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2022-03-09 07:27 | Report Abuse
Biden announces ban on Russian oil imports, calling it 'Putin's price hike'
March 8, 2022, 9:43 PM +08�/�Updated�March 9, 2022, 2:25 AM +08
By Kristen Welker, Peter Alexander and Rebecca Shabad
https://www.nbcnews.com/politics/politics-news/us-ban-russian-oil-imports-rcna19119
WASHINGTON ? President Joe Biden announced Tuesday that the U.S. will target "the main artery of Russia's economy" by banning the import of Russian energy products.
"We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine."
The president warned that the move would probably increase gas prices in the U.S., but that it was necessary to ramp up sanctions pressure on Russia's economy for its war on Ukraine.�
?Putin's war is already hurting American families at the gas pump," Biden said. "I?m going to do everything I can to minimize Putin's price hike here at home.?
Biden's language clearly anticipated a concerted Republican effort to blame him directly for the rise in gas prices, which hit a record in the U.S. on Tuesday. With gas prices certain to become a huge political issue in this year's midterm elections, Biden devoted much of his remarks to focusing American anger directly on Putin, while also encouraging U.S. energy companies to produce more domestic oil.
The president said the U.S. had made the decision to ban Russian energy products "in close consultation" with allies around the world, particularly in Europe. He said many of those partners may not be able to take the same action.
"The United States produces far more oil domestically than all of Europe," said Biden, who said the U.S. is a net exporter of energy. "We can take this step when others cannot, but we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well."
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2022-03-09 07:26 | Report Abuse
Biden announces ban on Russian oil imports, calling it 'Putin's price hike'
March 8, 2022, 9:43 PM +08�/�Updated�March 9, 2022, 2:25 AM +08
By Kristen Welker, Peter Alexander and Rebecca Shabad
https://www.nbcnews.com/politics/politics-news/us-ban-russian-oil-imports-rcna19119
WASHINGTON ? President Joe Biden announced Tuesday that the U.S. will target "the main artery of Russia's economy" by banning the import of Russian energy products.
"We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine."
The president warned that the move would probably increase gas prices in the U.S., but that it was necessary to ramp up sanctions pressure on Russia's economy for its war on Ukraine.�
?Putin's war is already hurting American families at the gas pump," Biden said. "I?m going to do everything I can to minimize Putin's price hike here at home.?
Biden's language clearly anticipated a concerted Republican effort to blame him directly for the rise in gas prices, which hit a record in the U.S. on Tuesday. With gas prices certain to become a huge political issue in this year's midterm elections, Biden devoted much of his remarks to focusing American anger directly on Putin, while also encouraging U.S. energy companies to produce more domestic oil.
The president said the U.S. had made the decision to ban Russian energy products "in close consultation" with allies around the world, particularly in Europe. He said many of those partners may not be able to take the same action.
"The United States produces far more oil domestically than all of Europe," said Biden, who said the U.S. is a net exporter of energy. "We can take this step when others cannot, but we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well."
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2022-03-06 11:27 | Report Abuse
Government approves MRT3 construction
By Adib Povera
March 4, 2022 @ 4:34pm
https://www.nst.com.my/news/government-public-policy/2022/03/776894/government-approves-mrt3-construction
KUALA LUMPUR: The government has approved the construction of the third Mass Rapid Transit Line 3 (MRT3) that will link the existing MRT1 and MRT2 lines into one giant loop around the Greater Klang Valley.
Also known as the Circle Line, the project was previously suspended by the Pakatan Harapan-led federal administration.
Prime Minister Datuk Seri Ismail Sabri Yaakob who confirmed this in a statement today, said priorities for the project would be given to local contractors especially Bumiputera to generate business opportunities as well as creating employment opportunities for the people.
"The implementation of this project will drive the country's economic growth and development, in line with the objective of the government to empower the business sector as well as creating 600,000 jobs this year.
"The government has decided to approve the implementation of the MRT3 project to complete the existing public transportation infrastructure in the Klang Valley by providing integrated transportation system that is affordable for the people," he said.
Transport Minister Datuk Seri Dr Wee Ka Siong in April last year had said that the MRT3 project was given the go-ahead by the federal government.
Mass Rapid Transit Corporation (MRT Corp) was previously reported as saying that the entire alignment of the MRT3 will be about 50km.
Preliminary plan for the MRT3 will include 30 stations, where 10 of them are MRT interchange stations, light rail transit (LRT) and KTM Komuter lines.
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2022-03-06 11:27 | Report Abuse
Government approves MRT3 construction
By Adib Povera
March 4, 2022 @ 4:34pm
https://www.nst.com.my/news/government-public-policy/2022/03/776894/government-approves-mrt3-construction
KUALA LUMPUR: The government has approved the construction of the third Mass Rapid Transit Line 3 (MRT3) that will link the existing MRT1 and MRT2 lines into one giant loop around the Greater Klang Valley.
Also known as the Circle Line, the project was previously suspended by the Pakatan Harapan-led federal administration.
Prime Minister Datuk Seri Ismail Sabri Yaakob who confirmed this in a statement today, said priorities for the project would be given to local contractors especially Bumiputera to generate business opportunities as well as creating employment opportunities for the people.
"The implementation of this project will drive the country's economic growth and development, in line with the objective of the government to empower the business sector as well as creating 600,000 jobs this year.
"The government has decided to approve the implementation of the MRT3 project to complete the existing public transportation infrastructure in the Klang Valley by providing integrated transportation system that is affordable for the people," he said.
Transport Minister Datuk Seri Dr Wee Ka Siong in April last year had said that the MRT3 project was given the go-ahead by the federal government.
Mass Rapid Transit Corporation (MRT Corp) was previously reported as saying that the entire alignment of the MRT3 will be about 50km.
Preliminary plan for the MRT3 will include 30 stations, where 10 of them are MRT interchange stations, light rail transit (LRT) and KTM Komuter lines.
Stock
2022-03-05 08:33 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
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2022-03-05 08:33 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
Stock
2022-03-05 08:31 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
Stock
2022-03-05 08:30 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
Stock
2022-03-05 08:29 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
Stock
2022-03-05 08:29 | Report Abuse
Oil price surges to multi-year highs as Russian supply shortfall looms
Energy Saturday, 05 Mar 2022
6:43 AM MYT
https://www.thestar.com.my/business/business-news/2022/03/05/oil-price-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers.
"While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step."
Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday.
Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions.
Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
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2022-03-03 01:23 | Report Abuse
Cannot post news in Mandarin ?
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2022-03-03 01:18 | Report Abuse
Alam�Maritim?5200???
Tan Siew Mung /theedgemarkets.com
March 02, 2022 18:23 pm +08
????2???Alam�Maritim�Resources�Bhd?????Petrofac Malaysia??5200???Cendor???????????
??????????????????Alam Maritim???????????????????Cendor????????????????????????????
???????2022?7?21????
?????Alam�Maritim????????6??2022?2023??????????????????
???????0.5??14.29%???3?????4594????
??????????65%?
�
????????
Stock
2022-03-03 01:17 | Report Abuse
Alam Maritim Resources secures RM52m contract for Cendor Pipeline Project
Tan Siew Mung/theedgemarkets.com
March 02, 2022 18:03 PM
https://www.theedgemarkets.com/article/alam-maritim-resources-secures-rm52m-contract-cendor-pipeline-project
KUALA LUMPUR (March 2): Alam Maritim Resources Berhad announced on Wednesday (March 2) that it has received a Letter of Award for a RM52 million contract in respect to the Cendor Pipeline Project by Petrofac Malaysia.
The company said in a statement that�the letter of award, which is secured by its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd, is for the provision of transportation, installation and pre-commissioning of flexible risers and other appurtenances for Cendor Pipeline project.
The contract is expected to complete on July 21, 2022.
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2022-03-02 22:53 | Report Abuse
Announcement details
ALAM MARITIM RESOURCES BERHAD
Description: LETTER OF CONTRACT
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3239299
1. INTRODUCTION
The Board of Directors of Alam Maritim Resources Berhad ("ALAM? or "the Company") is pleased to announce that its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd has recently been awarded with the respective Letter of Award for Provision of Transportation, Installation & Pre-Commissioning of Flexible Risers and Other Appurtenances for Cendor Pipeline Project for Petrofac Malaysia (?Contract?).
2.������ SALIENT TERMS OF THE CONTRACT
The Contract is awarded on lump sum basis wherein the total Contract Price is approximately Ringgit Malaysia Fifty-Two Million (RM52,000,000.00). Contract is expected to complete on 21 July 2022.
3.������ FINANCIAL EFFECTS
The Contract is expected to contribute positively to the earnings and net tangible assets of ALAM and its group of companies for the financial year ending 30 June, 2022 and 2023. Notwithstanding this, the Contract will not have any material effect on the share capital and shareholding structure of ALAM.
4.������ RISKS ASSOCIATED WITH THE WORK ORDERS
The risk factors associated with the Contract include execution and operational risks such as availability of vessels, skilled manpower, equipment and materials in compliance with the terms of the Contract, unexpected mechanical breakdown, changes in political, economic and regulatory conditions. Throughout the years, ALAM has established its track record and expertise to undertake these Contract. In mitigating the risks, ALAM will closely monitor all planned activities as per the project schedule and ALAM adheres to the Quality, Health, Safety, Security and Environment - Integrated Management System in ensuring to continually deliver reasonable quality services.
5.������ DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors or major shareholders of ALAM, or persons connected to them has any direct or indirect interest in the Contract.
6.������ DIRECTORS' STATEMENT
The Board of Directors of ALAM is of the opinion that the acceptance of the Contract is in the best interest of the Company.
The announcement is dated 2 March 2022.
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Stock: [SAPNRG]: SAPURA ENERGY BERHAD
2022-03-09 07:27 | Report Abuse
Biden announces ban on Russian oil imports, calling it 'Putin's price hike'
March 8, 2022, 9:43 PM +08�/�Updated�March 9, 2022, 2:25 AM +08
By Kristen Welker, Peter Alexander and Rebecca Shabad
https://www.nbcnews.com/politics/politics-news/us-ban-russian-oil-imports-rcna19119
WASHINGTON ? President Joe Biden announced Tuesday that the U.S. will target "the main artery of Russia's economy" by banning the import of Russian energy products.
"We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine."
The president warned that the move would probably increase gas prices in the U.S., but that it was necessary to ramp up sanctions pressure on Russia's economy for its war on Ukraine.�
?Putin's war is already hurting American families at the gas pump," Biden said. "I?m going to do everything I can to minimize Putin's price hike here at home.?
Biden's language clearly anticipated a concerted Republican effort to blame him directly for the rise in gas prices, which hit a record in the U.S. on Tuesday. With gas prices certain to become a huge political issue in this year's midterm elections, Biden devoted much of his remarks to focusing American anger directly on Putin, while also encouraging U.S. energy companies to produce more domestic oil.
The president said the U.S. had made the decision to ban Russian energy products "in close consultation" with allies around the world, particularly in Europe. He said many of those partners may not be able to take the same action.
"The United States produces far more oil domestically than all of Europe," said Biden, who said the U.S. is a net exporter of energy. "We can take this step when others cannot, but we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well."