Page 13 - AsianOil Week 07

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
New GAIL chairman,
managing director takes
over
Shri Manoj Jain today assumed charge as Chairman & Managing Director of GAIL (India). A Mechanical Engineer with an MBA in Operations Management, Shri Jain joined GAIL as a Graduate Engineer Trainee in 1985 and rose through the ranks to his current position. Before his appointment
as CMD, Shri Jain was Director (Business Development) of the company.
Shri Jain possesses rich and diverse experience in the areas of Business Development, Projects, O&M, Petrochemicals, Pipeline Integrity Management and Gas Marketing which has allowed him to gain insight and knowledge across multiple business units and functional areas.
Shri Jain is also currently chairman of GAIL Global (USA) Inc. (GGUI), GAIL Global (USA) LNG LLC (GGULL) and Konkan LNG Pvt. Ltd (KLPL).
GAIL (INDIA), February 14, 2020
SOUTHEAST ASIA
Pertamina-Petronas strengthen co-operation
Pertamina and Petronas signed the framework agreement on the purchase of crude oil in 2020.
Pertamina Corporate Communication Vice President, Fajriyah Usman stated that the signing of this collaboration was one
of a series of agreements signed by the two companies last year, precisely in February 2019, between Pertamina and Petronas to build stronger collaboration and long-term partnerships that provided bene ts for both parties.
“This collaboration is part of Pertamina’s efforts to improve national energy security through the optimization of an efficient crude oil supply chain by both parties,” said Fajriyah.
Pertamina, continued Fajriyah, has an oil eld in Malaysia, as well as Petronas, which has an oil eld in Indonesia. Both companies can work together to supply the production of crude oil to domestic re neries in each country that are geographically closer to the source of the cargo so that logistics are more e cient.
“Pertamina is currently optimizing re neries and developing RDMP and GRR megaprojects, so that this collaboration has strategic value for future business development,” Fajriyah added.
According to Fajriyah, Pertamina and Petronas have also opened access to product information in each country. For example, for the need to import RON 88 Gasoline products in Indonesia which reaches
6 million barrels per month, Petronas conveyed that the ability to supply to Indonesia has the potential to reach 600,000 barrels per month from the current excess capacity of Malaysia’s Gasoline re nery production. Both parties agreed to continue to look for opportunities for cooperation and are gradually expected to increase the volume of oil and gas transactions.
In 2020, Pertamina and Petronas agreed to a supply agreement with a value of approximately USD 500 million and other potential collaborations reaching a total transaction of USD 1 billion.
PERTAMINA, February 18, 2020
MISC posts financial results for 2019
Group revenue for the quarter ended December 31, 2019 of RM2,375.5 million
was 0.5% or RM13.0 million lower than the corresponding quarter’s revenue of RM2,388.5 million. e slight decrease in Group revenue was mainly due to the lower number of operating vessels in the petroleum segment in the current quarter but was o set by the upli in the LNG segment, following redeployment of vessels previously on charter suspension and acquisition of two LNG carriers in December 2018 and January 2019 respectively.
Group operating pro t of RM476.6 million was 25.0% or RM95.2 million higher than the corresponding quarter’s pro t of RM381.4 million mainly contributed by higher revenue in the LNG segment as explained above
and higher margin on freight rates in the petroleum segment. Additionally, the heavy engineering segment also contributed to the increase as a result of improved margin in
the marine sub-segment coupled with lower unabsorbed overhead costs in the current quarter.
Group revenue for the year ended 31 December 2019 of RM8,962.7 million was 2.1% or RM182.4 million higher than the revenue for the corresponding year ended 31 December 2018 of RM8,780.3 million. e increase in revenue was mainly from higher number of operating vessels in the LNG segment following redeployment of vessels previously on charter suspension and acquisition of two LNG carriers, one each in December 2018 and January 2019. Higher revenue from dry docking services and conversion works from the Heavy Engineering segment also contributed to the higher revenue in the current year.
Group operating pro t for the year ended 31 December 2019 of RM1,929.2 million was 31.6% or RM462.9 million higher than the corresponding year of RM1,466.3 million. e petroleum segment recorded operating pro t in the current year as compared to an operating loss in the previous year mainly
due to the higher margin on freight rates achieved. e LNG segment also recorded higher operating pro t, mainly contributed by higher revenue as well as additional charter rate for Floating Storage Units (“FSU”). Furthermore, lower operating loss was
Week 07 19•February•2020
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