On the southernmost edge of the Asian landmass and on the shores of the busy shi...
JOHOR, Malaysia/JAKARTA - On the southernmost edge of the Asian landmass and on the shores of the busy shipping lanes of the Singapore Strait, Malaysia’s Petronas is starting up a state-of-the art petroleum processing hub, called RAPID.
Both are state-owned oil companies that dominate the energy sector in their own nations. But their fortunes have markedly diverged because Malaysia has allowed Petronas to follow its own growth path, while Pertamina is hobbled by Indonesian government intervention and bears the burden of a subsidy program.
Petronas declined to speak with Reuters about the project’s details but has said RAPID “will position Malaysia to capitalize on the growing need for energy and petrochemical products in Asia in the next 20 years ... pushing our country into a new frontier of technology and economic development.”Once a member of the Organization of the Petroleum Exporting Countries , Indonesia has seen its crude oil output dwindle from a peak of 1.6 million bpd in the early 1990s to below 1 million bpd.
Fajar Harry Sampurno, the deputy minister for state owned enterprises, said Cilacap’s delay was because the land for the site had yet to be acquired. Once RAPID is completed, Petronas would likely start looking for a next big development project, possibly as an investment into overseas production or even in form of corporate acquisitions, said Harwood from Wood Mackenzie.The consultancy estimates Petronas, which has invested far more than its Indonesian counterpart in exploration and acquisitions, will produce 1.6 million barrels per day of oil equivalent this year, which is a unit to describe joint oil and gas production, against vs 0.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Good weather expected to bolster Indonesia, Malaysia palm outputCrop-friendly weather over the last few months in top palm oil producers Indones...
Lire la suite »
Elizabeth Warren Differs With Joe Biden: Mike Pence Is No 'Decent Guy'Elizabeth Warren differs with Joe Biden: Mike Pence is no 'decent guy'
Lire la suite »
John Kelly differs with Trump on immigration, mum on security clearancesFormer WH Chief of Staff John Kelly says he disagreed with some Trump admin. policies and dodges questions about the president reportedly intervening to secure top-secret security clearances for his daughter Ivanka Trump and son–in–law, Jared Kushner.
Lire la suite »
The Fortune 500 is expected to gain another female CEOIt's likely that Old Navy CEO Sonia Syngal will stay with the company as it spins off from Gap Inc.
Lire la suite »
Social Spin Doctor: Kind Bar’s Daniel Lubetzky Builds A $1.5 Billion Fortune On Do-Gooder RhetoricDaniel Lubetzky has spun chocolate, nuts and do-gooder rhetoric into a snack company worth billions. Maybe someday he’ll get back to his true passion: changing the world for the good.
Lire la suite »
EU says 'difficult' Brexit talks unlikely to yield swift dealTalks with Britain on amending its divorce deal with the European Union have mad...
Lire la suite »
Zion Williamson unlikely to play in Duke finale vs. North Carolina, Mike Krzyzewski saysDuke coach Mike Krzyzewski said he doesn't expect Zion Williamson to play against UNC, but thinks the star freshman will be ready for the postseason.
Lire la suite »
Trump gets praise from unlikely corners for walking away from KimSenate Minority Leader Chuck Schumer was just one of a group of Trump skeptics who appeared to breathe a sigh of relief after the president refused to accede to Jong Un's demand for a full lifting of sanctions as part of a larger denuclearization deal
Lire la suite »
The Green New Deal's Unlikely WinnersAs potential legislation, the so-called 'Green New Deal' certainly could have had a better launch. But despite a not-quite-ready-for-prime-time roll-out, its key goal of de-carbonization is gaining ground on both sides of the aisle in Congress, and more importantly with industry.
Lire la suite »