Oil and gas company on

SINGAPORE: The global energy transition is gaining pace. This transition will open new opportunities in emerging growth industries in Singapore and trigger transformation for many sectors. Value pools will shift, creating economic opportunities for the nation. As an example, the transition from internal combustion engines to electric vehicles (EV) and battery manufacturing is an obvious opportunity. Positive steps can already be seen in Hyundai’s recently announced US$400million investment to build an EV manufacturing facility in Singapore, capable of manufacturing 30,000 electric vehicles a year when completed at the end of 2022. Singapore’s Keppel Corporation, the world’s largest rig-builder, also recently announced that it will be pivoting from its rig business to clean energy. READ: Commentary: Keppel’s exit of rig business may have bigger implications for Singapore's offshore and marine sector CAN OIL AND GAS TRANSFORM? However, the oil and gas industry ... » Learn More about Commentary: Singapore’s oil and gas sector should embrace transition to a green future with confidence

A fire at the Balongan oil refinery operated by state-owned oil and gas company PT Pertamina has not damaged the refinery’s processing capabilities, Pertamina Chief Executive Officer Nicke Widyawati told a news conference on Monday. The blaze that broke out in the early hours of Monday, injuring five and forcing 950 residents to evacuate was focused on the refinery’s tanks, with no damage to the processing plant, Nicke said as quoted by Reuters . While the refinery was shut down to fight the fire, the company said there it hoped operations could return to normal in the next five days. The massive blaze broke out at one of the country's biggest oil refineries after a huge explosion turned the sprawling complex into a raging inferno. Firefighters battled to contain the fire at the Balongan refinery in West Java, operated by state oil company Pertamina, as towering plumes of black smoke rose into the sky. At least five people were seriously injured and about 1,000 local ... » Learn More about Fire at Pertamina’s Balongan oil refinery will not impact operations: CEO

PETALING JAYA: Rising oil prices will help boost the prospects of Hibiscus Petroleum Bhd and lift investor sentiment towards its shares. According to AmInvestment Bank Research, the oil and gas company is currently trading at a compelling valuation amid the prevailing oil price momentum, while the group’s environmental, social and governance (ESG) quality will enhance the attractiveness of the stock. The brokerage maintained its “buy” recommendation on Hibicus, with an unchanged sum-of-parts-based fair value of 79 sen per share. This implied an enterprise value/proven and probable reserves valuation of US$6.10 per barrel. This presented a discount of 35% to the valuation of its closest peer, UK-listed EnQuest, of US$9 per barrel and 48% to regional average of US$11.80 per barrel. “This is compelling given the more optimistic crude oil price environment. “Additionally, Hibiscus is listed on the FTSE4Good Bursa Malaysia Index with the highest four-star ESG rating, which ... » Learn More about Hibiscus Petroleum to ride on oil price momentum

BANGKOK (BLOOMBERG) - South-east Asian oil and fuel demand has hit a plateau after an initial recovery from the Covid-19-induced slump and appears unlikely to get back to pre-virus levels until the end of the year or later. A slow roll-out of vaccinations and a resurgence in cases in the region of almost 700 million people is pushing back the timeline for a return to business as usual. There are still restrictions on movement in parts of Indonesia and Malaysia, while tourist hot spots in Thailand remain closed. The aviation hub of Singapore hasn't had much success in starting travel bubbles with other countries and Myanmar is wracked by civil unrest following a coup. Indonesian fuel sales are still around 7 per cent below pre-pandemic levels, state-owned energy company PT Pertamina said. Indonesian and Malaysian gasoline demand has recovered "tremendously" since last April last year but the renewed lockdowns have slowed the momentum, according to FGE. Diesel consumption in ... » Learn More about Tourism lull from Thailand to Singapore is damping oil demand

OIL companies lowered their pump prices on Tuesday for the second consecutive week. The cost of diesel was slashed by 85 centavos per liter, gasoline by 80 centavos per liter and kerosene by 70 centavos per liter. Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, Pilipinas Shell, Seaoil and Unioil were the firsftf to announce fuel price adjustments on Monday. Last week, oil companies cut the price of diesel by 25 centavos per liter and kerosene by 15 centavos per liter. The total year-to-date adjustments stand at a net decrease of P4.67 per liter for gasoline, P10.26 per liter for diesel, and P13.59 per liter for kerosene, based on the Department of Energy’s weekly monitoring. Industry players also jacked up the prices of liquefied petroleum gas (LPG) products. Petron and Phoenix LPG Philippines raised the prices of their LPG products by P3.20 per kilogram. Petron and Phoenix also increased AutoLPG prices by P1.79 per liter and P1.80 per liter, respectively. Solane ... » Learn More about Oil firms lower pump prices

PARIS: French energy giant Total has shut its operations and withdrawn all staff from a site in northern Mozambique following last week’s deadly jihadist attack in the area, security sources said on Friday (Saturday in Manila). “Total has gone,” a security source in Maputo told Agence France-Presse, adding that “it will be hard to persuade them to return” this year. And a military source added, “all the facilities are abandoned.” “Total made a decision to evacuate all of its staff,” after drone surveillance showed insurgents were in areas “very close” to the gas plant in Afungi. Another source confirmed the reports that insurgents were not far from the site. Afungi peninsula is only 10 kilometers from the town of Palma, which came under attack more than a week ago, resulting in the death of dozens of people, including at least two expatriate workers. The brazen assault on March 24 was the latest in a string of more than 830 organized raids by the Islamist militants over the ... » Learn More about Oil giant closes $20-B facility in Mozambique

YANGON: French energy giant Total will not halt gas production in coup-hit Myanmar, its chief said on Sunday, despite growing calls for foreign companies to sever ties with the junta as it escalates a brutal crackdown on dissent. Chief executive Patrick Pouyanne said Total had a duty to stay the course because gas it produces supplies electricity to millions in Yangon as well as western Thailand. “Can a company like Total decide to cut off the electricity supply to millions of people — Pouyanne said he was “outraged by the repression” in Myanmar but would refuse to “act to the detriment of our local employees and the Burmese population who are already suffering so much.” Hundreds have been killed in demonstrations since the military ousted civilian leader Aung San Suu Kyi on February 1, prompting widespread calls for foreign companies to halt operations that benefit the junta. Italy’s Benetton and Sweden’s H&M have suspended all new orders from the country and French ... » Learn More about Total to continue gas production in coup-hit Myanmar

CAIRO, Feb. 2 (Xinhua) -- Egypt's state-owned Suez Canal Authority (SCA) said on Tuesday that the Ashkelon-Eilat oil pipeline inside and through Israeli territory will have limited impact on the revenues and competitiveness of the Egyptian canal. The Ashkelon-Eilat pipeline, linking the Eilat oil port on the Red Sea coast with the Ashkelon oil port on the Mediterranean coast, is expected to impact only 12 percent to 16 percent of the crude oil travelling to the north which constitutes 0.61 percent of the total shipment of the Suez Canal, according to a SCA statement. "The pipeline which has been stopped over the past 20 years, once re-operated, would slightly affect the total flows of trade crossing the Suez Canal," the statement said. In October 2020, the Israeli state-owned Europe Asia Pipeline Co., formerly the Eilat Ashkelon Pipeline Co., signed a memo of understanding with MED-RED Land Bridge, a joint venture between Israel and the United Arab Emirates (UAE), to transfer oil ... » Learn More about Roundup: Egypt says Israel’s Ashkelon-Eilat oil pipeline to have limited impact on Suez Canal

WASHINGTON (Reuters) - The United States is planning to impose sanctions on two conglomerates controlled by Myanmar's military over the generals Feb. 1 coup and a deadly crackdown, two sources familiar with the matter said on Wednesday. The move by the U.S. Treasury to blacklist Myanmar Economic Corporation (MEC) and Myanmar Economic Holdings Ltd (MEHL) and freeze any assets they hold in the United States could come as early as Thursday, sources said. The generals staged a takeover on the first day of parliament in February, detaining civilian leaders including Nobel laureate Aung San Suu Kyi, whose party won elections in November. The military claimed there was voter fraud but observers said there were no significant irregularities. The coup sparked a widespread uprising, and security forces have responded with violence, killing at least 275 people. U.S. President Joe Biden issued an executive order on Feb. 11 paving the way for new sanctions against the Myanmar military ... » Learn More about Exclusive: U.S. to blacklist Myanmar military companies after deadly crackdown – sources

(Reuters) - The United States is planning to impose sanctions on two conglomerates controlled by Myanmar's military over its Feb. 1 coup and deadly crackdown on demonstrators, two sources familiar with the matter said on Wednesday. Here are some details about the two blacklisted firms, the Myanmar Economic Corporation (MEC) and Myanma Economic Holdings Ltd (MEHL), based on a 2019 report produced by the United Nations Human Rights Council. Responding to a request for comment, MEHL general manager Hla Myo said in an email to Reuters: "The company is basically focusing on business and has no immediate response for now." MEC did not immediately respond to a request for comment. - The MEC and MEHL are two major holding companies that own more than 100 businesses, generating revenue for the military on a scale that dwarfs any civilian-owned company in Myanmar. - Financial information about the two companies, which are exempt from paying income and commercial tax, is not ... » Learn More about Factbox: Myanmar military companies to be sanctioned by U.S