration...example Sapura and Velesto. One of the Petronas obligation now is to give more contracts to our local O&G companies that running the fpso or rigs services. Very Good news indeed....

That means our PM gives priority to our local O&G sectors as most of the local players not strive to excellent under previous administration...example Sapura and Velesto. One of the Petronas obligation now is to give more contracts to our local O&G companies that running the fpso or rigs services. Very Good news indeed....

Impending changes at GLCs
There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.

Some say the changes could take place as early as after Chinese New Year.

Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.

However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”

Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.

EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.

Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.

There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.

PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.

PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.

Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).

The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.

LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.

Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.

It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.

Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.

Impending changes at GLCs


There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.

Some say the changes could take place as early as after Chinese New Year.

Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.

However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”

Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.

EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.

Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.

There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.

PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.

PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.

Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).

The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.

LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.

Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.

It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.

Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.

After CNY can break 0.55c..Hidup Armada.

China hunger for crude oil after mass opening of economy. Very very good news for our local rigs and fpso players. Ini kali lah...hidup Armada!!!!

Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.

Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.

The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.

This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.

Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.

China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.

Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.

Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.

Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.

This is very good news for our local rig players. The news clearly pointed that Petronas need to extract more oil for export especially to China. China demand is rebound after mass opening of economy. Ini kali lah...hidup Velesto!!!

Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.

Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.

The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.

This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.

Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.

China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.

Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.

Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.

Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.

Closing 0.20c..not bad.

Seems inflation worried also slightly cool down..

US: Inflation cools again, puts Fed on track to downshift. US inflation continued to slow in Dec, adding to evidence price pressures have peaked and putting the Fed on track to again slow the pace of interest-rate hikes. The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2.5 years, according to a Labor Department report. The measure was up 6.5% from a year earlier, the lowest since Oct 2021. (Bloomberg)