THE RM4.5 billion mega carbon capture storage (CCS) project in the Kasawari gas field off Sarawak, spearheaded by Petroliam Nasional Bhd (Petronas), marks a new chapter in the regional upstream oil and gas (O&G) industry. The project, essentially Phase 2 of the Kasawari project, is a significant milestone in Petronas’ efforts to decarbonise, particularly for the 900 million cu ft per day Kasawari gas field scheduled to come online in 2023.
AFTER four years of losses, things are looking up for Malaysia Marine and Heavy Engineering Holdings Bhd (MHB). It now has a strong balance sheet, which puts it on a good footing to bid for jobs that are starting to flow again as global crude oil prices remain elevated for more than a year. MHB, a 66.5%-owned subsidiary of MISC Bhd, which in turn is controlled by Petroliam Nasional Bhd (Petronas), had RM862.43 million in cash as at end-September while its borrowings totalled RM343.44 million, leading to a net cash position of RM518.99 million.
Ranhill Utilities Bhd’s unit has bagged a RM15 million job for the provision of detailed design engineering services for the Rosmari-Marjoram gas project’s solar power offshore platform, for Sarawak Shell Bhd. The contract was awarded by Malaysia Marine and Heavy Engineering Holdings Bhd (MHB)’s wholly-owned subsidiary on Oct 5, but Ranhill only received the approval from MHB to announce the award on Thursday (Dec 8).
KUALA LUMPUR (Nov 29): Here is a brief recap of some corporate announcements that made news on Tuesday (Nov 29): AirAsia X Bhd (AAX), Capital A Bhd, Genting Malaysia Bhd (GenM), Hong Leong Financial Group Bhd (HLFG), Hong Leong Bank Bhd, RHB Bank Bhd, PPB Group Bhd, Press Metal Aluminium Holdings Bhd, IHH Healthcare Bhd, Petronas Dagangan Bhd (PetDag), Alliance Bank Malaysia Bhd, UMW Holdings Bhd, Sime Darby Property Bhd (SDP), Malaysia Airports Holdings Bhd (MAHB), Hengyuan Refining Co Bhd, UOA Development Bhd, 7-Eleven Malaysia Holdings Bhd, Hextar Global Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd (MHB).
KUALA LUMPUR: As Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) continues on its earnings recovery, it said capital spending by oil majors could continue due to strong oil prices.