Yinson JV to charter FSO vessel to Vietnam's Phu Quoc Petroleum
PTSC South East Asia Pte Ltd, is a 49:51 joint venture between Yinson Production Capital Pte Ltd - an indirect wholly-owned subsidiary of Yinson - and PetroVietnam Technical Services Corporation.
In a filing with Bursa Malaysia, Yinson said the contract is estimated to have a duration of 14 years with the option to extend for up to nine years.
Including the possible extension period, the contract could have a value of about US$600mil.
Blocks B&48/95 and 52/97 are located southwest offshore Vietnam with a sea water depth of 77-80m, about 250km and 400km respectively to the Ca Mau Province and the O Mon Power Complex.
The framework for the project development is to supply gas (5,073.5 MMscm per year) to the targeted customers in three areas of the southwest region of Vietnam, which contributes to fulfilling the rising energy demand in the southwest area and provides economic gains for the government of Vietnam, Petrovietnam and the investors.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
32 minutes ago
- Free Malaysia Today
Trump says US will charge tariff of about 100% on semiconductor imports
The US Congress created a US$52.7 billion semiconductor manufacturing and research subsidy program in 2022. (Pixabay pic) WASHINGTON : The US will impose a tariff of about 100% on semiconductor chips imported from countries not producing in America or planning to do so, president Donald Trump said. Trump told reporters in the Oval Office on Wednesday the new tariff rate would apply to 'all chips and semiconductors coming into the US,' but would not apply to companies that had made a commitment to manufacture in the US. 'So 100% tariff on all chips and semiconductors coming into the US. But if you've made a commitment to build (in the US), or if you're in the process of building (in the US), as many are, there is no tariff,' Trump said. It is not clear how many chips will be covered by the tariffs. Congress created a US$52.7 billion semiconductor manufacturing and research subsidy program in 2022. The commerce department last year under president Joe Biden convinced all five leading-edge semiconductor firms to locate chip factories in the US as part of the program. Last year the department said the US produced about 12% of semiconductor chips globally, down from 40% in 1990. Trump added: 'If, for some reason, you say you're building and you don't build, then we go back and we add it up, it accumulates, and we charge you at a later date, you have to pay, and that's a guarantee.'
The Star
39 minutes ago
- The Star
Driven by mission, led by heart
Giving back: (From left) TAR UMT Alumni Unity Committee member Adrian Yeo, Prof Lee, Chan, Teng and The Silent Foundation chief executive officer Matthew Teng posing for a picture at the Memorandum of Agreement signing ceremony after the official launch of the Silent TAR UMT Fund. — ART CHEN/The Star KUALA LUMPUR: Wealth alone is not enough – leadership must come with heart. This is the belief of self-made entrepreneur Teng Ngiek Lian, who has pledged RM1mil annually for life to his alma mater, Tunku Abdul Rahman University of Management and Technology (TAR UMT). Launching the Silent TAR UMT Fund, Teng – founder and executive chairman of the Singapore-based Silent Foundation – stressed the need for morally grounded graduates who drive not just economic growth, but social good. 'They must have a heart to lead,' he said at the launch. 'We need great, successful people. But the great part must incorporate some human element.' The fund, formalised through a Memorandum of Agreement with TAR UMT president Prof Datuk Dr Lee Sze Wei, will be channelled equally into three core areas, each receiving RM333,333. The first tranche will support research efforts by TAR UMT students and staff in cutting-edge fields such as artificial intelligence, green energy, robotics, automation and financial technology. The second tranche is aimed at fostering racial harmony among students within TAR UMT and with those from other institutions. The third tranche will fund student-led social initiatives, aimed at developing socially responsible student leaders. Teng founded the Silent Foundation in 2010 to support society's 'silent sufferers' – from migrant workers to mental health patients – those often forgotten or ignored. The TAR UMT fund follows that same philosophy. 'Humanity must come before greed,' Teng said. 'Doing good to others is doing good to ourselves.' He shared that when setting up the foundation, he sought support from his family. 'It cannot be just a solo mission,' he said. 'We are so fortunate for all the help we have received. 'I truly hope we continue this journey as a community. I thank TAR UMT, its leaders and my fellow alumni for welcoming me back,' he added. TAR UMT Board of Governors and Alumni Council chairman Tan Sri Chan Kong Choy welcomed the initiative, calling it a reflection of Teng's guiding principle – to uplift the voiceless and overlooked. 'Teng reminds us that it's not about where one starts, but how one lives – with humility, resilience and a heart full of gratitude. 'He once said that accumulating wealth is one thing, but greater privilege is to use that wealth to uplift others,' Chan said. Teng's journey, from an accounts clerk to founding Target Asset Management – which grew from managing US$5.5mil (about RM23.3mil) to US$1.5bil (about RM6.342bil) – underscores the values he now hopes to pass on to the next generation.
New Straits Times
an hour ago
- New Straits Times
Trump announces US$100 billion new investment pledge from Apple
WASHINGTON: President Donald Trump announced on Wednesday that Apple will invest an additional US$100 billion in the United States, a move which will expand the company's domestic investment commitment and could help it sidestep potential tariffs on iPhones. The new pledge brings Apple's total investment commitment in the US to US$600 billion. Earlier this year, the company had announced it would invest US$500 billion and hire 20,000 workers across the country over the next four years. The announcement centers on expanding Apple's supply chain and advanced manufacturing footprint in the US, but still falls short of Trump's demand that Apple begin making iPhones domestically. "Companies like Apple, they're coming home. They're all coming home," Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a US-made souvenir with a 24-karat gold base. "This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America," Trump added. Asked if Apple could eventually build entire iPhones in the US, Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas "for a while." While the investment pledge is significant, analysts say the numbers align with Apple's typical spending patterns and echo commitments made during both the Biden administration and Trump's previous term. In May, Trump had threatened Apple with a 25 per cent tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports. Trump's effort to reshape global trade through tariffs cost Apple US$800 million in the June quarter. "Today is a good step in the right direction for Apple, and it helps get on Trump's good side after what appears to be a tension-filled few months in the eyes of the Street between the White House and Apple," said Daniel Ives, an analyst with Wedbush Securities. "A SAVVY SOLUTION" Apple has a mixed track record when it comes to following through on investment promises. In 2019, for instance, Cook toured a Texas factory with Trump that was promoted as a new manufacturing site. But the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand. Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand and India in recent years. Despite political pressure, analysts widely agree that building iPhones in the US remains unrealistic due to labor costs and the complexity of the global supply chain. "The announcement is a savvy solution to the president's demand that Apple manufacture all iPhones in the US," said Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares. Partners on Apple's latest US investment effort include specialty glass maker Corning, semiconductor manufacturing equipment supplier Applied Materials, and chipmakers Texas Instruments, GlobalFoundries, and Broadcom. Apple shares closed up 5 per cent on Wednesday. Shares of Corning rose nearly 4 per cent in extended trading, while Applied Materials gained almost 2 per cent. (Reporting by Andrea Shalal, Nandita Bose and Arsheeya Bajwa; Additional reporting by Doina Chiacu and David Shepardson in Washington and Zaheer Kachwala and Akash Sriram in Bengaluru; Editing by Colleen Jenkins, Andrew Heavens, Deepa Babington and Leslie Adler)
