PETRONAS and PetroChina, in consultation with PERTAMINA, have in a joint exercise acquired the entire share capital of Amerada Hess Indonesia Holdings Limited (AHIH) for US$164 million. AHIH is one of the Indonesian subsidiaries of Amerada Hess Corporation, a US-based independent energy company listed on the New York Stock Exchange. PETRONAS participated in the joint acquisition via subsidiary PETRONAS Carigali Jabung Ltd.AHIH has a 30 per cent interest in Indonesia’s Jabung Block Production Sharing Contract (PSC) and a 20 per cent interest in the Heads of Agreement (HOA) for the development of a proposed project in Jabung, Indonesia to process and market liquefied petroleum gas (LPG) and light naphtha.

PETRONAS and PetroChina already have a 30 per cent interest each in the Jabung Block PSC, with PetroChina as the PSC Operator. The remaining 10 per cent stake in the PSC is owned by PERTAMINA. Both PETRONAS and PetroChina also have a 20 per cent stake each in the HOA on the proposed LPG and naphtha project, with the remaining equity held by PERTAMINA (20 per cent) and Itochu Corporation (20 per cent). Subsequent to the joint acquisition, PETRONAS and PetroChina are finalising with PERTAMINA the terms under which PERTAMINA will increase its participation in the Jabung Block PSC. Continue Reading

PETRONAS today signed an agreement for the acquisition of a 50% working interest and joint operatorship of the West Delta Deep Marine (WDDM) concession, offshore Egypt and a 35% interest in the Egyptian LNG (ELNG) Project from Edison S.p.A of Italy for a total consideration of approximately Euro 1,600 million.

The acquisition positions PETRONAS as one of the leading investors in the North African gas business and paves the entry of PETRONAS into the Atlantic Basin Liquefied Natural Gas (LNG) market. Coupled with its already strong position in the LNG market of North Asia, the acquisition effectively transforms PETRONAS into one of the leading players in the global LNG industry. Continue Reading

PETRONAS and PetroChina, in consultation with PERTAMINA, have in a joint exercise acquired the entire share capital of Amerada Hess Indonesia Holdings Limited (AHIH) for US$164 million. AHIH is one of the Indonesian subsidiaries of Amerada Hess Corporation, a US-based independent energy company listed on the New York Stock Exchange. PETRONAS participated in the joint acquisition via subsidiary PETRONAS Carigali Jabung Ltd.

AHIH has a 30 per cent interest in Indonesia’s Jabung Block Production Sharing Contract (PSC) and a 20 per cent interest in the Heads of Agreement (HOA) for the development of a proposed project in Jabung, Indonesia to process and market liquefied petroleum gas (LPG) and light naphtha. Continue Reading

PETRONAS, through its technical arm PETRONAS Technical Services Sdn Bhd (PTS), has appointed Motosikal Dan Enjin Nasional Sdn Bhd (MODENAS) the local assembler of the road version of its PETRONAS FP1 superbikes.

MODENAS, which is based in Gurun, Kedah, will assemble 75 units of the road-going FP1, Malaysia’s first superbike. The national motorcycle manufacturer will also manage all other related elements essential for the successful production of the super bikes. Assembly work for the 75 units of the FP1 has already started and is expected to be completed in July.

The 75 units of the FP1 are part of the total of 150 units of the road version of the superbikes that PETRONAS has to manufacture to allow Team Foggy PETRONAS Racing (FPR) to compete in the World Superbike Championship. The first 75 units of the motorcycles were built in Europe and were successfully homologated in January this year by the Federation Internationale de Motocyclisme (FIM). Continue Reading