Archive for February, 2010

Oil stocks can cover Iran supply loss for a year – IEA

Friday, February 26th, 2010

 

TOKYO, Feb 26 – The world’s oil stocks can absorb the loss of supply from Iran for a year and this should have a calming effect on markets, an official from the International Energy Agency (IEA) said on Friday.

Iran is OPEC’s second-largest producer and concerns that the row with the United States and its allies over Tehran’s nuclear programme may lead to a disruption in its crude supplies, have moved oil markets.

“Iran produces 3.5 million-4.0 million barrels per day (bpd) of oil,” David Fyfe, head of the oil industry and markets division at the IEA, told an oil forum in Tokyo.

“Stocks could absorb a 3 million to 4 million-bpd supply gap for more than a year. There are mechanisms there for supply disruption, this could be a calming factor for markets.”

Paris-based IEA is adviser to 28 industrialised economies.

Oil inventories have swollen since the beginning of the

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economic downturn as demand fell below supply. OPEC cuts have also given the world a bigger spare capacity cushion than it has had for years to deal with any surprise outages in global supply.

With such large spare capacity, oil prices moved little last year, as political turmoil engulfed Iran after a disputed presidential election.

Prices have been in tight range between $68 and $84 a barrel since last October, after wild swings in 2008 that saw oil prices jump to a record above $147 a barrel before diving to around $32 in just five months.

But there was always the danger that politics in Iran would impact supply, said Leo Drollas, chief economist at the London-based Centre for Global Energy Studies.

“The country

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is in turmoil,” Drollas told the same oil forum.

“There will be a big change there eventually, we don’t know when. But the oil market will be affected.” – Reuters

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Firefighters placed on alert as hotspots increase in Malaysia

Friday, February 26th, 2010

JOHOR BARU: Firemen and volunteer fire-fighting teams nationwide have been placed on alert in view of the prolonged hot spell in the country.

“We had a total of 19 hotspots nationwide in January but the figure this month is 131,” said Fire and Rescue Department director-general (operations) Amer Yusof.

“During the past 24 hours alone, we have received satellite images showing at least six hotspots nationwide, with two each in Pahang and Sabah and one each in Sarawak and Johor,” he said yesterday.

Amer said that most of the hotspots had been put out, with only about 91ha of peat soil and an oil palm plantation in Sedili Kecil in Johor still burning.

In Malacca, firefighters had their hands full tackling more than 250 bush fires in the past two months.

Blazing fury: The fire department has had to deal with more bush fires owing to the prolonged dry spell

State department deputy assistant director R. Ezhumalai said that more than half the fires were in the Melaka Tengah district.

“Thankfully, there were no reports of injuries or serious property damage,” he said.

The department usually dealt with fewer than 40 bush fires a month but this had

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increased dramatically since January due to the dry spell, with 88 cases reported in the month and 165 cases so far in February.

Ezhumalai also said there was sufficient water supply from hydrants and rivers for fire-fighting operations.

Last week, Chief Minister Datuk Seri Mohd Ali Rustam assured residents that taps would not run dry as there was sufficient water at

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the Durian Tunggal Dam in Alor Gajah and Jus Dam in Jasin to meet the state’s daily need of 103 million litres.

Meanwhile, the Meteorological Depart­ment’s weather stations in Subang and Petaling Jaya in Selangor recorded high temperatures of 33.9°C, while Sepang was only slightly cooler with a maximum temperature of 33.4°C.

Selangor received isolated rain over coastal areas in the morning and afternoon.

A department spokesperson attributed the high temperatures to brief spells of rain compared with longer rainfall during the inter-monsoon period.

He added that the weather was expected to remain hot until the end of March.

Temperatures along the west and east coasts remained high, with 36.8°C recorded in Alor Setar and 32.4°C in Kuantan.

However, isolated afternoon thunderstorms in Kuching kept the maximum temperature down to a relatively cool 30.4°C.

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Scomi Marine pre-tax loss of RM61m

Thursday, February 25th, 2010

 

KUALA LUMPUR, Feb 25 — Scomi Marine Bhd recorded a pre-tax loss of RM61.563 million for the financial year ended Dec 31, 2009, as against a pre-tax profit of RM78.018 million in the previous year.

Revenue declined by 4.0 per cent to RM448.3 million from RM467.058 million previously, the company said in a statement today.

Scomi Marine said the reduction in revenue was mainly due to the lower coal tonnage carried for Indonesian customers as the first half was affected by slowing demand, which picked up in the second half.

Despite the lower revenue, gross profit margin improved to 28 per cent in 2009 from 19.6 per cent recorded in the preceding year, it said, attributing the improvement to better overall cost management.

“Of the major items, bunker expenses were lower due to reduction of both consumption and price of the commodity. Docking expense was also lower as we benefit from our strategy of docking vessels locally in Indonesia,” said Scomi Marine’s president Mukhnizam Mahmud.

“Taking a long-term view at the sectors where we operate, the fundamentals for both the coal and offshore oil and gas sectors remain intact, which is cause for optimism for the company,” he said.

Mukhnizam said the global demand for coal is expected to remain strong with Indonesia continuing to be a major coal producer and exporter.

“Both Indonesia and India wi

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ll see increases in electricity generation through coal power plants that are being planned and constructed over the next three to five years,” he said.

According to Mukhnizam, this presents an opportunity for the company in the effort to expand its market in coal logistics.

“The division will continue to consolidate its present position as a valued transportation provider for our partners in Indonesia and look at opportunities to grow with them,” he said.

Mukhnizam said that exploration and production activities for the oil and gas sector around the region continued to push demand for vessels but the deliveries of new vessels over the next two years could also put pressure on rates.

Nevertheless, the company expects charter rates to remain stable in this region for 2010, he said.

With this backdrop, the offshore division planned to invest in new vessels, where current vessel prices would give acceptable return on investments for the company, Mukhnizam said.

Fleet utilisation and operational efficiency will continue to be pursued as part of the strategic thrust to enhance

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the division’s earnings, he said.

“Most of our vessels are on long-term charters and are chartered to third quarter 2010 and beyond. Therefore, utilisation rate for the year is expected to improve from financial year 2009,” he added. — Bernama

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MISC 3Q net profit 32% lower at RM170m

Thursday, February 25th, 2010

 

KUALA LUMPUR: MISC Bhd’s net profit for its third quarter (3Q) ended Dec 31, 2009 fell 31.8% to RM170.1 million from RM249.63 million a year earlier.

Revenue dipped 17.2% to RM3.05 billion from RM3.68 billion

while earnings per share eased to 4.6 sen from 6.7 sen.

The reduction in earnings was mainly due to lower profit in petroleum business and higher losses in liner and chemical businesses, MISC said in a statement.

“The group’s cost-reduction efforts have led to lower operating costs of revenue especially in cargo costs, charter hire payable and slots payable,” it said.

For the nine-month period, net profit fell 60% to RM485.61 million from

RM1.22 billion, while revenue declined to RM10.47 billion from RM11.78 billion.

MISC said the shipping industry continued to be challenged by low demand and excess tonnage.

“Recent pickup in demand has absorbed some of the excess tonnages resulting in freight rates rebounding from 2009’s trough. The recovery in freight rates is expected to continue over the short to medium term.

“MISC’s earnings for the medium term will continue to be underpinned by the long-term charters in its LNG and offshore businesses as well as growth in its heavy engineering division,” it said.

This article appeared in The Edge Financial Daily, February 25, 2010.

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Esso 4Q net loss at RM16m

Thursday, February 25th, 2010

 

KUALA LUMPUR: Esso Malaysia Bhd reported a smaller net loss of RM16.61 million or 6.2 sen a share for its fourth quarter ended Dec 31, 2009 (4Q09), down from a net loss of RM327.46 million or 121.3 sen a share a year earlier.

Revenue for the quarter increased to RM2.25 billion from RM1.81 billion a year earlier. The company proposed a final dividend of 12 sen less tax in respect of FY09.

For the cumulative period, Esso posted a net profit of RM145.52 million on the back of a RM8.03 billion

revenue, reversing from a net loss of RM251.33 million from RM11.73 billion revenue.

“Overall, improvement in 2009 results was mainly due to inventory gains and stronger margins,” the company said in a statement.

Looking ahead, it said the industry would remain challenging and subject to the global economic outlook. “Uncertainty in the crude price environment may result in potential earnings volatility.”


This article appeared in The Edge Financial Daily, February 25, 2010.

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Shell Refining narrows net loss to RM8m in 4Q

Thursday, February 25th, 2010

 

KUALA LUMPUR: Shell Refining Company (Federation of Malaya) Bhd posted a net loss of RM8.36 million in it fourth quarter (4Q) ended Dec 31, 2009, compared with a net loss of RM523.11 million a year earlier.

Revenue dipped to RM2.59 billion from RM2.94 billion, while loss per share shrank to 2.79 sen versus loss per share of 174.37 sen previously.

“The after-tax loss this quarter is mainly attributed to the steep drop in refining margins,” the company said in a statement yesterday.

It recommended a final dividend of 30 sen less 25% tax in respect of FY09 payable on June 23 subject to shareholder approval.

For the full year, the company reported a net profit of RM289.93 million, reversing from a loss of RM330.02 million in

FY08. Earnings per share (EPS) stood at 96.64 sen, compared to a loss of 110.01 sen prev

iously.

Revenue for FY09 declined 31.6% to RM8.95 billion from RM13.09 billion a year earlier.

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The company said in the fourth quarter of 2009, its refinery processed 8.1 million barrels of crude oil and sold nine million barrels of product.

Commenting on the outlook, Shell Refining chairman Datuk Saw Choo Boon said refining margins were expected to continue to be under pressure in the first quarter of 2010 due to low global demand coupled with increased refining capacity from the emergence of large refineries in the region.

This article appeared in The Edge Financial Daily, February 25, 2010.

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UNIFORM BUILDING BY-LAWS 1984 (ACT 133)

Monday, February 22nd, 2010

UNIFORM BUILDING BY-LAWS 1984 (ACT 133)

Responsibilities of Building Owner

According to By-Law 237 (3), provisions shall be

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made for the general evacuation of the premises by action of a master control. This has to be organized and carried out by the building owner, his building management staff and security personnel or building management agents engaged by him to be fully responsible for the undertaking of management, maintenance and security of the building.

From time to time, the owner should organize and carry out fire drills for the building occupants under the supervision of the fire and rescue department.
The owner should also arrange for building occupants, talks or lectures on Fire Safety, discipline and general precautionary measures.
Occupants should be trained in basic fire fighting like operating fire extinguishers, manual fire alarm activation, celebrex without prescription etc.

FACTORIES & MACHINERY ACT 1967 (Act 139)

Monday, February 22nd, 2010

 

 

Factories and Machinery (Safety, Health & Welfare) Regulations 1970

 

Regulation 21 Safety provisions in case of fire

(1)    Every factory building shall be provided with not less than two exits from every floor.

(2)    Where persons are employed in any floor situated below or above the ground floor, means of escape in case of fire shall be provided and maintained. Such means of escape shall:-
(1) communicate directly to outside air;
(2) be sufficient in the opinion of an Inspector for all persons employed: and
(3) if provided with any door, such door shall be fitted so as to open outwards from the room, passage, or staircase from which it is a means of escape  and    shall n

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ot be kept locked or fastened and shall be free from obstruction while persons are present in the room, passage or staircase. 
(4) Every window and door affording means of escape in case of fire or any emergency exit, other than the means of exit in ordinary use, shall be distinctively and conspicuously marked by a notice printed in red letters of an adequate size indicating the purpose for which it is to be used.
(5) The occupier of every factory shall ensure that all persons employed are familiar with the means of escape in case of fire, the use of such means and the routine to be followed in case of fire.
(6)The contents of viagra for sale any room in which persons are employed shall be so arranged or disposed that there is free gangway to enable all persons employed in the room to have access to a means of escape in case of fire.

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OSHA 1994 (ACT 514)

Monday, February 22nd, 2010

 

OSHA 1994 (ACT 514)

Section 15. General duties of employers and self-employed persons to their employees.

It shall be the duty of every employer and self-employed person to ensure, so far as is practicable, the safety, health and welfare at work of all his employees. Without prejudice to the generality of subsection (1), the matters to which the duty extends include in particular:-

(a) the provision and maintenance of plants and systems of work that are, so far as is practicable, safe and
     Without risks to health;
(b) the making of arrangements for ensuring, so far as is practicable, safety and absence of risks to health in
     Connection with the use or operation, handling, storage and transport of plant and substances;
(c)  the provision of such information, instruction, training and supervision as is necessary to ensure, so far
      As is practicable, the safety and health at work of his employees;

(d) so far as is practicable, as regards any place of work under the control of the employer or self-employed
     Person, the maintenance of it in a condition that is safe and without risks to health and the provision and
     Maintenance of the means of access to and egress from it that are safe and without such risks;
(e) the provision and maintenance of a working environment for his employees that is, so

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far is practicable, 
    Safe, without risks to health, and adequate as regards facilities for their welfare at work.

Section 17. General duties of employers and self-employed persons to persons other than their  Employees.
                   

(1) It shall be the duty of every employer and every self-employed person to conduct his undertaking in such 
   A manner as to ensure, so far as is practicable, that he and other persons, not being his employees, who 
   May be affected thereby are not thereby exposed to risks to their safety and health.
(2) It shall be the duty of every employer and every self-employed person, in the prescribed circumstances
     And viagra canada in the prescribed manner, to give to persons, not being his employee, who may be affected by the
     Manner in which he conducts his undertaking as such aspects of the manner in which he conducts his 
     Undertaking as might affect their safety and health.

Part IV
Section 19. Penalty for offence under Section 15 or 17

A person who contravenes the provision of section 15 or 17 shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding two years or to both.

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Explosion at Labuan Petronas plant, no injuries

Monday, February 22nd, 2010

 

LABUAN, Feb 22 — There was a large explosion at the Petronas Methanol Labuan (PML)’s S1001 contolled natural gas Flare Tip that caused operations nolvadex side effects at the RM511 million methanol plant to cease today.

Eighty-two PML contract workers and 46 of its staff were working there when the explosion occurred at 11.37pm but no one was hurt.

Two fire engines from the Labuan Fire and Rescue Service and the PML rescue unit rushed to the scene and controlled the situation within 30 minutes.

Speaking at a news conference, PML production chief, Mohd Kamis Abdul Manap, said a detailed inves

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itgation will be conducted to determine the cause of the explosion.

“We will conduct a comprehensive investigation before operations can continue. We will identify if there was weakness in the safety aspect,” said Mohd Kamis

The PML plant was built in 1984 and its biggest customer is Methyl Tertiary Butyl Ether (MTBE) in Kuantan, Pahang. Other markets include, Japan, Indonesia, the Philippines, Singapore, Thailand, Korea, Taiwan and China.

In 2007, two Petronas sub-contract workers were seriously burned in an explosion while carrying out works at the PML plant in Rancha-Rancha.  — Bernama

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