Monday, May 15th, 2017

 

Northport and Weifang Sime Darby ink agreement

KUALA LUMPUR, May 15 — Northport (Malaysia) Bhd and Weifang Sime Darby Port Co Ltd have signed a Memorandum of Understanding (MoU) to establish a sister port relationship that will cooperate in port management and facilitate halal trade shipment…


Bursa Malaysia mixed over last-minute bargain hunting

KUALA LUMPUR, May 15 — Bursa Malaysia ended mixed today as some bargain hunting activities emerged 10 minutes before closing to push the key market bellwether into positive territory. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed at…


Oil surges 2.5%, soothes cyber nerves

Oil surges 2

LONDON (May 15): A bounce in oil and other commodities prodded stock markets higher on Monday, cushioning the hit to sentiment from a successful missile…


Bets on Opec rally are gone and that may be good for crude

NEW YORK, May 15 — Hedge funds have undone all their wagers on an Opec-driven oil rally, and that could be good for prices. Bets on West Texas Intermediate futures have all gone back to where they were before Opec agreed to cut output, data…


Petronas Chemicals posts higher profit, cautious on price recovery

KUALA LUMPUR, May 15 — Malaysia’s Petronas Chemicals Group Berhad today reported a doubling in quarterly profit, helped by higher prices and sales volume, but remained cautious about recovery in the petrochemicals market as crude prices remain…


UMW-OG’s unit bags RM151m contracts from Petronas Carigali

PETALING JAYA: UMW Oil & Gas Corp Bhd's (UMW-OG) unit UMW Offshore Drilling Sdn Bhd (UOD) has been awarded contracts for the provision of jack-up drilling rig services for Petronas Carigali Sdn Bhd with combined value of RM151.07 million (equivalent to US$34.81 million).

In a filing with Bursa Malaysia today, UMW-OG said the first contract is for the provision of drilling rig services for Petronas Carigalis's drilling programme. UMW NAGA 3 will be assigned for this contract.

The contract is to drill five firm wells with the option of drilling additional 1+1+1+1+1+1 well, commencing in June 2017, it added.

The second contract is for the provision of drilling rig services for Petronas Carigali's drilling programme, to be assigned to UMW NAGA 4.

The contract is to drill two firm wells with the option of drilling additional 1+1+1 well, commencing in June 2017, it noted.

UMW NAGA 3 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet, whereby UMW NAGA 4 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and a rated operating water depth of 400 feet.


MBits Digital to develop digital hub with two China partners

BEIJING, May 15 — Two Chinese companies are investing in MBits Digital Sdn Bhd for the development and deployment of Malaysia’s digital infrastructure. MBits Digital yesterday signed a Memorandum of Understanding (MoU) with China’s PowerChina…


Asian currencies brush aside concerns over cyber attack, N. Korea threats

SINGAPORE, May 15 — Most Asian currencies edged up against the US dollar today, shrugging off threats from a ransomware attack that locked up more than 200,000 computers in more than 150 countries, and a missile test by North Korea. The…


Asean stocks mostly down as Singapore hits fresh 21-month high

SINGAPORE, May 15 — Most Southeast Asian stocks slipped today as risk appetite took a hit from threats posed by a global cyber attack and a missile test by North Korea, although Singapore defied the trend to scale a fresh 21-month peak. Asian…


FGV aims to double exports to China with Sinograin collaboration

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) aims to double its palm oil exports to China via its collaboration with Sinograin Oils Corp.

FGV group president and CEO Datuk Zakaria Arshad said it is currently exporting over 300,000 MT of crude palm oil to China.

“We have a few plans with Sinograin. First is to import cooking oil to China. Yesterday, we concluded the quantity to be distributed into the China market,” he told reporters on the sidelines of MSM Malaysia Holdings Bhd's (MSM) AGM today.

“Secondly, we plan to use our Dongguan facility, a refinery and storage which Sinograin will use to store olein imported from FGV and produce blended oil for the China market,” he said.

Zakaria said China will become FGV's biggest export market for palm oil, following the implementation of the collaboration.

FGV and Sinograin, a wholly owned subsidiary of China Grain Reserves Corp, signed a memorandum of understanding (MOU) to explore the feasibility of supplying and distributing palm oil products to penetrate China's midstream and downstream market.