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The Star Online: Business

Petronas awards US$2b LNG plant contract to Japan's JGC Corp
KLCI opens in the red as profit taking continues
Accord between JPMorgan, MF Global parent gets court approval

Petronas awards US$2b LNG plant contract to Japan's JGC Corp

Posted: 13 Mar 2013 06:45 PM PDT

Published: Thursday March 14, 2013 MYT 7:49:00 AM
Updated: Thursday March 14, 2013 MYT 9:45:43 AM

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has awarded a contract worth nearly US$2bil to Japan's JGC Corporation to build the liquefied natural gas (LNG) train in Bintulu.

JGC said on its website on Thursday the contract was awarded to its Malaysian subsidiary, JGC Malaysia Sdn Bhd for the engineering, procurement, construction and commissioning (EPCC) work.

This would be to construct the 9th LNG Train and its associated facilities in the Petronas LNG Complex

"The EPCC Contract is valued close to US$2.0bil, and work is for completion at the end of 2015," it said, confirming a StarBiz report.

Earlier report Japan JGC wins US$1.8bil Malaysia LNG train order

TOKYO: Japanese engineering firm JGC Corp has won an order from Malaysian state oil firm Petroliam Nasional Bhd (Petronas) for a new liquefied natural gas (LNG) train in Malaysia's Sarawak state in a deal estimated at 170 billion yen ($1.77 billion), the Nikkei business daily reported on Thursday.

The ninth LNG facility, called Petronas LNG Train 9, with capacity of 3.6 million tonnes per annum, is expected to start operations in the fourth quarter of 2015.

($1 = 96.0100 Japanese yen) - Reuters

KLCI opens in the red as profit taking continues

Posted: 13 Mar 2013 06:43 PM PDT

Published: Thursday March 14, 2013 MYT 9:43:00 AM

KUALA LUMPUR: Malaysia's blue chips fell sharply in early trade on Thursday as profit taking picked up pace on index-linked counters.

At 9.18am, the FBM KLCI fell 8.43 points to 1,637.79, extending its losses from Wednesday when the index fell more than 10 points.

Turnover was 47.36 million shares valued at RM50.10mil. There were 68 gainers, 115 losers and 128 counters unchanged.

Maybank Research said the KLCI's resistance level of 1,646 and 1,664 would cap market gains, whilst weaker support areas were at 1,622 and 1,641.

Reuters reported the US dollar hovered near a seven-month high against a basket of currencies on Thursday as strong US retail sales data sustained an optimistic growth outlook, while Asian shares steadied after another record Wall Street close.

The MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1 percent, weighed by a 0.3 percent drop in resources-reliant Australian shares which were hit by weaker commodity prices.

At Bursa Malaysia, BAT was the top loser, down RM1.74 to RM60.86 while Petronas Gas fell 48 sen to RM18.48 and Petronas Dagangan lost 28 sen to RM23.04.

UMW was down 20 sen to RM13.16, HLFG shed 16 sen to RM14.92 and HLBank 14 sen to RM14.32 while KL Kepong gave up 14 sen to RM20.36.

MBF Holdings surged 15 sen to RM1.67 while glove maker Hartalega added six sen to RM4.86.

Accord between JPMorgan, MF Global parent gets court approval

Posted: 13 Mar 2013 06:21 PM PDT

NEW YORK: A bankruptcy judge on Wednesday approved a settlement that will increase JPMorgan Chase & Co's potential recoveries from the liquidation of MF Global Holdings to as much as 76 cents for every dollar in claims.

The deal resolves a complaint from JPMorgan over the value of an intercompany settlement among MF Global affiliates. That complaint had posed a potentially significant obstacle to getting creditor support and court approval for MF Global's payout plan.

In an order entered in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn approved a supplement to the payback plan that raises the maximum projected recovery for JPMorgan for its $1.2 billion loan. Its recovery had maxed out at about 73 percent in an earlier version of the plan.

The settlement also provides for a slight increase in the size of JPMorgan's claim.

Creditors must vote on the plan later this month. It must then go before Judge Glenn for a final approval hearing, scheduled for April 5.

The supplement decreases the projected maximum payout for unsecured creditors of MF Global's finance unit to 34.4 cents on the dollar, down from 39 cents in the earlier plan.

There was little change for unsecured creditors of MF's parent entity, with a maximum projected recovery of roughly 34 percent of claims.

Commodity trader customers of MF Global's broker-dealer unit are expected to recover all of their money.

The judge's approval follows an agreement reached between the parties last week.

MF Global, run by former New Jersey Governor Jon Corzine, is liquidating after filing for bankruptcy in 2011. Regulators determined that the firm misappropriated money in customer trading accounts to cover liquidity gaps as the firm teetered on the brink. Corzine has denied any wrongdoing.

The company's creditor payout plan was proposed earlier this year by a group of its hedge fund creditors, led by Silver Point Capital, Knighthead Capital and Cyrus Capital Partners. Louis Freeh, the trustee liquidating MF Global's estate, cooperated with the hedge funds on later drafts of the plan.

JPMorgan, agent on the $1.2 billion revolving credit facility, filed claims against MF Global's parent and finance entities. Of the maximum 76 cent payout, up to 34.4 cents on the dollar would be paid by the parent, while the finance company would pay as much as 41.5 percent of its claim.

The case is In re MF Global Holdings Ltd, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059. - Reuters

Kredit: www.thestar.com.my

Rabu, 13 Mac 2013