Petronas fails application to stay payment of RM1.3bil to Sarawak Thursday, 07 May 2020
5:11 PM MYT By SHARON LING
KUCHING: The High Court here has dismissed Petronas' application for a stay of proceedings to enforce the payment of state sales tax on petroleum products amounting to over RM1.3bil to the Sarawak government.
Judge Azhahari Kamal Ramli ruled that Petronas had failed to prove special circumstances to justify a stay of the enforcement proceedings.
Petronas applied for the stay pending the hearing of its appeal against the dismissal of its judicial review application on March 13 to declare the state sales tax unconstitutional.
The appeal is fixed for hearing in Putrajaya on June 17.
Signs of Petronas drying up fast......how to pay contracts awarded to Dayang and Perdana in future is still a BIG Q !
Brent oil price, the international benchmark, rises around 6% Crude oil futures climbed sharply on Thursday, at least partly supported by Saudi Arabia’s decision to lift prices to help stabilize values, while China’s appetite for the commodity picked up in April compared with prior months. Saudi Arabia, the most influential member of the Organization of Petroleum Exporting Countries, is raising crude prices for its customers world-wide, according to Bloomberg TV.
Meanwhile, China’s imports rose to 10.42 million barrels a day in April from 9.68 million in March, according to Reuters data. Overall imports for the world’s second-largest economy and the biggest oil importer were down 14.2% from the year-ago period. However, exports from the country grew an unexpected 3.5% from the previous year. That data combined with hope of a slowdown in production by global oil producers and a gradual revival of economies around the globe after restrictions due to the COVID-19 pandemic are lifted are expected to eventually lift crude prices. “Oil is ruining up on hopes on rebounding demand,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities in a daily research note. West Texas Intermediate crude for June delivery CL CLM20+9.38% on the New York Mercantile Exchange, rose $2, or 8.3%, to $25.99 a barrel, after settling 2.4% lower on Wednesday, which snapped a five-session streak of gains. Global benchmark July Brent crude UK:BRNN20+5.99% picked up $1.54, or 5.2%, at $31.26 a barrel on ICE Futures Europe, following a 4% decline in the prior session.
The EIA reported Wednesday that U.S. crude inventories rose 4.6 million barrels for the week ended May 1. The data, which excludes changes in the SPR, marked a 15th consecutive weekly rise, but was smaller than the average increase of 7.1 million barrels forecast by analysts polled by S&P Global Platts. Investors are also digesting the U.S. weekly jobless claims data Thursday which showed more than 3 million Americans lost employment, adding to the already 30 million figure that has been racked up over the past six weeks. Some signs of easing tensions between China and the U.S. may also be providing a lift to crude prices, as Bloomberg News reported on Thursday that U.S. trade negotiator Robert Lightihizer and his counterpart Liu He are scheduled to have a call to discuss progress on a phase-one trade deal between the countries that had looked in jeopardy of being quashed by President Donald Trump.
Oil jumped on Thursday and was on track for one of its best weeks in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen.
“Nascent signs of rebounding gasoline demand in the U.S. and a rapid curtailment of oil production that has seen U.S. producers cut over 1 million barrels per day of output in a matter of weeks has enabled oil prices to recover,” Again Capital’s John Kilduff told CNBC. “Volatility will remain the watchword, but there is an increasing sense that the worst is behind the industry, at this point.”
yu_and_me..dayang much better without kyy.. if he comi in paktua troops will flow out.. his only tricky investors.. how many was burn only blindly following him.. let him bz on glove counters..
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
DJoker89
4,901 posts
Posted by DJoker89 > 2020-05-07 09:22 | Report Abuse
Don't see the price war is end....
Anytime, will crash again. Hope u all can sleep well everynite.