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Petronas-Saudi RAPID refinery offloads first oil cargo

SINGAPORE: A supertanker carrying the first crude oil cargo to a refinery being jointly built by Malaysia's Petronas and oil giant Saudi Aramco has arrived at Pengerang, as the two companies enter the commissioning and testing phase at the plant.

Construction of the 300,000 barrels-per-day (bpd) refinery at the Pengerang Integrated complex is nearing completion, Petroliam Nasional Berhad (Petronas) said in a statement issued late on Monday. (File pic Rapid construction in Pengerang)

Oil price jumps more than 3% to a four-year high, above US$80 a barrel

NEW YORK: Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above US$80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply

Brent crude settled up $2.40 or 3.1 percent at $81.20 a barrel, after touching an intraday high of $81.39, the highest since November, 2014. U.S. light crude settled up $1.30, or 1.8 percent, higher at $72.08.

Indonesia eyes foreign firms for more mergers

JAKARTA: Indonesia has almost 2,000 banks and a currency that has plunged 11% since January, a combination overburdened regulators hope will prove irresistible to foreign acquirers.

Indonesian regulations make it difficult – though not impossible – for foreign banks to invest more than 40% in local lenders. Singapore’s DBS Group Holdings Ltd scrapped a bid to buy PT Bank Danamon Indonesia in 2013 after the ownership rule was introduced.

Warning to developers: Reduce prices or SST will be reimposed

KUALA LUMPUR: Finance Minister Lim Guan Eng has asked developers to reduce house prices on a national level, failing which the sales and service tax (SST) on construction services will be reimposed if developers do not pass the savings to buyers.

Developers’ meeting: Lim arriving at the Rehda conference. With him are Jeffrey Ng (left) and Soam (right).

Rehda debunks 2019 price turnaround

KUALA LUMPUR: Contrary to property consultancies and real estate agents’ reports that house prices will pick up in the second half of 2019, Rehda Institute chairman Datuk Jeffrey Ng Tiong Lip says this is unlikely.

“The broad national economy will always have an impact on house prices. Look at the gross domestic product (GDP) for 2019, which is expected at 5% plus minus or it could actually go down. So, how can property prices for 2019 be better than the current year?” Ng(pic) asked.

Nestle implements satellite-based service Starling

PETALING JAYA: In line with its 2020 No Deforestation commitment, Nestle is now the first global food company to implement satellite-based service Starling to monitor 100% of its global palm oil supply chains.

Nestle S.A. executive vice-president and head of operations Magdi Batato(pic) said the group had worked with Airbus and TFT since mid-2016 to embark on a pilot project over the Perak landscape in Malaysia, as a move to accelerate its plan towards reaching the 2020 No Deforestation commitment.

Yinson earnings down on higher financing costs

PETALING JAYA: Despite higher revenue, Yinson Holdings Bhd’s net profit fell 11.9% to RM73.67mil for the second quarter ended July 31 from RM83.60mil in the corresponding period last year.

Commenting on the company’s results, Yinson group executive chairman Lim Han Weng(pic) said: “Our second reporting quarter brought some significant developments to our business.“

Sapura Energy secures RM815mil contracts

KUALA LUMPUR: Sapura Energy Bhd has secured three new jobs and a contract extension worth about RM815mil in Australia, Brunei, Malaysia and Nigeria.

President and group chief executive officer Tan Sri Shahril Shamsuddin(pic) said sustained high oil prices had encouraged recovery in investments, which is driving increased activities.