Malaysia








Energy Markets

Oil & Gas

Oil & Gas

After Trump's new order, the trade of Venezuelan oil with China is halted.

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

Fuel Oil

Malaysia's Petronas reports a profit decline in 2024 due to global volatility and lower oil prices

Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that...

Oil & Gas

Dependence to move Dubai crude team back to India in worldwide trade rejig, sources say

India's Reliance Industries Ltd, operator of the world's greatest refining complex, is reorganizing its trading operations, including moving the majority of its Dubai crude oil trading team back to Mumbai, 2 sources familiar with the strategy said. The moving of its crude trading team by the end of this year comes after the private refiner protected long-lasting oil materials from Russia, reducing the requirement to purchase spot freights, said among the sources, who spoke on condition of anonymity as the information was private. Now Dependence has an unrefined import deal with Russia. It likewise has actually evergreen sort of crude...

Carbon Emissions

Production sharing arrangements accepted for five Guyana overseas oil blocks

Energy firms TotalEnergies, Qatar Energy, Petronas, Cybele Energy, Delcorp and International Group Investment have reached agreements with Guyana over regards to production sharing deals to check out 5 oil and gas offshore blocks, the energy ministry said on Wednesday. A tender launched in 2022 for areas in shallow and deep waters resulted in deals for 8 blocks, part of the federal government's. effort to diversify its energy industry dominated by a. consortium led by Exxon Mobil. The Exxon group, which likewise remains in talks with the federal government. over terms to check out offshore area S8 that is part of...

Oil & Gas

India greatly raises import tax on edible oils to support farmers

India has raised the fundamental import tax on crude and fine-tuned edible oils by 20 portion points, the government stated on Friday, as the world's greatest edible oil importer attempts to assist secure farmers reeling from lower oilseed prices The move could lift edible oil prices and dampen need and consequently decrease abroad purchases of palm oil, soyoil and sunflower oil. After the duty walking announcement, Chicago Board of Trade soyoil extended losses and fell more than 2%. New Delhi on Friday imposed a 20% fundamental customs task on crude palm oil, crude soyoil and unrefined sunflower oil from Sept....

Oil & Gas

Malaysian energy giant Petronas takes legal action against South Sudan over local possessions deal

Malaysian state-owned energy giant Petroliam Nasional > said on Monday its system had actually initiated procedures against South Sudan for supposedly obstructing a $1.25 billion sale of its regional possessions and instead taking over business. The company, likewise called Petronas, announced on Aug. 7 it would leave South Sudan after running operations in the nation for around 3 decades. It was in talks to sell the local properties to Britain's Savannah Energy, however the oil and gas company took out of the offer on the exact same day. South Sudan's state-run Nile Petroleum then took control of the local oilfield...

Oil & Gas Exploration

Malaysia's Petronas withdraws from South Sudan amidst financial investment shift

Malaysian state energy company Petroliam Nasional (Petronas) stated it will withdraw from South Sudan as it customizes its investment strategy to company conditions. The decision was made following a two-year duration of divestment initiatives in positioning with Petronas' long-term investment method amidst the changing market environment and accelerated energy shift, the firm stated in a statement late on Wednesday. Subsidiary Petronas Carigali Nile will deal with stakeholders to make sure a friendly shift, it stated. After the Petronas statement, Britain's Savannah Energy said it has actually taken out of a $1.25 billion purchase of Petronas's oil and gas business in...

Oil & Gas

Eni's Plenitude ready to list when market conditions exist, CEO says

Plenitude, the retail and eco-friendly organization of Italian energy company Eni, is all set to list on the Milan bourse as soon as market conditions allow it, its Chief Executive Stefano Goberti said on Wednesday. Eni needed to freeze Plenitude's initial public offering ( IPO) in 2022 due to the energy crisis set off by Russia's. intrusion of Ukraine. After that, Eni participated in talks with investors and signed a. offer last December with Energy Infrastructure Partners (EIP). under which the Swiss fund got 7.6% of the company through a. reserved capital increase. The offer does not imply that Plenitude....

Mineral Resources

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Thursday: ** The U.S. Federal Communications Commission said on Thursday it will authorize the T-Mobile US Inc deal to purchase Ka'ena Corp, the owner of budget service provider Mint Mobile, for as much as $1.35 billion. ** Hawaiian Electric Industries is weighing the sale of its American Cost Savings Bank FSB, Bloomberg News reported, mentioning people acquainted with the matter. ** BHP Group bid $38.8 billion for Anglo American, providing an offer to forge the world's greatest copper miner and driving its smaller rival's shares 13% higher....

Oil & Gas Exploration

Gupta tells court he has actually run out of cash, wishes to settle Trafigura scams case

Lawyers for entrepreneur Prateek Gupta, accused of scams by commodity trader Trafigura, told a London court on Tuesday he has actually run out of funds to pay legal charges and wants to work out a settlement. Geneva-based Trafigura filed a suit versus Gupta in February last year, declaring seven companies that Trafigura stated are managed by him performed methodical fraud involving what were supposed to be nickel cargoes. Trafigura scheduled a problems last year of $590 million due to the supposed fraud. They are having problems ... in moneying the remainder of the litigation, lawyer Barnaby Lowe informed the London...

Natural Gas

Malaysia's Petronas Q4 profit falls, flags market unpredictability in 2024

Malaysia's state energy company Petroliam Nasional (Petronas) said on Friday it expects oil and gas markets to face continued unpredictabilities this year, as it reported a drop in fourth quarter profit due to lower energy prices. The disputes in Ukraine and Gaza have actually caused heightened supply threats, while slowing international growth has actually hindered need, Petronas President Tengku Muhammad Taufik Tengku Aziz said. In spite of this unpredictable background, which shows no indication of subsiding or declining, Petronas remains resolute in its commitments to firstly monetise resources properly for financial growth, Muhammad Taufik stated in an interview. Petronas posted...

Oil & Gas Exploration

Pertamina to heighten expedition in Indonesia's east amid greater oil, gas output targets

Indonesia's state energy business Pertamina wishes to heighten its exploration efforts in the country's eastern regions, a senior official stated on Wednesday, as it targets higher oil and gas output in the coming years. The firm will also seek mergers and acquisitions in Africa, the Middle East, and Southeast Asia, Elder Vice President of Technique and Financial investment Henricus Herwin stated at a conference in Kuala Lumpur. On Tuesday, Pertamina President Chalid Said Salim stated upstream system Pertamina Hulu Energi (PHE) intends to raise its oil production to 627,000 barrels per day. This would be up from 566,000 bpd in...

Fossil Fuels

Fossil Fuels

The fire that destroyed the Petronas pipeline in Malaysia injured 33 people

Authorities reported that a fire on a gas pipe operated by the state-owned energy company Petronas in Malaysia injured 33 people Tuesday, just outside the capital Kuala Lumpur. Astro Awani reported that Selangor Fire Department Director Wan Md Razali Wan Ismail said six of the injured had been sent to hospital. The fire is still burning and efforts are being made to put it out. Selangor Disaster Management Committee Chairman Mohd. Najwanhalimi told the state news agency Bernama that there are still people trapped in homes in Kampung Sungai baru, and rescue efforts continue. In a press release, Petronas said...

Coal

Indonesian arm of Malaysia's Mr DIY gets on market launching

The Indonesian arm of Malaysiabased home improvement merchant Mr do it yourself Group got rid of a wobbly start to rise on its stock market debut on Thursday. The listing came versus the backdrop of broad weak point in Asian stocks after the U.S. Federal Reserve cautioned it would ease the rate of rate cuts in the coming year. Bond yields increased and the dollar was set down near a two-year high up on Thursday. Shares of Daya Intiguna Yasa, the sibling business of Mr do it yourself, opened at 1,550 rupiah, 6% lower than its preliminary public offering price...

Renewable Energy Equipment

United States sets tariffs for photovoltaic panels from Southeast Asian countries

U.S. trade officials on Friday announced a brand-new round of tariffs on solar panel imports from 4 Southeast Asian nations after American manufacturers grumbled that business there are flooding the marketplace with unjustly low-cost products. It is the second of 2 initial decisions that President Joe Biden's Commerce Department is making this year in a trade case brought by Korea's Hanwha Qcells, Arizonabased First Solar Inc and several smaller producers seeking to protect billions of dollars in financial investments in U.S. solar manufacturing. This is the latest chapter in a more than decadelong trade war with Chinese companies over their...

Environment

Renewable Energy

Renewable Energy

Palm oil records weekly loss due to firmer Ringgit and weak demand

Malaysian palm futures have reversed their gains from earlier in the week, due to a stronger ringgit, and weak demand on key markets. Prices also fell for the entire week. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.79% at the close to 3,880 Ringgit ($911.23) per metric ton. The contract dropped 4.36% in the last week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, explained that a stronger ringgit, and a lack of enthusiasm in the face of expectations of an increased inventory of palm oil in Malaysia for April,...

Renewable Energy

Palm oil prices fall on the back of increased production and stock levels

Malaysian palm futures declined for the third consecutive session on Wednesday, as concerns about higher production and stock levels continued to weigh heavily on market sentiment. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange had fallen by 24 ringgit (0.61%) to $3,919 ringgit (908.86 dollars) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn Bhd. He said that the weakness in the market was mainly caused by concerns about production and an expectation of higher stock levels over the next few weeks. Palm oil stocks are likely to have risen...

Renewable Energy

Palm oil prices end lower than Chicago soyoil amid concerns about economic headwind

Malaysian palm futures closed lower on Monday as they tracked the weakness of rival soyoil on the Chicago market. Meanwhile, escalating U.S. - China trade tensions despite a suspension of tariffs for other countries also weighed down sentiment. At the close, the benchmark June palm-oil contract traded on the Bursa Derivatives Exchange in Malaysia lost 42 ringgit or 1% to 4,170 Ringgit ($945.58) per metric ton. Darren Lim is a commodities analyst at Singapore-based Phillip Nova. He said that despite the U.S. tariff suspension of 90 days, the broader economic headwinds, and lingering uncertainty, have continued to limit any meaningful...

Renewable Energy

VEGOILS - Dalian oils and Malaysian palm oils have seen a strong week of gains on the back of a strong physical demand.

The price of Malaysian palm oils rose for the third session in a row on Friday. This was due to strong demand before Eid al-Fitr, an Islamic holiday. Also, rival vegetable oil prices were strong. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 108 Ringgit or 2.5% to $4420 ringgit (US$996.62) per metric ton. The contract rose 1.03% in the last week, marking its first weekly increase in three. A Kuala Lumpur based trader stated that "Today crude palm oil future prices are up due to strong physical demand because of the holiday...

Renewable Energy

Palmetto prices rise after three sessions of bargain-buying losses

After three sessions of losses in a row, Malaysian palm oils futures rose on Wednesday. This was due to bargain-hunting after the contract reached a two-month low. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange rose by 0.75% to $4277 per metric ton ($966.34). This week, the contract has fallen by 2.97%. When prices reached the lowest point of the day, they were too cheap to ignore. "We saw a great deal of bargain-hunting today. A lot of buyers came out and there was a (short)covering as well," said Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari....

Renewable Energy

Malaysian palm oil drops, rivals follow suit

The price of palm oil in Malaysia fell for the third time on Tuesday, to its lowest close in almost two months. This was due to lower prices for rival vegetable oils at Dalian and Chicago and weaker export data. The benchmark June palm oil contract on Bursa Malaysia's Derivatives exchange lost 58 Ringgit or 1.35% to close at 4,247 Ringgit per metric ton, its lowest price since January 27. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group vegetable oils brokerage, said: "The sentiments in palm oil are bearish right now because it has been forced by the...

Renewable Energy

Palm oil falls due to rival oil's weakness; soft ringgit caps losses

Malaysian palm oils futures fell for the second session in a row on Monday, to their lowest levels in almost two months. Pressured by weakness in vegetable oils rivals, a weaker currency helped limit losses. The benchmark June palm oil contract on Bursa Derivatives Exchange fell 1.6% at the closing to 4,305 Ringgit ($971.78) per metric ton, its lowest price since January 31. The contract follows weak external markets, but the ringgit’s weakness cushioned certain losses," said Kuala Lumpur based trader. Dalian's palm oil contract, which is the most active contract, fell 1.1% while soyoil prices dropped by 1.02%. The...

Renewable Energy

Palm prices rise on Dalian's stronger Dalian and Indonesia's increased levy

Malaysian palm oils continued to rise on Wednesday. This was due to the stronger edible oils on the Dalian market, and Indonesia's decision of raising its palm oil export tax. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange had gained 50 ringgit or 1.15% to $4,416 ringgit (US$996.84). The futures trading resumed on a bullish tone mainly because Indonesia reaffirmed an increase in export levies for palm oil. Prices also gained strength after the bullish momentum of Dalian vegetable oils futures," Anilkumar Bagani said, head researcher at Sunvin Group. A plantation fund...

Renewable Energy

Palm firms worried about low production but demand is weak.

Malaysian palm futures rose on Thursday, supported by lower production levels but capped by persistent concerns about demand from key import countries. At the close, the benchmark May palm oil contract on Bursa Derivatives Exchange rose 52 ringgit or 1.16% to 4,533 Ringgit ($1,022.10) per metric ton. The contract fell by 2.98% over the last three sessions. The palm oil market is resilient, despite the recent sell-offs due to uncertainty in global markets over tariffs. Production hasn't picked up since March and demand remains a concern, said Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari. "Even if the production picks up...

Renewable Energy

VEGOILS - Palm tracks Chicago soyoil; inventory data is awaited

Malaysian palm futures rose Wednesday, ending two sessions of losses. The market was awaiting the Malaysian Palm Oil Board (MPOB)'s data. The benchmark contract for palm oil delivery in May on the Bursa Derivatives Exchange gained 69 ringgit or 1.59% to close at $4,418 ringgit (US$997.97) per metric ton. A Kuala Lumpur trader stated that "the futures will attempt to recover some yesterday's loss before resuming their direction, while waiting for the MPOB data next Monday." On March 10, the MPOB will release its monthly statistics. The Chicago Board of Trade's (CBOT) soyoil price rose by 0.77%. Dalian's palm oil...

Renewable Energy

VEGOILS-Palm settles higher despite weak soyoil, export data

Malaysian palm futures recovered from the session's early losses and settled higher on Monday. However, weakness in soyoil pricing and lower estimates of palm oil exports for the first two week of February limited gains. The benchmark May palm oil contract on Bursa Derivatives Exchange rose 40 ringgit or 0.89% to close at 1,024.14 ringgit per metric ton. The contract increased by 0.83% Friday. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, explained that crude palm oil futures fell during the midday session due to a weakness in the soyoil market and a lower performance by Malaysian palm...

Renewable Energy

Palm oil prices fall on Dalian crudes and Dalian oils.

Malaysian palm futures fell on Thursday, ending a five session rally. Weakened Dalian oils, and a decline in crude oil prices caused by the talks to end the Ukraine/Russia war, weighed heavily on the market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 65 ringgit (1.41%) to 4,556 Ringgit ($1,023.13) per metric ton. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, said that crude palm oil futures fell following a selloff on energy markets, after U.S. president Donald Trump launched diplomatic efforts to end Ukraine's war. He said that...