PETRONAS Production Sharing at Agua Marinha Block in Brazil with Petrobras, TotalEnergies and QatarEnergy

Malaysian energy group PETRONAS announced today that it’s subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) has signed a Production Sharing Contract (PSC) with Petrobras, TotalEnergies and QatarEnergy for the Agua Marinha exploration block located in the Campos Basin, offshore Brazil. Under the PSC terms, Petrobras will be the operator with a 30 per cent participating interest, while TotalEnergies holds 30 per cent and QatarEnergy holds 20 per cent. PETRONAS Vice President of Exploration, Mohd Redhani Abdul Rahman said, “This milestone reinforces … Continue reading “PETRONAS Production Sharing at Agua Marinha Block in Brazil with Petrobras, TotalEnergies and QatarEnergy”

Bank Negara Malaysia Surprises by Raising Interest Rates 25 bps to 3%

The central bank of Malaysia, Bank Negara Malaysia surprised markets by raising its key overnight policy rate by 25 basis points to 3% in the May meeting of 2023 on Wednesday. Bank Negara had kept rates unchanged at its two previous meetings this year, as it sought to assess the impact of four consecutive hikes totaling 100 basis points in 2022. said the stance of monetary policy remained accommodative and supportive of economic growth. Policymakers said, “With the domestic growth prospects … Continue reading “Bank Negara Malaysia Surprises by Raising Interest Rates 25 bps to 3%”

Bank Negara Malaysia Leaves Interest Rates Unchanged in Wait-and-See Approach

The central bank of Malaysia, Bank Negara Malaysia surprised markets by leaving its key overnight policy rate steady at 2.75% in the March meeting of 2023 on Thursday as expected. Bank Negara said the stance of monetary policy remained accommodative and supportive of economic growth. Policymakers said further normalization to the degree of monetary policy accommodation would be informed by the evolving conditions and their implications to the domestic inflation and growth outlook. Malaysia’s economy has recovered strongly from a pandemic-induced … Continue reading “Bank Negara Malaysia Leaves Interest Rates Unchanged in Wait-and-See Approach”

Bank Negara Malaysia Leaves Interest Rates Unchanged to Assess Previous Hikes Impact

The central bank of Malaysia, Bank Negara Malaysia surprised markets by leaving its key overnight policy rate steady at 2.75% in the first meeting of 2023 on Thursday. Markets had forecast a 25bps increase. Bank Negara said it wants to assess the impact of the previous four rate hikes. Policymakers noted that the current policy stance remains accommodative and supportive of economic growth and further normalization would depend on the evolving conditions and their implications to the domestic inflation and growth … Continue reading “Bank Negara Malaysia Leaves Interest Rates Unchanged to Assess Previous Hikes Impact”

Malaysian Ringgit and Kuala Lumpur Stocks Soar After Anwar Ibrahim Appointed PM

The Malaysian ringgit and the main Kuala Lumpur stock index soared Thursday amid easing political turmoil. Malaysia’s king appointed long-time opposition leader Anwar Ibrahim as prime minister Thursday as the country’s 10th prime minister. The FTSE Bursa Malaysia KLCI Index jumped just over 4 per cent to close at 1,501.88 points in its strongest single day increase since March 2020. Malaysian ringgit strengthened by almost 2% to above $4.5 on Thursday, the sharpest rise since March 2016 and pushing the … Continue reading “Malaysian Ringgit and Kuala Lumpur Stocks Soar After Anwar Ibrahim Appointed PM”

Lynas, One of Few Rare Earth Miners Outside of China in Play But There are Risks

Australian rare earths miner Lynas reported a 27% jump in revenue to $101.3 million in Q1 despite a forced shutdown of its Malaysian operations in December. Radioactive waste concerns are clouding $LYC ($LYSCF), who rejected an unsolicited $1.5 billion takeover bid from Wesfarmers.

Rare Earths Miner Lynas Rebounds After Malaysia PM Comments

Australian rare earths miner Lynas Corp saw it’s shares leap 12% on Friday after comments from Malaysia’s new prime minister about the upcoming environmental review of its processing plant in the country. Lynas shares had fallen 27% on concerns the company’s plant would be closed.