KUALA LUMPUR (Nov 13): Yinson Holdings Bhd has secured the floating production storage and offloading (FPSO) vessel contract for the Parque das Baleias field, offshore Brazil, from Petrobras.

In a statement on Friday (Nov 12), Petrobras said it had inked a letter of intent with Yinson’s unit Yinson Production Pte Ltd for the chartering and provision of FPSO services for the Parque das Baleias project, to be installed in the Jubarte Field, in the northern part of the Campos Basin.

The announcement came after it was reported that Petrobras in late October reversed its decision in August to rule out Yinson, the only bidder for the project, and the two parties were close to signing an agreement for the charter.

According to Petrobras, the FPSO is scheduled to start production in the last quarter of 2024, and will be the new unit of the definitive system to be installed in the Jubarte field. The unit will have the capacity to process 100,000 barrels of oil and five million cubic metres of gas per day.

The charter and service contract will have a duration of 22 years and six months, counted from the final acceptance of the unit, said Petrobras.

Oil Rises to Fresh Seven-Year Highs on Demand Worries as Concerns Over an SPR Release Fade

Oil prices rose to fresh seven-year highs early on Friday as concerns the U.S. Biden Administration would release some of its strategic petroleum reserve (SPR) to quell prices eased, returning the market's focus to rising demand amid weak supply.

West Texas Intermediate crude for November delivery was last seen up US$0.65 to US$78.95 per barrel, the highest since the autumn of 2014, while December Brent crude, the global benchmark, was up US$0.52 to US$82.47.

The rise comes after U.S. Energy Secretary Jennifer Granholm on Thursday cleared up comments published in the Financial Times that she could release oil from the SPR to quell rising gasoline prices, with the Energy Department saying no release is imminent. However it remains a potential tool should prices continue to rise.

"While the Biden administration has backtracked on plans to tap the SPR and curtail exports, we think another run-up in prices, particularly Brent breaching $85/bbl mark, could reignite the conversation on whether to take action," RBC Capital Markets said in a note.

OPEC+ on Monday stuck with plans to increase its supply to the global markets by 400,000 barrels monthly, resisting pressure to boost output because of fears that record European natural-gas prices would prompt fuel switching, boosting oil demand in an already tight market.

However Russia eased European prices by promising additional gas supplies, while the U.S. reported its oil inventories rose for a second-straight week. Still, demand remains high as China looks to offset weak coal production, natural-gas inventories are low in the United States and Europe ahead of the winter, and the global economy is recovering from pandemic lows.

"In view of the current robust demand, which is likely to be additionally boosted by the switch from gas to oil, plus the restrictive OPEC+ production policy, the oil market will remain tight until year's end," Commerzbank analyst Carsten Fritsch said in a note.

Commerzbank said it is raising its fourth-quarter forecast for Brent prices to US$85 from US$75 per barrel and to US$75 from US$70 in the first quarter of 2022.

support looks like 2.31

if oil 100, hibiscus will be rm3

the current quarter ended 30 June 2021, the Group has recorded a higher revenue of RM159.7 million and
loss before tax of RM32.9 million, as compared to revenue of RM84.1 million and a loss before tax of
RM33.5 million in the first quarter of 2021.
The increase in revenue in the current quarter as compared to the immediate preceding quarter is mainly
attributable to higher vessel utilisation at 51% as compared to 20% in the first quarter of 2021, which first
quarter of the year is typically affected by the monsoon weather.
The lower loss before tax of RM32.9 million in the current quarter has taken into account an additional
allowance for impairment loss on PPE of RM27.9 million (see Note A13) and a net realised/unrealised foreign
exchange loss of RM0.1 million, as compared to a net realised/unrealised foreign exchange loss of RM3.2
million recognised in the preceding quarter.
B3. Prospects
The second quarter of 2021 performance has been very challenging as the Group business continued to be
affected by various restrictive Movement Control Order (“MCO”) imposed by the Government of Malaysia to
contain the spread of COVID-19 pandemic. Concurrently, strict adherence to the standard operating
procedures of COVID-19, including the requirement of 14-day quarantine periods for workforce movement
to/from offshore has also resulted in higher operating costs.
However, the vessel utilisation came in stronger at 51%, as compared to 20% in the first quarter of 2021.
Together with ongoing vaccination efforts, this has lent further optimism that the pandemic can be contained
in the coming few months. As such, we believe that the outlook in third quarter of 2021 will improve
considerably as crude oil price has also stabilised at a healthy level which bodes well for the oil and gas
industry. In addition, our order book remains strong at an estimated value of RM2.3 billion, which will ensure
healthy earnings visibility over the next few years.
We will continue to be vigilant and exercise due care and prudence in the running and administration of the
company’s business. We remain confident that our strong execution track record and a healthy balance sheet,
will sustain the Group through this challenging period.

4.45 today. 1year low

https://www.youtube.com/watch?v=CbNLG6HtjOY

Accumulation phase

Amid news reports on the government's plan to stop administering Sinovac Covid-19 vaccines in Malaysia once its supplies end, Pharmaniaga Bhd clarified in a statement today that the discontinuation is actually due to the company meeting its obligation to supply a total of 12 million doses. Pharmaniaga said its contractual obligation with the government is to supply 12 million doses of the vaccine by Pharmaniaga LifeScience Sdn Bhd (PLS), between May and November 2021. In the meantime, the group said it will continue with the supply of Sinovac vaccines to State governments, government agencies and the private sector.

(PENGUMUMAN)
PERKHIDMATAN EKSPRES ANTARABANGSA KEMBALI KE 46 DESTINASI TAMBAHAN
(ANNOUNCEMENT)
INTERNATIONAL EXPRESS SERVICE RESUMES TO 46 MORE DESTINATIONS
21.4.21

time to wake up GCB. Consolidating so long...

Disposed during the retail fueled rally with small gains. In hindsight, it was probably best. TG is fundamentally strong, however, with HK listing which will inevitably cause more dilution, the upside seems limited. ESG issues are still unresolved, despite TG mentioning last year that the issue with US Customs will be resolved end of last year. Director buyback does not mean that the share price will go up. They amass in millions and have millions of shares to start with, so they're merely averaging up. Just earning dividends will be good. With more and more vaccines coming on the market, and with Pfizer vaccine proving to be effective even with a single dose, it is unlikely TG will stage another rally in the near future. The waning daily trade volume is another indicator. Decision to hold or sell ultimately is yours.

The stage is set for crude’s rally “but the whole recovery trade got a little bit ahead of itself and oil got a little bit ahead of itself,” said Jay Hatfield, CEO at InfraCap in New York. “Once we get the real demand coming back, we can start to see prices heading to $70, $80 or even a superspike.

good fundamental stock but low volume. Maybe the company should do share buyback like TG.