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.
More than 200 offshore fields are expected to stop producing in Southeast Asia by 2030 with total decommissioning costs estimated to range from $30 billion to as much as $100 billion.
Petronas seeks priced information for decommissioning works ...........................................................
Petronas is understood to have issued a RFI (request for information) related to potential decommissioning programmes offshore Malaysia.
In January 2018, it was reported Petronas had plans for a decommissioning programme over a five-year period between 2018 and 2023. The operator was understood to have planned a work scope that covered some 26 structures and around 200 wellheads that had been identified for decommission over the timeframe.
O&G decommissioning works in big demand ........................................
PETALING JAYA: As more oil and gas (O&G) fields in Malaysia and the region approach the end of their lifespan, the demand for decommissioning works is set to surge.
The value of decommissioning contracts in the region, over the next three years, is expected to reach up to RM6bil, according to estimates by industry players.
In its 2019-2021 activity outlook, Petronas noted the requirement for 50, 40 and 60 well abandonment for the local fields in 2019, 2020 and 2021, as well as the need for the dismantling of several platforms or facilities.
“Activities are expected to intensify as considerable assets have been operating beyond 40 years,” Petronas said in the report.
According to UOB Kay Hian, other indirect beneficiaries from well abandonment works are DAYANG ENTERPRISE HOLDINGS BHD, Petra Energy Bhd, Icon Offshore Bhd, Perdana Petroleum Bhd and DELEUM BHD
PETRONAS Activity Outlook 2020 - 2022: .....................................
I brought at 0.185...should i hold or sell it at monday? Some say nex week OnG will drop...should i sell it before market open so i can buy in at lower price at monday?
Daily covid case expected to be single digit starting next week. Rubber n glove counters will go downtrend and correction phase. It will be energy time again. Keep hold it..its about time for perdana to move above 20 sen again.
Js hold and sell at higher price. Those said o&g will drop mostly because not yet bought and missing out hoping it will drop. If it really drop, js ave down. Glove had surged so high. The big4 still ok. The rest im not too sure.
Split your money buy 47-50%. Then buy again if drop 50-53%. Dnt buy at one go. Unless you are very sure it will go up or you buy for long term. Newbie too.
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Posted by louis1107cpy > 2020-05-06 17:01 | Report Abuse
go go power rangers