Petronas to dish out mega contracts?

 Accountability, Energy resources, Malaysian finance/business  11 Responses »
Jan 232011
 

Petronas may soon dish out mega contracts for local and foreign firms to develop marginal oil fields. And reports say the frontrunners are believed to be Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd. “The local players will tie up with foreign oil and gas majors in a consortium where the former would have a minor role as it is something new to them. The locals need to learn,” The Star quoted an industry source as saying. (In other words, the locals can’t handle the job themselves?) According to Kencana’s Annual Report for 2010, Mokhzani Mahathir has a 39 per cent interest in the firm, mostly via Khasera Baru Sdn Bhd.

Wall of smoke

 Development issues, Malaysian finance/business, Sustainable development  15 Responses »
Jan 232011
 
Wall of smoke

I was admiring the view of Penang Island from the mainland at around noon today when suddenly, a wall of smoke billowed near the sea-front blocking the island from view for a few minutes. A fire in Butterworth? No, just plumes of smoke coming from the direction of an industrial plant in the heart of Butterworth town, lasting a few minutes. Apparently, this happens once or twice a day, I was told.

Bangsar land swap: The hidden party

 Accountability, Development issues, Health care, Malaysian finance/business  18 Responses »
Jan 212011
 
Bangsar land swap: The hidden party

The land swop deal involving S P Setia and the government has raised several issues of public interest.  This is another of those fancy so-called ‘public-private partnerships’; but there is also a third – and hidden – party involved. Who is it? Under the land swop: Part A: S P Setia will receive 40 acres of super-prime land on Federal Hill (opposite KL Sentral), currently used by the Health Ministry, from the government. Part B: In exchange, S P Setia will build a 1M1H health complex (at a cost of around RM700 million) for the government on 55 acres of Setia Alam land (valued at RM60psf). View Larger Map

Small fine for Pykett Ave demolition

 Development issues, Malaysian finance/business, Malaysian history  52 Responses »
Jan 182011
 

Update: The maximum fine under the law for this offence is RM500,000 or two years jail or both. The CM has described the RM6,000 fine imposed as a mere slap on the wrist and has instructed the MPPP to appeal for a heavier sentence. The firm responsible for demolishing an old double-storey building along Pykett Avenue without local council planning permission was fined a small sum by the magistrate’s court yesterday. Klassik Tropika Development Sdn Bhd of the Mah Sing Group was fined RM6,000 for the demolition, which took place just days before a scheduled MPPP inspection (probably to assess if the site had any heritage value) in July 2010. This saga brings back memories of how a RM2 company was fined RM50,000 for the Christmas Day 1993 demolition of the historical Metropole Hotel, a property worth RM9.5 million back then.

UEM-EPF in the driver’s seat for PLUS

 Malaysian finance/business, Public transport  3 Responses »
Jan 172011
 

Latest: PLUS has accepted the UEM-EPF bid as a confirmed offer. MMC meanwhile had submitted its bid directly to the government. See Singapore Business Times story here. While we are all distracted by the ethnic and religious controversies in the country, watch out for these big-ticket deals. On the sale of PLUS Expressways Bhd, one of the most lucrative assets in the country: UEM-EPF remains the only bidder (RM23 billion) after Jelas Ulung, which had submitted a RM26 billion bid, dropped out of the race when it failed to come up with a RM50 million deposit.

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