MAS: MASkargo to manage Fireflys east Msia ops out of KLIA. MASkargo has been contacted to manage and market cargo space for Firefly out of the KL International Airport (KLIA) to Sabah and Sarawak. This expansion will boost the development of Kota Kinabalu as Malaysia Airlines eastern hub and benefit regional cargo shippers. MASkargo would be dealing with a cargo capacity increase of around 100 tonnes per week or 400 tonnes a month. (Source: The Star)
Plantation: 17.6m tonnes of CPO output achievable. Malaysia's oil palm industry is hopeful of producing 17.6m tonnes of crude palm oil this year as the government eases its foreign labour hiring rule and age profile of palm oil trees mature. The forecast is not too ambitious because it is a reversion to 2009's level. (Source: Business Times)
Foreign investment: Investments from Britain set to roll in. A large listed British company will relocate its Southeast Asian headquarters to Malaysia soon as more investors from the UK make or bolster their presence in Malaysia this year. Meanwhile, another firm is making a sizeable investment in Johor to set up a RM80m factory. The plant, which is under construction, will produce medical devices for the domestic and export markets. Two more British companies - one is a manufacturer of hygienic door for the pharmaceutical industry and another, an aerospace components maker - are also poised to set up operations in Malaysia soon. Mida is also assisting two other organisations, including Glamorgan University, to set up joint ventures in the country. (Source: Business Times)
Petronas will start developing 25% of its marginal oil fields from this year
Petroliam Nasional (Petronas) plans to start rolling out contracts to develop marginal oil fields from this year, a move that will not just replenish oil reserves but also help local companies servicing the industry to grow further. Malaysia has 106 marginal oil fields with some 580 million barrels of oil, Petronas chief executive officer Datuk Shamsul Azhar Abbas said yesterday. Marginal fields are small oil fields with less than 30 million barrels of oil and are usually considered uneconomical to develop. But the current high oil price, at about USD87 (RM265) a barrel now in the US markets, makes it attractive for foreign firms with the technology and knowledge to explore such fields. The marginal fields plans also come under the Government's Economic Transformation Programme where incentives were announced to help Malaysia earn some RM50bn from oil and gas over 20 years. (BT)
Perisai buys into Intan Offshore
Perisai Petroleum Teknologi has agreed to buy 51% of Intan Offshore SB for RM45.24m. It will issue 70.68 million new shares at 64 sen each as payment. “The proposed acquisition is a strategic move by the company to expand its existing operations as a supplier of vessels and solutions provider for oil and gas sector in Malaysia,” said the company in its filing to Bursa Malaysia yesterday. Intan Offshore currently owns 8 vessels. (BT)
Multi-Code and partner secure RM125m Proton contract
Multi-Code Electronics Industries (M) and its technical partner, Hella Australia Pty Ltd, have secured a contract worth RM125m for a 5-year period from Proton Holdings. The contract is to develop and supply a rear combination lamp for one of Proton's new car models slated for launching in early 2012. Multi-Code said it had also signed a technical assistance agreement (TAA) with Hella, which would enable Multi-Code to make use of the exclusive right, permission and licence in Malaysia to use Hella technology to develop and sell the joint products. (StarBiz)
Sime Darby division forms joint venture with Mustang
Sime Darby's energy and utilities division and Mustang, a Wood Group Company, have formed Mustang Sime Darby, a joint-venture company that will provide project management, design, and procurement support services for the oil and gas (O&G) industry. Mustang is a leading global O&G engineering and project management company, providing project management, conceptual and detailed engineering, and construction management services. (StarBiz)
Benalec signs deals to buy two vessels for RM20.7m
Newly-listed Benalec Holdings via units Pacific Shipping Ltd and Pacific Link Ltd has entered into memoranda of agreement with Middlesbrough Shipping and Investment Ltd and Bolton Shipping and Investment Ltd for the acquisition of two vessels for RM20.75m. In a note to Bursa Malaysia yesterday, Benalec said the acquisitions would facilitate the expansion of the group's fleet of vessels, in particular vessels for transporting of sand for land-reclamation activities. (StarBiz)
Taliworks seeks new joint venture partner for China water project
Taliworks Corp will seek a new partner for a RM374.7m waste-water treatment project in Yinchuan City, China, after its original partner allegedly defaulted on its obligation. Taliworks said it had, on Tuesday, received a letter from the Yinchuan City Waste Water Treatment Co Committee indicating that both Taliworks and Beijing Puresino-Boda Environmental Engineering Co Ltd (BODA) had yet to formalize the joint-venture (JV) company, in which Taliworks would have a 70% stake, to undertake the project. In accordance with the terms of the tender requiring the JV partners to jointly and severally assume responsibility of the entire project and following a default by BODA to fulfill its obligation on its part, the company is now obligated to assume responsibility of the entire project. As a result, Taliworks has been offered to assume the project in its entirety in accordance with the terms of the tender. (StarBiz)
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