tag:blogger.com,1999:blog-7229885.post3121330824321420329..comments2024-03-14T14:44:16.020-07:00Comments on The Gazetteer: This Day In PetronasLand....Deny, Deny, Deny.RossKhttp://www.blogger.com/profile/07677239332112652522noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-7229885.post-84470718310565348772016-10-04T20:28:21.398-07:002016-10-04T20:28:21.398-07:00Thanks for the updates everyone!
.Thanks for the updates everyone!<br /><br />.RossKhttps://www.blogger.com/profile/07677239332112652522noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-14991579375590693182016-10-04T14:53:50.911-07:002016-10-04T14:53:50.911-07:00Grant G, don't hold your breath waiting for a ...Grant G, don't hold your breath waiting for a press release from Petronas about a decision regarding PNW LNG.<br /><br />Bear in mind while Canada has elections in 2017, Malaysia may call for early elections around Q2 2017. Expect soapboxing by politicians in Malaysia as well, as Petronas is a key economic driver in Malaysia.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-65193363320787708852016-10-04T14:49:05.152-07:002016-10-04T14:49:05.152-07:00Grant G and Ross K, you might be interested in thi...Grant G and Ross K, you might be interested in this blog posting:<br /><br /> http://www.malaysia-chronicle.com/will-najib-rosmah-print-money-to-save-themselves-ringgit-to-hit-5-00-as-petronas-sinks-into-negative-free-cashflow/<br /><br />The "Oilman" article was mine, and picked up by others.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-90388037916049407172016-10-04T14:08:47.863-07:002016-10-04T14:08:47.863-07:00May be of some interest……
http://www.desmog.ca/2...May be of some interest……<br /><br /><br />http://www.desmog.ca/2016/09/30/did-trudeau-race-approve-lng-project-petronas-wants-sellDon F.noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-13953237455755860032016-10-04T09:02:00.836-07:002016-10-04T09:02:00.836-07:00Petronas ..their Bintulu LNG terminal, train 9 up ...Petronas ..their Bintulu LNG terminal, train 9 up n running.<br /><br /> http://www.lngworldnews.com/petronas-commissions-train-9-at-bintulu-lng-complex/<br /><br />30 million tons per annum will now come from Bintulu LNG.<br /><br />Petronas seems rather chatty today...<br /><br />Nothing, no statement on PNW LNG<br /><br />Grant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-39999495620123202682016-10-04T08:55:57.941-07:002016-10-04T08:55:57.941-07:00It appears Petronas can make statements...
http:/...It appears Petronas can make statements...<br /><br />http://www.lngworldnews.com/fitzgerald-named-progress-energy-ceo-as-culbert-retires/Grant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-86093571507444790382016-10-04T07:24:13.345-07:002016-10-04T07:24:13.345-07:00It's really simple - JOB CREATION!
https://ww...It's really simple - JOB CREATION!<br /><br />https://www.thebeaverton.com/2016/09/trudeau-approves-pacific-northwest-lng-pipeline-citing-future-job-growth-disaster-relief-sector/<br /><br />Willynoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-25698894862980933022016-10-03T05:49:02.662-07:002016-10-03T05:49:02.662-07:00Nope. Petronas has already invested billions of do...Nope. Petronas has already invested billions of dollars into this, acquiring Canadian O&G assets. This B.C. LNG project has been a high priority by Petronas for a few years.<br /><br />A year or so ago, Malaysia was the world's third largest exporter of LNG. This B.C. project was meant to cement Petronas' global status. Shortly, Malaysia will be bumped down to the world's *fifth* largest exporter of LNG. <br /><br />A few years ago, when LNG prices were skyrocketing, Petronas saw this B.C. project as a long term goose that lays golden eggs.<br /><br />Now, with LNG prices depressed for the next half decade or so, and with Malaysian government and Petronas cash crunch, the game plan will most likely get delayed.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-51388738255125593452016-10-02T21:56:02.867-07:002016-10-02T21:56:02.867-07:00Does anyone else see this whole project as shuffli...Does anyone else see this whole project as shuffling paper? Like a Futures Market scam? Is it a backdoor to a China FTA? China buys the project and then changes the whole thing to get their "tidewater"?Kimhttps://www.blogger.com/profile/15049617811090781174noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-17969260958892294602016-10-02T20:49:38.358-07:002016-10-02T20:49:38.358-07:00Ross K, the 190 conditions added to the "appr...Ross K, the 190 conditions added to the "approval" gives the perfect face-saving opportunity to Petronas, to delay the project. While Canadians may be stuck with the political shenanigans and soap boxing due to your upcoming 2017 elections, Petronas can easily wait this out, as Canadian politicians dither.<br /><br />I've been saying for about a year, that I don't see global LNG prices recovering until around 2022. Ongoing global overproduction, and new LNG projects still due to finally come on line by 2020.<br /><br />Simple economics. Global LNG production is increasing roughly 40% in a 3 year time span. I don't see global LNG demand catching up to global LNG supply until after 2020, and a rough equalization of supply and demand around 2022.<br /><br />After being forced to wait 3 years for Canadian "approval" (with 190 conditions) Petronas should be in no rush to move ahead right now.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-5402831332608187092016-10-02T18:12:48.685-07:002016-10-02T18:12:48.685-07:00Thanks very much Tom--
Lots to consider there.
...Thanks very much Tom--<br /><br />Lots to consider there. <br /><br />The thing that many of us are most focussed on here is the short term situation given that we have a provincial election coming up in 2017. <br /><br />Thus, we believe that was the motivation for the rapid response from prov gov't to the Reuters story.<br /><br />(and I agree with you about this particular thread)<br /><br />As for me, I have to shut down for a bit now...Day job work week prep calls...<br /><br />.RossKhttps://www.blogger.com/profile/07677239332112652522noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-17504231538835361852016-10-02T17:55:28.576-07:002016-10-02T17:55:28.576-07:00Oh, and I see Grant G of *The Straight Goods* comm...Oh, and I see Grant G of *The Straight Goods* comments here. I've used his site before to track down dox.<br /><br />As I mentioned earlier, I'm impressed with the fact checking by commenters in this thread. Reminds me of the old Usenet days, and the (sadly retired credo) by Anons of "Dox or GTFO".Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-26242010950965359352016-10-02T17:46:45.231-07:002016-10-02T17:46:45.231-07:00(Part 4)
Since Part 1 of my comment is gone, here...(Part 4)<br /><br />Since Part 1 of my comment is gone, here is a recap of my thumbnail of Petronas cash reserves:<br /><br />Aug 2015 : RM 126 billion<br /><br />Jan 2016 : RM 88 billion<br /><br />Mar 2016 : RM 62 billion<br /><br />Here it is again, in rough USD conversion<br /><br />Aug 2015 : USD 31 billion<br /><br />Jan 2016 : USD 22 billion<br /><br />Mar 2016 : USD 15 billion<br /><br />Also note that Petronas and Saudi Aramco are currently in the process of obtaining a USD 7 billion loan for the Pengerang project in Malaysia.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-37476786903989636922016-10-02T17:39:43.734-07:002016-10-02T17:39:43.734-07:00(Part 3)
So, Petronas is stuck between a rock and...(Part 3)<br /><br />So, Petronas is stuck between a rock and a hard place. They have already unvested heavily in acquiring O&G assets in Canada for this project.<br /><br />But they are having a cash crunch. I've been commented for around a year that I don't see oil prices recovering until around 2019, and LNG prices recovering until around 2022. Both due to overproduction.<br /><br />Petronas can't realistically sell its LNG assets in Canada. Depressed market for the forseeable future. Petronas *definitely* will insist on "saving face" as well.<br /><br />The only realistic outcome I can see right now is for Petronas to defer this B.C. LNG project for a few years, while it "studies" the 190 conditions attached to the Canadian aporoval.<br /><br />(Please excuse any typos, I'm just writing this on the fly on my smartphone, and don't know how to edit comments on this forum.)Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-54684913009468803392016-10-02T17:31:08.157-07:002016-10-02T17:31:08.157-07:00(Part 2)
Some background info... Petronas was una...(Part 2)<br /><br />Some background info... Petronas was unable to get a loan for USD $7 billion for the Pengerang project in its own back yard in Johor, Malaysia. Petronas. So a nonth or so ago, Petronas riped in financial assistance from Saudi Aramco.<br /><br />Bear in mind, this Pengerang project was originally supposed to be financed by Petronas cash, and *not* by Petronas taking a loan.<br /><br />So... If Petronas is currently unable to secure a USD $7 billion lian by itself for an O&G project in its own country, can someone please explain how Petronas expects to secure more than double that anount of loans for a project in Canada?<br />Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-77589359007094794532016-10-02T17:07:28.161-07:002016-10-02T17:07:28.161-07:00Thanks Tom K re: Holiday today.
Regarding the pie...Thanks Tom K re: Holiday today.<br /><br />Regarding the piece by Charlie Smith in the GStraight, I know it well. <br /><br />So...<br /><br />Based on their cash flow situation, what do you think it would take for Petronas to sell off a significant chunk of PNWLNG?<br /><br /><br />.RossKhttps://www.blogger.com/profile/07677239332112652522noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-6826202231225419422016-10-02T16:50:29.262-07:002016-10-02T16:50:29.262-07:00You're welcome Ross K.
By the way, today (Mon...You're welcome Ross K.<br /><br />By the way, today (Monday) is a holiday in Malaysia, so no press release from Petronas until at least Tuesday.<br /><br />A couple relevant comments here:<br /><br />http://oilpro.com/links/detail/34316/dissecting-spin-behind-royal-visit-to-bc-and-trudeau-governments<br /><br />Note this from Fitch:<br /><br />"We expect Petronas to go *free-cash-flow negative* this financial year and next after meeting their capex and dividend requirements," said Fitch senior director Sajal Kishore.<br />Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-76387769422510769892016-10-02T16:44:45.961-07:002016-10-02T16:44:45.961-07:00Exiting proposed westcoast LNG projects..
Seems l...Exiting proposed westcoast LNG projects..<br /><br />Seems like a growing trend..Alaska's proposed LNG project..$50 billion, big gas, big volume..<br /><br />Exxon..BC..and the rest of the consortium have bailed...Exxon mobile wants to sell their stake in the project..<br /><br /><br />http://petroglobalnews.com/2016/09/report-exxonmobil-wont-invest-in-alaska-lng-project-looks-for-exit/<br /><br />This is literally breaking news...Alaska Guvnor and the state are/have taken over the project...<br /><br />Guvnor Walker has gone on many recent Asian LNG selling trade missions..<br /><br />Guvnor Walker is obsessed, like a gold bug, only in his case, an LNG bug..<br /><br />For those who have followed this Alaska LNG story are aware of...<br /><br />Walker is acting and sounding desperate, big energy and big energy buyers can see it..<br /><br />http://www.thecordovatimes.com/2016/09/30/walker-promotes-natural-gas-in-south-korea/<br /><br />Here is a little more LNG sauce for those golden prosperity geese<br /><br />Pakistan just signed a 20 year LNG supply deal with Qatar..<br /><br />Price is rumoured to be $5.50 per MMBTUs <br /><br />http://www.gulf-times.com/story/515876/Qatargas-Pakistan-in-20-year-LNG-deal<br /><br /><br />Grant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-8941507346503986232016-10-02T16:41:45.391-07:002016-10-02T16:41:45.391-07:00Yes, it's Monday morning here in Malaysia. Exp...Yes, it's Monday morning here in Malaysia. Expect a minimum of 5 working days for Petronas to issue a press release on any current topic. No, I'm not kidding.Tom Kirkmanhttp://oilpro.com/tomkirkman?mode=publicnoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-16184321069869025832016-10-02T16:35:32.577-07:002016-10-02T16:35:32.577-07:00Thanks for that Tom K--
_________
Got it Grant....Thanks for that Tom K--<br /><br /><br />_________<br /><br />Got it Grant.<br /><br />That squares with what CKWX' Martin MacMahon told me...That he got his denial from the prov gov's NatGas Ministry BEFORE there was any 'official' denial from Petronas.<br /><br />By the way...still nothing on the Petronas website...Is it Monday morning in Malaysia yet?...<br /><br />Hang on, let me check...<br /><br />Why, yes, I believe it is:<br /><br /><a href="http://www.google.ca/search?client=safari&rls=en&q=time+in+malaysia+now&ie=UTF-8&oe=UTF-8&gfe_rd=cr&ei=DJnxV6ivLfbQ-AOwpJawDw" rel="nofollow">7:32 AM Monday, October 3, 2016 (GMT+8)Time in Malaysia</a><br /><br />So, I guess we can expect that release to be up on their website any minute now...<br /><br /><br />.RossKhttps://www.blogger.com/profile/07677239332112652522noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-75505614054092282352016-10-02T16:03:55.106-07:002016-10-02T16:03:55.106-07:00Vanishing comments or what...I swear there was ano...Vanishing comments or what...I swear there was another long comment here a few minutes ago..Grant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-72792146519367813312016-10-02T15:59:14.572-07:002016-10-02T15:59:14.572-07:00OK Ross K.....I just finished browsing cknw's ...OK Ross K.....I just finished browsing cknw's audio vault..<br /><br />Friday, the noon news..12:00pm..CKNW reported the Reuters' story...further into the noon news Robert Levy comes on to talk the markets(he's a regular market reporter..<br /><br />Levy talked about the Petronas story, the selling, and how difficult it would be in this market to sell their share...<br /><br />So..at 12:15 PM Friday the Petronas selling their stake story was alive...<br /><br />ahh..so I went to the 1:pm newscast on cknw..<br /><br />And there it was...CKNW reported the story again..only then..<br /><br />only then did cknw's radio voice say...<br /><br />paraphrasing here..<br /><br />"but the province disagrees, according to natural gas minister Rich Coleman...he called Petronas and was reassured the rumours weren't true...." snip<br /><br />http://www.cknw.com/audio-vault/<br /><br />So..12:00 pm major news the story was alive and trending..including Robert Levy weighing in<br /><br />Rich Coleman and the Clarkettes must have been fuming..<br /><br />by 1:00 pm Friday...Rich Coleman claimed he had made a call to Petronas and was reassured the rumours were false..<br /><br />Cue Spencer Sproule..<br /><br />anywho..Still waiting for an official response from someone further up the Petronas food chain..<br /><br /> Grant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-7116748763312273142016-10-02T15:50:49.852-07:002016-10-02T15:50:49.852-07:00Correct, Petronas PR team does *not* work on weeke...Correct, Petronas PR team does *not* work on weekends.Tom Kirkmanhttp://oilpro.com/tomkirkmannoreply@blogger.comtag:blogger.com,1999:blog-7229885.post-14993775862409206782016-10-02T15:43:31.842-07:002016-10-02T15:43:31.842-07:00Friday ..2 days ago...I'll check the audio vau...Friday ..2 days ago...I'll check the audio vaultGrant Ghttps://www.blogger.com/profile/11944976348166120530noreply@blogger.comtag:blogger.com,1999:blog-7229885.post-83833569096646385482016-10-02T15:41:18.941-07:002016-10-02T15:41:18.941-07:00Grant--
Given that I don't listen regularly d...Grant--<br /><br />Given that I don't listen regularly during the day...<br /><br />When did Mr. Coleman make this statement on NW...Was it Friday Sept 30th (i.e. after the Fed approval and the Reuters 'sources say' piece) or the previous Friday, Sept 23rd? RossKhttps://www.blogger.com/profile/07677239332112652522noreply@blogger.com