Did you all know that Bugis is in Russia? Other than attending the Russia – ASEAN Summit the following has been reported BY THE RUSSIAN MEDIA.
I received this from someone.
Shit is hitting the fan. Russia is looking to buy out Petronas assets. Not reported in Malaysia news.
- Running hydrocarbon fields abroad, Russian state company “Zarubezhneft” has expressed interest in certain assets of Malaysian oil and gas company Petronas.
- This was announced by Energy Minister Alexander Novak during the Russia – ASEAN (Association of Southeast Asian Nations) SUMMIT, the last day of which took place in Sochi.
- Novak said “Zarubezhneft” soon will work on Petronas assets, parties are all consulted in this regard.
- “Zarubezhneft” originally built oil facilities abroad.
- developing and implementing integrated projects for exploration and development of oil and gas fields abroad
My comments : I believe these are not PSCs (Petroleum Sharing Contracts) they are talking about but outright purchase of Petronas assets like the oilfields and gas fields, complete with production platforms and rigs etc.
Some more comments from the person who sent me this :
- Is Petronas having a fire sale to Russia?
- Is this oil & gas asset sale what Najib is discussing with Putin while he is on a “business trip” to Russia?
- And why is this not being reported in Malaysian media?
- Seems pretty significant to me.
- What is ___b’s cut going to be?
From Tass, official media of the Russian government.
Here is a Tass news report: http://tass.ru/en/economy/877264
- Zarubezhneft may acquire assets of Petronas
- Novak : Zarubezhneft exploring possibility of acquiring assets of Petronas
- Zarubezhneft shows interest in studying assets of Petronas.
- The parties are holding consultations about it,” he said
- Zarubezhneft studying opportunities to enter projects in Malaysia, Novak said.
- Petronas authorized to develop and produce oil and natural gas in M’sia
- Petronas one of largest energy corporations in Southeast Asia.
- The company employs about 40,000 people.
Here is another comment from my friend :
Confirmed. Petronas is considering selling assets due to cash flow problems.
*Zarubezhneft interested Petronas Malaysian assets. Why did it happen?*
- Zarubezhneft considering acquisition of assets in Petronas.
- May 20, 2016 Novak said on sidelines of ASEAN forum in Sochi.
- Zarubezhneft carries out work on the Petronas assets.
- The parties are now consulting on this issue – said Novak.
- What assets, Energy Minister did not elaborate.
- Petronas is engaged in mining and processing of oil in Malaysia and abroad.
- In addition, the company is a major manufacturer and exporter of LNG .
- In January 2016 the company announced that they are going to reduce the amount of capital investment and investment in a number of major projects.
- In particular, Petronas intended to reduce 50 billion ringgit (11.4 billion US dollars) over the next 4 years , as well as to defer some projects.
- by 2015, according to its own quarterly reports, it has *received the first loss*, or for the first time admitted it, that is, to the quarterly reports it publishes all since 2010.
Here are more comments by my friend :
How many ways are there to spin that Petronas continues to dig into its cash reserves?
The question Malaysians should be asking is HOW MUCH CASH RESERVES DOES PETRONAS STILL HAVE?
- Petronas registered net profit of RM4.57bil in the first quarter
- drop of almost 60% compared to corresponding period last year.
More comments by my friend :
- If this amount of RM15.18bil (??) is taken into account, it would seem that Petronas would actually have registered a loss.
- No shit. Finance Minister won’t allow Petronas to declare a loss, after manadory dividends to the gomen are factored in.
- Do you recall, Petronas only wanted to pay RM 9 billion in dividends for 2016, but the Finance Minister overruled and demanded almost double that amount this year?
- Petronas CEO serves at the pleasure of the PM.
- Do the math. Add in the billions in dividends that Petronas is required to pay the gomen this year, and Petronas finances look pretty effing bad.
- Don’t say I haven’t been repeatedly warning that Petronas is in financial trouble.
- *If* the Canadian B.C. LNG project actually gets approved, Petronas will need to borrow around USD $20 billion to finance its share of the venture.
- With the 1MDB fiasco getting world headlines, will banks agree to loan Petronas $20 billion?
- If they do, what will the interest rates be?
My comments :
Ever since Najib took over the leadership, Malaysia has become like the movie “Friday The 13th” where Jason the psychopath pops out of the woods and kills off the campers one by one.
One bungle after another, one scandal after another seems to be inflicted upon us by Najib and his regime.
The listing of Felda Global Ventures has become a disaster of gargantuan proportions. Billions of Ringgit worth of shareholder value have been lost.
The ridiculous “purchase” of foreign assets at inflated (or doubtful) values by some GLC outfits.
The 1MDB scandal.
The loan default by 1MDB.
Petronas’ disastrous foray into Canada.
And now this. Negotiating to sell Petronas’ assets to the Russians.
Why the Russians? They are not known to pay top dollar. Kedekut punya orang.
So why the Russians?
It is well known that French arms manufacturers are/were willing to pay bribes to secure deals around the world.
The gomen has no money. MARA loans have been cut. Education spending has been cut. Health spending has been cut.
Only JAKIM is getting more money. Maybe RM1 billion.
Everyone else is suffering cuts. Petronas is also suffering cashflow problems.
Petronas’ profit fell by 60% for the last quarter (compared to the corresponding quarter last year).
Petronas is short of cash.
Now they are negotiating to sell Petronas’ assets, the family silver, to the Russians.
1MDB bought old, rusty power stations for above market prices.
Then they sold the power stations at a loss to the mainland Chinese.
1MDB also sold their land to the mainland Chinese.
Now Najib wants to sell Petronas’ assets to the Russians.
Dont blame the Chinese ok. Depa minority. Dont blame the Indians, Dayaks, Dusuns etc. They are also minority.
This is a democracy. The majority rules. So blame the Malays supporting UMNO.
I see the fate of the UMNO Malays like this.
They are being driven in a car.
They dont care anything about who is driving the car.
They will be driven until the car runs out of gas.
Then they will get down and stand by the roadside.
Or they will be driven until the car runs off a cliff.
They will just watch themselves falling off the cliff.
Give them some money. They will just die off.