Tag: Malaysian

  • First E&P, Malaysian firm seal $902m FPSO deal

    First Exploration & Petroleum Development Company Limited (First E&P) and Malaysian floating production, storage and offloading (FPSO) operator, Yinson, have executed a contract for a floating production, storage and offloading vessel to be deployed offshore Nigeria.

    According to Offshore Engineer (OE), the contract worth $901.79 million was entered into via its wholly-owned subsidiary, Yinson Nepeta Production Limited (YNPL) and indirect subsidiary Yinson Operations and Production West Africa Limited (YOPWAL).

    The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised, comprising the bareboat charter contract of $617.09 million (RM2.51 billion) and the Operation and Maintenance (O&M) contract of $284.7 million (RM1.16 billion).

    The FPSO is expected to commence operations at the Anyala and Madu fields by the fourth quarter of 2019.

    Yinson Group Chief Executive Officer, Lim Chern Yuan, said the group would be redeploying one of its existing vessels, FPSO Allan, to Anyala & Madu, and the vessel would be renamed FPSO Abigail-Joseph.

    FPSO Allan ceased operations on January 31, after a tenure of nearly 10 years at the Olowi Field in Gabon.

    “The redeployment of FPSO Allan is a strategic decision that has enabled us to bring forward the project schedule and at the same time delivering a more cost-effective solution for our client,” the Yinson CEO said.

  • Malaysian investor expands to Nigeria

    Nigeria and Malaysia have deepened economic ties with the expansion into the country  of Edmark Group, a muliti million dollar real estate investor.

    The firm is coming for a real estate project tagged: Edmark City- The City of Light. It was gathered that the project will sit on a 2.1 hectare land located along Lekki EPE Express Way and was officially presented to the public at a ground breaking ceremony yesterday in Lagos.

    Speaking at the occasion, the Chairman and Chief Executive Officer, Edmark Group, Sam Low said the atmosphere in the country is  business- friendly, adding that  the country is blessed with abundant human and material resources.

    He said: “We set the vision for real estate development with plan to do more business in Nigeria. Since 2009 that we started business in this country, Edmark group of Companies has been able to grow in leaps and bound in the  manufacturing arm, distribution arm, the live product and demonstration arm, technology arm and now our property and development arm.”

    He said the economic recovery plan of the Federal Government would be realised with improved business friendly environment and opportunities for foreign and domestic investment to thrive.

    This, he said, would go along way to create businesses that will create more jobs to tackle poverty, diseases and want in the country.

    Its Chief Operating Officer, Bien Wapanio,  said the project when completed will be an iconic upscale high rise, residential commercial cluster which entails land development and massive building construction.

    “The journey in realising the vision of Edmark City begins with the official groundbreaking ceremony at the 2.1-hectare land has started. This development aims to designate spaces for office units, retail outlets and hotel rooms, on top of the residential towers.

    “The hotel structure plans on housing over 150 hotel  rooms while the commercial retail structure aims at accommodating over 100 retail stores including a state-of-the-art auditorium of 1200 seating capacity, and Olympic-sized ice skating rink, three state-of-the-art cinema theatres paired with the lmax 3D theatre screens, a sky garden, medical centers as well as grocery supermarkets.

  • Wife of Malaysian’s former PM arrested by anti-graft agency

    Malaysia’s anti-graft agency on Wednesday said it has arrested former first lady Rosmah Mansor and expects to charge her in court on Thursday with money-laundering, among other infringements.

    The agency said that Rosmah, the wife of former Prime Minister Najib Razak, was detained after being questioned by the Malaysian Anti-Corruption Commission.

    “Rosmah will face several charges.

    “The charges covered infringements of a law against money laundering and other unlawful activities,” the agency said in a statement.

    Her arrest follows three rounds of questioning by anti-graft agents over state fund Malaysia Development Berhad (1MDB), from which U.S. authorities say more than 4.5 billion dollars was misappropriated.

    Rosmah, 66, was questioned for nearly 13 hours on Sept. 26.

    She had arrived at the agency’s headquarters at around 0300 GMT on Wednesday, wearing traditional Malay clothing in lime green and

    The agency did not say if the charges against her related to 1MDB.

    Lawyers for Rosmah had earlier said she had been arrested and that she would face money laundering charges.

    Najib, 64, himself faced questioning on Wednesday by the anti-money laundering and anti-terror financing division of Malaysia’s police over a money laundering inquiry, media said.

    Najib, whose coalition suffered a stunning election defeat in May, faces 32 charges ranging from money laundering to abuse of power and criminal breach of trust in the effort to uncover how billions of dollars went missing from 1MDB.

    The couple’s world has been turned upside down since Najib lost the election to his one-time mentor Mahathir Mohamad, who swiftly reopened a probe into 1MDB.

    Corruption accusations have dogged Najib for years, and came to a head in 2015, when the Wall Street Journal reported that nearly 700 million dollars in 1MDB funds was diverted to his personal bank account.

    Rosmah has long been in the public eye over her penchant for handbags, jewelry and shopping sprees.

  • 295 die in Malaysian plane crash

    295 die in Malaysian plane crash

    Malaysian airliner crashed over eastern Ukraine yesterday, killing all 295 people aboard and sharply raising stakes in a conflict between Kiev and pro-Moscow rebels in which Russia and the West back opposing sides.

    The total number of dead in the crash near the Russian border includes 23 United States citizens, a Ukrainian interior ministry aide said. No other independent confirmation of the total was available.

    U.S. President Barack Obama said the crash was a “terrible tragedy” and the United States would offer any assistance necessary to help determine what happened and why.

    Ukraine accused “terrorists” — militants fighting to unite eastern Ukraine with Russia — of shooting down the Malaysia Airlines Boeing 777 with a heavy, Soviet-era ground-to-air missile as it flew from Amsterdam to Kuala Lumpur.

    Leaders of rebels in the Donetsk People’s Republic denied any involvement, although around the same time their military commander said his forces had downed a much smaller Ukrainian transport plane – their third such attack this week

    Reuters journalists saw burning and charred wreckage bearing the red and blue Malaysia insignia and dozens of bodies strewn in fields near the village of Grabovo, 25 miles from the Russian border near the rebel-held regional capital of Donetsk.

    Malaysia Airlines said air traffic controllers lost contact with flight MH-17 at 10:15 a.m. Central time as it flew over eastern Ukraine towards the Russian border, bound for Asia with 280 passengers and 15 crew aboard. Flight tracking data indicated it was at its cruising altitude of 33,000 feet when it disappeared.

    “I was working in the field on my tractor when I heard the sound of a plane and then a bang,” one local man at Grabovo told Reuters. “Then I saw the plane hit the ground and break in two. There was thick black smoke.”

    An emergency worker said at least 100 bodies had been found so far and that debris was spread over nine miles. Workers were scouring the area for the black box flight recorders.

    “MH-17 is not an incident or catastrophe, it is a terrorist attack,” Ukrainian President Petro Poroshenko tweeted. He has stepped up his military campaign against the rebels since a ceasefire late last month failed to produce any negotiations.

    Russia, which Western powers accuse of trying to destabilise Ukraine to maintain influence over its old Soviet empire, has accused Kiev’s leaders of mounting a fascist coup. It says it is holding troops in readiness to protect Russian-speakers in the east — the same rationale it used for taking over Crimea.

    Ukrainian Interior Ministry official Anton Gerashchenko said on Facebook: “Just now, over Torez, terrorists using a Buk anti-aircraft system kindly given to them by Putin have shot down a civilian airliner flying from Amsterdam to Kuala Lumpur.”

    “There is no limit to the cynicism of Putin and his terrorists!” he wrote on the social media site. “Europe, USA, Canada, the civilized world, open your eyes! Help us in any way you can! This is a war of good against evil!”

    A rebel leader said Ukrainian forces shot the airliner down and that rebel forces did not have weaponry capable of hitting a plane flying 6 miles up. Ukrainian officials said their military was not involved in the incident.

    The military commander of the rebels, a Russian named Igor Strelkov, had written on his social media page at 10:37 Central time, half an hour before the last reported contact with MH-17, that his forces had brought down an Antonov An-26 in the same area. It is a turboprop transport plane of a type used by Ukraine’s forces.

    There was no comment on that from the Ukrainian military.

    Several Ukrainian planes and helicopters have been shot down in four months of fighting in the area. Ukraine had said an An-26 was shot down on Monday and one of its Sukhoi Su-25 fighters was downed on Wednesday by an air-to-air missile — Kiev’s strongest accusation yet of direct Russian involvement, since the rebels do not appear to have access to aircraft.

    Moscow has denied its forces are involved in any way.

    The loss of MH-17 is the second disaster for Malaysia Airlines this year, following the mysterious loss of flight MH-370. It disappeared in March with 239 passengers and crew on board on its way from Kuala Lumpur to Beijing.

    In 2001, Ukraine admitted its military was probably responsible for shooting down a Russian airliner that crashed into the Black Sea, killing all 78 people on board. A senior Ukrainian official said it had most likely been downed by an accidental hit from an S-200 rocket fired during exercises.

    In 1983, a Soviet jet fighter shot down a South Korean airliner after it veered off course into Russian air space and failed to respond to attempts to make contact. All 269 passengers and crew were killed.

    In 1988, the U.S. warship Vincennes shot down an Iranian airliner over the Gulf, killing all 290 passengers and crew, in what the United States said was an accident after crew mistook the plane for a fighter. Tehran called it a deliberate attack.

    The scale of the disaster affecting scores of foreigners could prove a turning point for international pressure to resolve a crisis that has claimed hundreds of lives in Ukraine since pro-Western protests toppled the Moscow-backed president in Kiev in February and Russia annexed Crimea a month later.

    As word came in of what Ukraine’s Western-backed president called a “terrorist attack”, the Russian and U.S. leaders, Vladimir Putin and Barack Obama, were discussing a new round of economic sanctions that Washington and its EU partners imposed on Moscow Wednesday to try to force Putin to do more to curb the revolt against the Western-backed government in Kiev.

    They noted the early reports during their telephone call, the White House said, adding that Obama warned of further sanctions if Moscow did not change course in Ukraine.