KUCHING: The proposed 80 megawatt (MW) manganese smelter to be built by joint venture (JV) company, Sakura Feroalloys Sdn Bhd in
the Samalaju Industrial Park, is expected to come online by October 2015.
This follows the signing of a power purchase agreement (PPA) between Sakura Feroalloys and Sarawak Energy Bhd (SEB) here today. Work on the project is expected to start soon.
Sakura Feroalloys is a JV between three international companies, Assmang Ltd, Sumitomo Corporation and China Steel.
Sarawak Chief Minister Tan Sri Abdul Taib Mahmud said the companies are expected to invest about US$328 million or RM1 billion, with an estimated production of 100,000 tonnes of high carbon ferro-manganese and 60,000 tonnes of silicon manganese per annum.
"The signing will also see an estimated 1,500 direct and indirect job opportunities for locals in Samalaju, where a township is being built, with a a hotel and workers accommodation to be ready within a year.
"This is besides making available, basic government services like security," Taib added.
He was speaking after witnessing the signing of the PPA between SEB and Sakura Feroalloys.
SEB's signing of the PPA with Sakura Ferroalloys was through its
wholly-owned subsidiary, Syarikat Sesco Bhd (Sesco).
SEB was represented by its chief executive officer Datuk Torstein Dale Sjotveit, while Sakura Ferroalloys director Jan Christiaan Steenkamp, signed for the company.
Taib said the signing of the PPA also signified growing investor confidence in the state's energy-intensive industry, particularly since the Sarawak Corridor of Renewable Energy (Score) was implemented about five years ago.
Meanwhile, Sjotveit said the total investments by its current six PPA customers within five years amounted to RM10.39 billion.
"At least one more PPA will be signed by the year's end," he added.
He said SEB's projection is that by the middle of the next decade, residential, retail and commercial customers in Sarawak would require 2,000 MW, while customers in the Score, would consume at least 6,000 MW.
Sarawak's gross domestic product (GDP) is expected to expand five-fold by 2030, with about 1.6 million jobs to be created, when Score is fully operationa
2013年10月11日星期五
Ahmad Zaki bagis RM162.96m contract
Ahmad Zaki Resources Bhd's (AZRB) unit, Ahmad Zaki Sdn Bhd, has secured a RM162.96 million contract from Perbadanan Perwira Harta Malaysia to build the Royal Malaysian Police Air Wing Unit base in
Shah Alam, Selangor.
In a filing to Bursa Malaysia, Ahmad Zaki Resources said the project is expected to be completed within 96 weeks of the date of site possession.
"The contract is expected to contribute positively to AZRB group's earnings and the net tangible assets for the financial years ending 2013 to 2015," it added
Shah Alam, Selangor.
In a filing to Bursa Malaysia, Ahmad Zaki Resources said the project is expected to be completed within 96 weeks of the date of site possession.
"The contract is expected to contribute positively to AZRB group's earnings and the net tangible assets for the financial years ending 2013 to 2015," it added
Petronas wins energy blocks in Myanmar
ANGON, Myanmar: Italy's Eni, India's ONGC Videsh and Malaysia's Petronas were among the winners of contracts for 16 onshore energy blocks in Myanmar, an energy ministry official said on Friday.
Thirteen of the 16 contracts were production sharing deals and the rest were petroleum recovery contracts, said the official, who sought anonymity because he was not authorised to speak to the media.
Eni, Petronas, ONGC, Pakistan's Petroleum Exploration (PVT) and Canada's Pacific Hunt Energy Corp each won contracts to operate two blocks, according to a list of the winners seen by Reuters.
For the first time in Myanmar, the winners would be required to perform Environment Impact Assessments before final approval from the country's investment commission, the official added
Thirteen of the 16 contracts were production sharing deals and the rest were petroleum recovery contracts, said the official, who sought anonymity because he was not authorised to speak to the media.
Eni, Petronas, ONGC, Pakistan's Petroleum Exploration (PVT) and Canada's Pacific Hunt Energy Corp each won contracts to operate two blocks, according to a list of the winners seen by Reuters.
For the first time in Myanmar, the winners would be required to perform Environment Impact Assessments before final approval from the country's investment commission, the official added
PM launches IGEM 2013
Prime Minister Datuk Seri Najib Razak today launched the International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2013) at the Kuala Lumpur Convention Centre (KLCC).
The Prime Minister, accompanied by the Minister of Energy, Green
Technology and Water Datuk Seri Dr Maximus Johnity Ongkili and his deputy Datuk Seri Mahdzir Khalid, spent more than 30 minutes touring the exhibition.
Also present were second Finance Minister Datuk Seri Ahmad Husni
Hanadzlah and Ministry of Finance Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah.
The four-day IGEM 2013, which began yesterday, is participated
by 469 exhibitors from 23 countries including the European Union, Germany, Taiwan, China, South Korea, Japan and Singapore.
The fourth edition of the IGEM is expected to be attended by more than 60,000 patrons with potential sales of up to RM1.2 billion.
Themed, "Advancing Green Growth and Global Entrepreneurship", the objective is focused on eight sectors including development, transportation, information communication technology, water and waste management, and energy.
Among the companies participating in the IGEM 2013 are Panasonic Malaysia Sdn Bhd, Philips Malaysia Sdn Bhd, UMW Toyota Motor Sdn Bhd, Land Rover, Honda Malaysia Sdn Bhd, Malaysian Investment and Development Authority and the Malaysia External Trade Development Corporation
The Prime Minister, accompanied by the Minister of Energy, Green
Technology and Water Datuk Seri Dr Maximus Johnity Ongkili and his deputy Datuk Seri Mahdzir Khalid, spent more than 30 minutes touring the exhibition.
Also present were second Finance Minister Datuk Seri Ahmad Husni
Hanadzlah and Ministry of Finance Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah.
The four-day IGEM 2013, which began yesterday, is participated
by 469 exhibitors from 23 countries including the European Union, Germany, Taiwan, China, South Korea, Japan and Singapore.
The fourth edition of the IGEM is expected to be attended by more than 60,000 patrons with potential sales of up to RM1.2 billion.
Themed, "Advancing Green Growth and Global Entrepreneurship", the objective is focused on eight sectors including development, transportation, information communication technology, water and waste management, and energy.
Among the companies participating in the IGEM 2013 are Panasonic Malaysia Sdn Bhd, Philips Malaysia Sdn Bhd, UMW Toyota Motor Sdn Bhd, Land Rover, Honda Malaysia Sdn Bhd, Malaysian Investment and Development Authority and the Malaysia External Trade Development Corporation
US stocks rise on hope of budget deal
NEW YORK CITY: US stocks rallied for a second straight session on Friday on rising optimism about a Washington deal to avert a debt default.
The Dow Jones Industrial Average jumped 111.04 (0.73 per cent) to 15,237.11. The broad-based SandP 500 rose 10.64 (0.63 per cent) to 1,703.20, while the tech-rich Nasdaq Composite Index tacked on 31.13 (0.83 per cent) to reach 3,791.87.
Investor anxiety eased on Thursday after Republican leaders offered President Barack Obama a short term extension of the US government's borrowing authority so as to stave off a possible debt default.
By Friday, there was still no deal, but markets appeared encouraged by continued talks.
"Yesterday was like the best day of the year and today is a good, strong follow-on," said Greg Peterson, director of investment research at Ballentine Partners.
"Everybody's pricing in that we'll have some kind of agreement," said Anthony Conroy, a trader at BNY ConvergEx Group.
Earnings season began picking up in earnest with reports from Dow component JPMorgan Chase and Wells Fargo. A score of additional reports will follow in the next few weeks.
JPMorgan finished unchanged after reporting its first quarterly loss since 2004 due to large legal charges. However, the bank's underlying performance was solid and it beat expectations when special items were excluded.
Wells Fargo, another banking giant, also finished flat after earnings rose 13 per cent compared with the year-ago period. On the downside, the company's key mortgage business suffered declines compared with the prior quarter in the wake of higher interest rates.
Retailer The Gap fell 6.7 per cent after September sales showed Gap Global comparable store sales sank 3 per cent versus last year. The company's Banana Republic and Old Navy chains also reported lower sales.
The results suggest the retail sector's "overall weakness has caught up" with The Gap, which had previously outperformed its peers.
Semiconductor company Micron fell 8.6 per cent after reporting a gain of US$1.7 billion compared with a loss of US$243 million a year ago.
However, the results were lifted by a recent acquisition of Elpida Memory, Inc. Without those gains, profits would have missed expectations by four cents a share.
The Dow Jones Industrial Average jumped 111.04 (0.73 per cent) to 15,237.11. The broad-based SandP 500 rose 10.64 (0.63 per cent) to 1,703.20, while the tech-rich Nasdaq Composite Index tacked on 31.13 (0.83 per cent) to reach 3,791.87.
Investor anxiety eased on Thursday after Republican leaders offered President Barack Obama a short term extension of the US government's borrowing authority so as to stave off a possible debt default.
By Friday, there was still no deal, but markets appeared encouraged by continued talks.
"Yesterday was like the best day of the year and today is a good, strong follow-on," said Greg Peterson, director of investment research at Ballentine Partners.
"Everybody's pricing in that we'll have some kind of agreement," said Anthony Conroy, a trader at BNY ConvergEx Group.
Earnings season began picking up in earnest with reports from Dow component JPMorgan Chase and Wells Fargo. A score of additional reports will follow in the next few weeks.
JPMorgan finished unchanged after reporting its first quarterly loss since 2004 due to large legal charges. However, the bank's underlying performance was solid and it beat expectations when special items were excluded.
Wells Fargo, another banking giant, also finished flat after earnings rose 13 per cent compared with the year-ago period. On the downside, the company's key mortgage business suffered declines compared with the prior quarter in the wake of higher interest rates.
Retailer The Gap fell 6.7 per cent after September sales showed Gap Global comparable store sales sank 3 per cent versus last year. The company's Banana Republic and Old Navy chains also reported lower sales.
The results suggest the retail sector's "overall weakness has caught up" with The Gap, which had previously outperformed its peers.
Semiconductor company Micron fell 8.6 per cent after reporting a gain of US$1.7 billion compared with a loss of US$243 million a year ago.
However, the results were lifted by a recent acquisition of Elpida Memory, Inc. Without those gains, profits would have missed expectations by four cents a share.
Oil dips towards US$111
LONDON: Global oil prices dipped on Friday as supply worries eased, but optimism over talks to end the US government shutdown kept losses in check.
The International Energy Agency said in its monthly report on Friday that total non-OPEC supply would rise by an average of 1.7 million barrels per day in 2014, the highest annual growth since the 1970s.
The IEA, the West's energy watchdog, also said the United States would become the world's largest oil producer next year, compensating for disruption in anticipated OPEC production.
Brent oil was 45 cents lower at US$111.35 per barrel at 0915 GMT, after closing US$2.74 higher at US$111.80 on Thursday.
The benchmark was still up nearly two per cent for the week.
US crude was down US$1.26 at US$101.75 per barrel, on track for its fourth weekly decline in five weeks.
"At the moment it's one step forward, two steps back," said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
"We're looking at a state of oversupply, as the IEA report showed, and that's weighing on prices."
The gap between US crude and North Sea Brent stood at US$9.63 per barrel and was on course for its widest settlement since early June.
"It looks like investors have been caught on the wrong foot and are having to scale back their positions, pushing the WTI-Brent spread wider," Fritsch said.
Signs that US President Barack Obama and Republican leaders appeared ready to end a political crisis that has shuttered much of the US government checked losses.
Republican leaders offered a plan on Thursday to extend temporarily the US government's borrowing authority, raising hopes of an end to the budget impasse that has clouded the demand outlook in the world's biggest oil consumer.
Although questions remained over whether a deal could be struck, the news sparked a big rally on Wall Street and in oil prices on Thursday, with Brent touching a four-week high of US$112 a barrel.
Lingering instability in Libya has also supported oil, after gunmen on the government payroll captured and briefly held Libyan Prime Minister Ali Zeidan on Thursday.
Oil output in Libya only recently recovered to 700,000 barrels per day after armed groups shut down pipelines and oil ports across the country.
The US Commodity Futures Trading Commission will not publish its weekly Commitment of Traders report, which was due on Friday and gives an indication of investors' positions, because of the government shutdown
The International Energy Agency said in its monthly report on Friday that total non-OPEC supply would rise by an average of 1.7 million barrels per day in 2014, the highest annual growth since the 1970s.
The IEA, the West's energy watchdog, also said the United States would become the world's largest oil producer next year, compensating for disruption in anticipated OPEC production.
Brent oil was 45 cents lower at US$111.35 per barrel at 0915 GMT, after closing US$2.74 higher at US$111.80 on Thursday.
The benchmark was still up nearly two per cent for the week.
US crude was down US$1.26 at US$101.75 per barrel, on track for its fourth weekly decline in five weeks.
"At the moment it's one step forward, two steps back," said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
"We're looking at a state of oversupply, as the IEA report showed, and that's weighing on prices."
The gap between US crude and North Sea Brent stood at US$9.63 per barrel and was on course for its widest settlement since early June.
"It looks like investors have been caught on the wrong foot and are having to scale back their positions, pushing the WTI-Brent spread wider," Fritsch said.
Signs that US President Barack Obama and Republican leaders appeared ready to end a political crisis that has shuttered much of the US government checked losses.
Republican leaders offered a plan on Thursday to extend temporarily the US government's borrowing authority, raising hopes of an end to the budget impasse that has clouded the demand outlook in the world's biggest oil consumer.
Although questions remained over whether a deal could be struck, the news sparked a big rally on Wall Street and in oil prices on Thursday, with Brent touching a four-week high of US$112 a barrel.
Lingering instability in Libya has also supported oil, after gunmen on the government payroll captured and briefly held Libyan Prime Minister Ali Zeidan on Thursday.
Oil output in Libya only recently recovered to 700,000 barrels per day after armed groups shut down pipelines and oil ports across the country.
The US Commodity Futures Trading Commission will not publish its weekly Commitment of Traders report, which was due on Friday and gives an indication of investors' positions, because of the government shutdown
Rubber prices close higher
The Malaysian rubber prices ended higher today in tandem with the Tokyo rubber futures market as progress in US debt talks encouraged buying, dealers said.
A dealer said the market was firmer as concerns over the US government shutdown had eased.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 increased 0.5 sen to close at 747.50 sen per kg while latex-in-bulk gained 1.5 sen to 536.50 sen per kg.
The unofficial closing price for tyre-grade SMR 20 increased 11 sen to 749.50 sen per kg while latex-in-bulk decreased 1.5 sen to 532 sen per kg.-
A dealer said the market was firmer as concerns over the US government shutdown had eased.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 increased 0.5 sen to close at 747.50 sen per kg while latex-in-bulk gained 1.5 sen to 536.50 sen per kg.
The unofficial closing price for tyre-grade SMR 20 increased 11 sen to 749.50 sen per kg while latex-in-bulk decreased 1.5 sen to 532 sen per kg.-
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