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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.

Malaysian palm oil price jumps over 1% tracking crude oil gains

KUALA LUMPUR: Malaysian palm oil futures gained more than 1 percent in the second half of trading on Monday, snapping five straight sessions of declines, tracking strength in crude oil and U.S. Chicago Board of Trade (CBOT) soyoil.

The benchmark palm oil contract for December delivery was up 0.9 percent at 2,162 ringgit ($523.87) a tonne on the Bursa Malaysia Derivatives Exchange at the close of trade, its strongest daily gain in two weeks

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.

Petra director Nizam, Najib's brother, resigns

PETALING JAYA: Petra Energy Bhd has announced that a director, Datuk Mohamed Nizam Abdul Razak, the brother of former prime minister Datuk Seri Najib Tun Razak, has resigned.

Datuk Mohamed Nizam Abdul Razak(pic), the brother of former prime minister Datuk Seri Najib Tun Razak

MPOA lauds move to preserve forest

KUALA LUMPUR: The Malaysian Palm Oil Association (MPOA) fully supports the Primary Industries Ministry’s move to preserve more than 50% of the country’s land as forest, while its members focus on enhancing their oil palm yields

This comes to light after the world’s largest palm oil producers Malaysia and Indonesia took a firm stance not to allow the expansion of new oil palm plantations.

Return of US$100 oil seen by top traders

LONDON: Major oil trading houses are heralding the return of US$100 crude for the first time since 2014 as the market braces for the loss of Iranian supplies because of US sanctions.

Mercuria Energy Group Ltd co-founder Daniel Jaeggi said prices may spike to over US$100 a barrel in the fourth quarter because the market doesn’t have much capacity left to replace more than two million barrels a day of Iranian exports that could be lost to sanctions