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BERNAMA - HIBISCUS PETROLEUM 2Q NET PROFIT JUMPS TO RM102 34 MLN

BERNAMA - HIBISCUS PETROLEUM 2Q NET PROFIT JUMPS TO RM102 34 MLN
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Kota kinabaluUnited kingdomKuala lumpurBernama hibiscus petroleum bhdPetroleum bhdBursa malaysiaNorth sabahArrangement areaKlang valley

Hibiscus targeting material prospects offshore Malaysia

Hibiscus targeting material prospects offshore Malaysia
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Republic ofEast malaysiaMalaysia generalTaha assalamPetronas carigaliYinson hermesLabuan crude oil terminalHibiscus petroleumSouth furious unguPurple south furiousSouth furious merahRed south furiousNorth sabah blockSouth furiousLabuan crude oilNorth sabah

Hibiscus decides to pay after all | Daily Express Online - Sabah s Leading News Portal

Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.7m owed to the Sabah Government. It is understood that it was to create a stable environment for continuing investment and smooth operations in Sabah. It removes the lingering uncertainty in its Sabah operations that could affect its operational efficiency. The Group is expected to pay the SST annually, an estimated RM44.8m per year assuming crude oil sales of around 2.1 mbbls from North Sabah and 700 mbbls from Kinabalu field

Kota kinabaluLabuan crude oil terminalSarawak government high courtHibiscus petroleumNorth sabahSabah sales taxState governmentBusiness updateSarawak governmentHigh courtMalaysia agreementPerikatan federal government

Analysts view Hibiscus positively as Sabah sales tax issue resolved

KUALA LUMPUR (Oct 5): Hibiscus, which had previously questioned the imposition of state sales tax (SST) on its two units operating in Sabah, has proceeded to pay the tax amounting to RM85.7 million. The SST was imposed on revenues from petroleum products sold by SEA Hibiscus Sdn Bhd under the North Sabah production sharing contract (PSC) and Hibiscus Oil & Gas Malaysia Ltd (previously known as Repsol Oil & Gas Malaysia Ltd) under the 2012 Kinabalu Oil PSC.

Kuala lumpurSdn bhdHibiscus petroleum bhdKinabalu oilHibiscus oil gas malaysia ltdRepsol oil gas malaysia ltdHong leong investment bank researchPublicinvest researchNorth sabahHibiscus oilGas malaysia ltdRepsol oilLeong investment bank researchBursa malaysia

Hibiscus Petroleum on a roll

HIBISCUS Petroleum Bhd is clearly riding nicely on the upcycle of oil prices. On Thursday it posted a second-quarter profit that beat analysts’ expectations. And as Maybank Investment Bank (Maybank IB) Research points out, the profits have yet to take into account earnings from the recently completed acquisition of assets from Spain’s Repsol.

Republic ofUnited kingdomNorth seaOceans generalSouth east asiaKenneth gerard pereiraRepsol exploraciEnergy consultants ltdMaybank investment bank ib researchSecurities researchAminvestment bank researchPublicinvest researchMaybank investment bankLiaw thong jungConsultants ltdNorth sabah