Aramco just handed back its 50% stake in Malaysia's 300,000 bbl/day PRefChem refinery to Petronas.
A $7 billion bet from 2017.
Exited quietly in 2026.
Here's why it matters:
When Hormuz closes, every downstream asset gets repriced.
Aramco's Malaysian exit is the clearest proof yet that Gulf producers are radically reorganising their global footprint around the new reality. ๐
The deal:
โ Aramco transfers full equity in Pengerang Refining Company and Pengerang Petrochemical Company to Petronas
โ Petronas becomes 100% owner of PRefChem a 300,000 bbl/day refinery plus 3.4 mtpa petrochemicals complex in Johor
โ Original Aramco commitment: $7 billion in 2017 for a 50% stake
โ Commercial relationship continues crude supply, technology, product distribution all still on the table
Why Aramco is walking away?
Hormuz is effectively shut.
Saudi crude exports are being rerouted through the East-West pipeline to Yanbu on the Red Sea.
Even so, Saudi output fell roughly a 3rd in April vs pre-war levels.
In that environment, a 50% stake in a Malaysian refinery running at 50% utilisation after a February 2026 gasoline unit shutdown is not where Aramco wants its capital or management bandwidth.
The strategic logic is simple concentrate downstream investment in Saudi clusters and Red Sea-oriented flows. cut everything else. โ๏ธ
Why Petronas wants full control?
With 100% ownership, Petronas can:
โ Choose its own crude slates not just Arab grades tied to Aramco supply agreements
โ Optimise the refinery for regional product demand without aligning to Aramco's marketing strategy
โ Control a 300 kb/d integrated platform as the anchor of Malaysia's long-term refining and chemicals strategy
When Middle East supply is volatile, feedstock flexibility is everything.
Petronas just bought exactly that. ๐ฐ
The playbook is changing: Saudi downstream capital is moving closer to home.
Asian NOCs are consolidating control over their own refining infrastructure.
Every Gulf producer is making the same calculation right now.
PRefChem is just the first major equity exit to become public. โก
Imagine the meltdown if the situation had been reversed and Max had driven into George.
In the stewardsโ room, Max actually stood up for George by calling it a minor racing incident.
Thatโs something Max tends to do quite often. Heโs not the kind of driver who screws over a fellow competitor in the stewards room.
KOMPETEN
Saya ghisau dan seriau tengokkan cara Pembangkang buat kerja semak dan imbang.
Tambah bila datang dari Presiden sebuah parti yang bercita2 besar memerintah Malaysia.
Parti yang punya kerusi paling banyak di Parliamen dan bermoto Kepimpinan Ulamak.
Semalam beliau keluar kenyataan โTiada sebab Kerajaan nak naikkan harga minyak, sebab Malaysia tak kena sekat punโ.
Hmmmโฆ Pertama kali saya baca, saya anggap bukan Presiden yang menulis. Mungkin secpol dia salah pantun Roh Roh Neh Nehโฆ
Mereka tak baca berita gamaknya.
Gangguan di Selat Hormuz dan ketegangan geopolitik global memberi tekanan kepada bekalan dan harga tenaga dunia. Banyak negara, termasuk yang tiada sekatan langsung, tetap terkesan.
Hatta Pakistan yang baik dengan Iran dan kapal lepas pun, ada krisis tenaga. Bukan saja minyak mahal, bekalan pun terganggu.
Pada saya, yang lebih membimbangkan bukan kenyataan Presiden, tapi kefahaman ekonomi di sebaliknya.
************
Sebagai perbandingan, tahun 2021 ketika ada krisis minyak sawit, Kerajaan PN naikkan harga dari RM20+ sebotol ke RM50. Walaupun Malaysia ini antara pengeluar utama minyak sawit dunia. Tatap PN naikkan harga. Sekali ganda.
Bukan sahaja minyak masak mahal masa tu, nak cari pun kita tak jumpa. Tambah yang subsidi punya. Rupanya ramai pula yang buat niaga.
Contoh: anak Ketua Pembangkang kita. Didakwa di mahkamah kerana tipu dokumen dan miliki minyak masak subsidi lebih had.
Makanya, bila Tuan Presiden komen tak patut naik harga barang ketika krisis bekalan, kita pun garu kepala.
Macam mana la kalau mereka yang memerintah, solusinya bagaimana? Sebab dah ada sejarah, kita dah boleh bandingkan kompeten nya bagaimana?
Bila diingat kembali, patut lah pun. Sasaran parti beliau golongan โjahil agama dan jahil politikโ. Dia sendiri yang kata.
**************
Yang kita harapkan dari Pembangkang untuk semak dan imbang. Bukannya tanya kenapa naik harga, itu dah given ketika perang ya.
Patutnya, persoalkan mekanisme subsidi tersasar, bagaimana nak kembangkan ia agar lebih ramai rakyat dilindungi.
Pada masa yang sama, desak Kerajaan perbanyakkan hasฤฑl dan sumber, agar fiskal terjaga.
Itulah contoh Pembangkang bijaksana. Level Negawaran yang fikirkan negara.
Bukan politikus yang dahaga kuasa.
Salam hormat,
Liyana Marzuki
Iran gets attacked and its infrastructure bombed and somehow you call them terrorists? No wonder youโre known as the zionist of SEA.
Sea routes belong to everyone, right? Sure, but youโve been stopping every attempt to make the Johor Strait usable for ships.
We had said that the Islamic Republic of Iran does not forget his friends.The first Malaysian ship passed through the Strait of Hormuz
Kami telah mengatakan bahawa Republik Islam Iran tidak akan melupakan rakan-rakannya.Kapal Malaysia yang pertama yang telah melalui Selat Hormuz
Striking civilian structures, including unfinished bridges, will not compel Iranians to surrender.
It only conveys the defeat and moral collapse of an enemy in disarray. Every bridge and building will be built back stronger. What will never recover: damage to America's standing.
This is what it looks like when a war isnโt going to plan.
Unable to stop Iranโs missile and drone fire, the U.S. is escalating by bombing more civilian infrastructureโlike a major bridge linking Tehran to Karaj that millions rely on.
So much for the ludicrous claim that anything about this was to โhelp the Iranian people.โ
This is a brutal campaign to break a country of over 90 million people.
All while Hormuz remains closed, global economic costs mount, and Iran continues striking targets across the region.
There is no strategy here. Just desperation. Trump is escalating toward more barbaric attacks and rhetoric to mask a war that is not going his way.
Stone Age?
At a time when you were still in caves searching for fire, we were inscribing human rights on the Cyrus Cylinder.
We endured the storm of Alexander and the Mongol invasions and remained; because Iran is not just a country, it is a civilization.
โThis F1 is pure racing, seeing one driver recharging and the other using energy is excitingโ
โOnly conservatives and traditionalists and those who live in the past may not like it.โ
Iโm sorry but Iโm losing all respect for Toto right here and right nowโฆ ๐ณ
(Also Norris said drivers have no control of deployment it is all software)โฆ
How can he talk about F1 fans like that is insane,โฆ๐
Look at this screenshot from a dashcam. I'm sure you have seen the video.
That grey Honda. That motorcycle ahead.
A few seconds after this was taken, that man lost his life.
He had left home that Sunday morning to get something for his kids. That was his whole plan for the day.
But he never made it home.
The driver of that grey car was drunk and high on drugs at the same time. Before noon on a Sunday.
I keep staring at this screenshot because in this frame, everything still looks completely normal. Just another morning on a Malaysian road.
And then it wasn't.
I've been fortunate to travel to many countries over the years.
And one thing I consistently notice, whether it's a developed nation or somewhere like Morocco, you feel enforcement on the roads.
Not just during holidays. Regularly. It becomes part of how you drive.
Here in Malaysia, the laws are actually quite strict on paper (should be even more strict).
Drunk driving carries a minimum RM8,000 fine and 3 years jail. If someone dies, the driver faces up to 15 years in prison.
I'm not saying enforcement isn't happening. I think it is. But not in the way people feel it in their everyday lives.
And that's the issue...
His kids are still waiting for him to come home.
To everyone in a position to change this, please make enforcement something people feel every single day.
Salam Takziah to the family.
RM1,500 elaun minyak.
Rakyat isi minyak guna duit sendiri, ulang-alik kerja tiap hari pun tak pernah cecah angka tu.
MP pula dapat tetap... jalan atau tak, isi atau tak, tetap masuk.
Kalau itu benar kos tugas, buatlah claim & audit.
Bukan elaun pukul rata yg nampak macam hak automatik.
Rakyat disuruh berjimat.
Subsidi disasar.
Fiskal diketatkan.
Jadi soalan mudah:
kenapa pengorbanan sentiasa bermula dari bawah... bukan dari bangku Parlimen?
As I age, my hatred for war and the stupidity of leaders who provoke it grows ever greater. I am deeply thankful to live in a country governed (largely!) by common sense, respect for others, hence for peace. Respected in turn by others. Well done Dato'Seri and God bless Malaysia!
If there's anyone who claims F1 big bosses would be happy to see Max leave the sport, show them this image.
show them the numbers the coverage has put together.
He's become a motorsport icon not because he's a great talker, or the best looker(sorry if someone thinks otherwise :P ), or has the best off-track skills)
He's become an icon because he loves racing and the joy of driving a car to the limit... and ...
"Fans of motorsport" notice that and appreciate it
F1 and the big decision makers would do well to keep an eye out on the impact someone like Max Verstappen has on the current motorsport fanbase
which...frankly no other driver does at this point.
To all those concerned:
"We warn for the last time: at the slightest attack on our infrastructure, we will destroy all energy, information technology, and water desalination infrastructure belonging to the United States and the Zionist regime in the region.." IRGC
After much reflection, I have decided to resign from my position as Director of the National Counterterrorism Center, effective today.
I cannot in good conscience support the ongoing war in Iran. Iran posed no imminent threat to our nation, and it is clear that we started this war due to pressure from Israel and its powerful American lobby.
It has been an honor serving under @POTUS and @DNIGabbard and leading the professionals at NCTC.
May God bless America.
๐๐๐ซ๐จ๐๐ฎ๐ ๐ซ๐๐ ๐ข๐ฌ๐ญ๐๐ซ๐๐ ๐ ๐๐-๐ ๐ข๐ง ๐ ๐๐๐ซ๐ฎ๐๐ซ๐ฒ ๐๐๐๐
Perodua QV-E
Jan - 0
Feb - 1
Proton e.MAS 5
Jan - 3,068
Feb - 1,562
TQ Wuling
Jan - 35
Feb - 66
Dong Feng Box
Jan - 40
Feb - 26
BYD Atto 2
Jan - 56
Feb - 20
Neta V
Jan - 12
Feb - 2