Petronas banks on India’s growth, invest RM643 mln over 5 years

Posted on : 10-08-2017 | By : sabah today | In : National Business

KUALA LUMPUR – Petronas Libricants International (PLI), a subsidiary of national oil company, Petroliam Nasional Bhd (Petronas), is investing US$150 million (RM643 million) over the next five years in India to strengthen its lubricants business.

In a statement today, Petronas Group Chief Executive Officer, Datuk Wan Zulkiflee Wan Ariffin, said the investment included the building of a US$50 million (RM214 million) lubricants blending plant with a 110 million-litre capacity in Patalganga, Maharashtra,  a state in the western region of India.

The plant  would be completed by the first quarter of 2018, he said.

“We aim to triple our market share in India’s lubricants market by 2022. Globally, we are among the top 10 lubricants players by market share and strive to eventually be among the top five in five years,” he said.

Wan Zulkiflee, who is also the President, said  the investment was also in line with the Indian government’s ‘Make in India’ transformation initiative.

He said the plant was set to be the most modern facility in PLI’s global production network with unique capabilities to blend the most complex fluids.

“It is also equipped with a technical service facility that uses the latest equipment in fluid analytics.

“We aim to triple our market share in India’s lubricants market by 2022. Globally, we are among the top 10 lubricants players by market share, and strive to eventually be among the top five in five years,” said Wan Zulkiflee, who is currently on Petronas’ annual official visit to meet with India’s industry leaders and partners.

PLI also has a reliable network of multiple original equipment manufacturer partnerships, notably with Tata Motors, Fiat, New Holland, Doosan, Case Construction, Maruti Suzuki India, Piaggio and Bharat Benz for branded and co-branded lubricants.

Wan Zulkiflee said he was extremely encouraged by the growth and performance of Petronas’ liquefied petroleum gas (LPG) joint-venture with Indian Oil Corp Ltd which currently owned LPG bottling terminals in Haldia, West Bengal and in Ennore, Tamil Nadu.

He said it was keen on expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demand from the power, agriculture and transportation sectors.

Leveraging on its long history and sterling reputation in the global LNG business, Petronas has the added advantage to provide tailor-made solutions across the LNG value chain such as flexibility, engineering expertise and experience in operations management.

With over 30 million metric tonne per annum  (MMTPA) supply capacity, Petronas is currently the third largest LNG player globally. It hopes to further contribute to the energy needs of India, which is the fourth largest LNG market in the world.

To-date, Petronas has delivered 15 LNG cargoes to India.

“Recently, Petronas took pride in delivering to India the first cargo produced from its floating LNG production facility, the first such facility in the world,” he said.

Petronas’ strategic partnerships in India have also resulted in successful advances in the marketing and trading of crude oil and other petroleum products, petrochemicals, as well as the distribution of lubricants.

He said Petronas also saw growth in demand for petrochemicals in India – especially with the growing affluence that will see the increased demand for consumer products. In 2016, India made up over 100,000 tonnes of Petronas’ petrochemicals sales volume.

During this official visit, Petronas also commemorated a three-year agreement between its wholly-owned unit, Petronas Chemicals Group, and Reliance Industries Ltd for the supply of up to 120,000 tonnes of paraxylene.

“I look forward to see more collaborations fostered between Petronas and our counterparts in India, to pave the way for a stronger cooperation for the mutual benefits,” he said.


Sabah cementing business deal with Palawan

Posted on : 10-08-2017 | By : sabah today | In : International Business

PUERTO PRINCESA: The number of Sabahan businessmen visiting Palawan to scout for potential business opportunities is on the rise.

BIMP-EAGA Kudat Business Council (BEBC) vice-chairman Datuk James Ibrahim attributed the affirmative reaction from the local business community because of the  much talk-about launching of the Kudat-Palawan Roll-On-Roll-Off ferry service anytime before the year ends.

“There are more  Sabahans now visiting the province to look for possible joint business ventures and other trading activities … this is because our local businessmen are optimistic that the Kudat-Palawan connectivity project promises ample of opportunities both for Sabahans and Palaweneos,” said James.

With the planned development projects to be implemented by incumbent Governor Jose C. Alvarez with his remaining years in office, he said Sabah can play as a major supplier of construction materials, water and power supplies, actively participate in the development of the tourism, agriculture, acqua-marine, human resource sectors and even in other fields among others.

“The group who are now in Puerto Princesa City comprises businessmen from the sectors of furniture, hotel, automotive repair and body shop, flour supplier, including power supply … they came here to see for themselves the opportunities Palawan is offering to the businessmen and investors, especially from Sabah,” the vice-chairman added.

James said Cement Industries Sabah (CIS) chairman Datuk Samsudin Yahya together with its chief executive officer Bahrul Razha Chuprat and manager Melvyn Yong are also with the group to discuss further with WTIE Enterprise on the possiblity of closing a business deal.

He said the Sabah delegation early Thursday morning paid a courtesy call to Alvarez at the  provincial office in the city where the executive officer briefed the visitors on the many business opportunties.

Late last month WTIE president cum CEO William Tan had expressed the company’s sincere desire to buy cement from CIS.

After the courtesy call, the CIS group also attended a meeting with Tan at his residence to further discuss and pave way for the realization of the business deal.

During the discussion, Tan expressed his hope that the planned buying of cement from Sabah will be concealed sooner than expected.

“The meeting was described by both parties as friendly and very promising,” James stressed.

Meanwhile, Samsudin in expressing his satisfaction, thanked Tan for the hospitality extended to them.

“With the way the meeting was carried out, I am also hopeful that the deal between CIS and WTIE will come true,” the chairman said.

Samsudin also thanked Alvarez for the opportunities being extended to Sabah.

“Palawan is a great province and working together with the Palaweneos would mean lots of benefits to the Sabahans,” he further expressed.

Towards this end, he advised other businessmen in Sabah to visit the province and see for themselves the business opportunities being offered to them in the province.

“Let’s not take this golden opportunity for granted and allow China and other foreign entrepreneurs to by-pass Sabah,” he added.


Malaysia committed helping finalise RCEP (Regional Comprehensive Economic Partnership) by year-end

Posted on : 10-08-2017 | By : sabah today | In : National Business

KUALA LUMPUR: Malaysia is committed to helping finalise the Regional Comprehensive Economic Partnership (RCEP) by year-end, together with 15 other nations, with the aim of increasing economic trade in Asia.

International Trade and Industry Minister (MITI) Datuk Seri Mustapa Mohamed said efforts towards this end are being actively carried out, including the meeting in Hanoi, Vietnam, from May 21-22 this year.

The meeting was attended by ministers and deputy ministers from ASEAN, Australia, New Zealand, China, Japan, South Korea and India.

“The negotiations began in 2013, and the delay in finalising the agreement was because it involves 16 countries, but all are committed to finalising the agreement.

“All 16 nations are in the process of working out the details with regards to the terms and conditions as discussed during the latest ministerial level meeting which prioritised implementation by 2017,” he said during the Minister’s Question Time at the Dewan Rakyat today.

He was responding to a question from Datuk Rozman Isli (BN-Labuan) on the progress of the RCEP negotiations and whether Malaysia was still committed to continuing with negotiations.

Mustapa said the negotiations are aimed at ensuring uniformity in the regulations among the 16 nations to ease investments and trade in the region.

He said the RCEP has the potential to shape the international trade agenda through the liberalisation of trade from the product, services and investments aspects on a deeper and larger scale, which roughly encompasses more than half of the world’s population.

“As a major ASEAN economy, Malaysia will be able to benefit from the efforts to strengthen trade between RCEP partners, while local companies


Perseids meteor shower Sat (12.30am, according to the National Space Agency)

Posted on : 10-08-2017 | By : sabah today | In : National Business

KUALA LUMPUR: The Perseids meteor shower will be visible over the night sky in the country at about 12.30am on Sunday, according to the National Space Agency.

In a statement, it said that Malaysians would be able to see between 60 and 150 meteors an hour in areas free of light pollution during the phenomenon.

“However, the waning gibbous moon will make it a challenge to see the meteor shower clearly,” it said, adding that the moon was expected to rise at 10.16 pm on Friday.

The Perseids meteor shower occurs annually between July 17 and Aug 24 when the earth passes through a comet’s path and the comet dust burns when entering the earth’s atmosphere. – Bernama