Tag Archives | Malaysia

WSC Wins $35m Contract in Basra

By John Lee. Malaysia-based Wah Seong Corporation Berhad (WSC) has announced that its indirect wholly-owned subsidiary Wasco Engineering International Ltd (WEIL) has been awarded a contract by Basrah Gas Company (BGC) for the design, packaging and sale of gas compressor packages and associated plant and site facilities. The contract is valued at $34.6 million. The […]

Petronas confirms Exit from Majnoon Oilfield

By John Lee. Malaysia's Petronas has reportedly confirmed that it will exit from Iraq's Majnoon oil field along with joint stakeholder Shell. A spokeswoman for Petronas told The National: "Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the […]

Petronas may Exit Majnoon Oil Field

By John Lee. Malaysia's Petronas has reportedly decided to withdraw from its 30-percent participating interest in Iraq’s giant Majnoon oil field. According to Bloomberg, the decision came as the company considers the returns to be too low. It is expected to hire advisers to help find an interested party to take up the holding. Shell is […]

JGO wins Security Contract in Central Iraq

By John Lee. Janus Global Operations (JGO) has announced that it has been selected by "an integrated oil and gas multinational corporation based in Malaysia", to provide security and risk management services for the company’s operations in central Iraq. Some 600 JGO U.S. and foreign national employees will be responsible, during the two-year contract, for […]

Shell to Exit Iraqi Oil Business

By John Lee. Oil giant Shell is trying to sell its stake in the Majnoon oilfield (pictured) in southern Iraq, following a failure to reach agreement with Iraq's Ministry of Oil. A Shell spokesman told UAE-based newspaper The National: “Following extensive discussions with the Ministry of Oil, the oil minister of Iraq formally endorsed a […]

IBBC Welcomes Five New Members

The end of 2016 saw several new members join the Iraq Britain Business Council (IBBC), each of which are underpinned by strong reputations for innovation, reliability and a commitment to investing in Iraq. GE, Khudairi Group, Pell Frischmann, Petronas and Siemens join 51 other world- and region-leading companies that form IBBC’s Council of Members. “IBBC […]

Oil Firms to Restart Investment, Boost Output

By John Lee. Reuters reports that Baghdad has reached agreement with BP, Shell and Lukoil to restart stalled investment in Iraqi oil fields, allowing production to increase by 250,000-350,000 bpd in 2017. According to documents seen by Reuters, the three firms agreed to spend in the second half of 2016 roughly half the budgets they proposed […]

Basra Heavy Trading at Discount

By John Lee. According to a report from Reuters, the new Basra Heavy crude oil grade has been trading at a widening discount. Malaysia's Petronas reportedly sold 2 million barrels for June loading to Indian refiner Essar Oil at a discount of more than $1 a barrel to its official selling price. bigger than expected […]

Ambassador: Tremendous Opportunities in Iraq

By John Lee. The Iraqi Ambassador to Malaysia, Prof. Dr. Basim Hattab Al-Tumma, has said that there are "tremendous opportunities" for Malaysian companies in the field of oil and gas exploration, infrastructure development, commodity trading, halal food and other consumer items. He said Iraq was looking forward to seeing Malaysia, a "brotherly Muslim country", assisting […]

Petronas "Can make it Work" in Iraq

By John Lee. The upstream international vice-president of Malaysia's Petronas, Sharbini Suhaili, has reportedly said that Petronas was the largest international oil company in Iraq, and that the assets returns were promising despite numerous challenges. "There are always challenges. "We can make it work and we are working well with our partners." (Source: AsiaOne) (Picture: Halfaya […]

Gazprom Starts Oil Deliveries from Badra

By John Lee. Russia's Gazprom Neft, the operator of the Badra oil field (pictured) in Iraq, has announced that first oil from the field is now being delivered to Iraq’s main pipeline system for transfer to the export terminal in Basra, on the Persian Gulf. Current deliveries from Badra to the pipeline stand at over […]