Petronas to look at conditions given upon approval from Canada
KUALA LUMPUR: National oil and gas company Petronas, which has gained approval for a liquefied natural gas ( LNG) plant project in northern British Columbia from the Canadian government, will be looking at the conditions given.
President and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said he had just received the report and had not gone through it.
“The announcement was just made this (yesterday) morning.
“We need time to look at the conditions and then we will have a review of the project,” he told reporters on the sidelines of the third Malaysian Oil and Gas Services Exhibition and Conference ( MOGSEC) here.
Petronas and its partners have awaited approval from the Canadian authorities for three years to build the US$ 35 billion ( US$1=RM4.13) Pacific NorthWest LNG export terminal in northern British Columbia.
Its partners for the project are Brunei National Petroleum Co, China Petroleum & Chemical Corp, Indian Oil Corp, and Japan Petroleum Exploration Co.
Asked whether there would be more retrenchment in Petronas, he said: “If there is an opportunity for optimisation, of course we will review.” Meanwhile, Malaysian Oil and Gas Services Council ( MOGSC) President Sharifah Zaida Nurlisha said the industry had witnessed one of the worst downturns in 30 years and the negative outlook was expected to continue next year.
“On the bright side, the local industry is better positioned to face the economic uncertainty, having built competency and capacity over the years, compared with 1998 when oil prices dropped below US$10 per barrel.
“The current situation has created a stronger impetus for industry players to take measures that will strengthen their operations and create resilience against future volatility and unexpected industry developments,” she added.
Themed “Asia’s Hub for the Oil & Gas Innovation”, the three- day event from today is jointly organised by MOGSC and Malaysian Exhibition Services Sdn Bhd. — Bernama
After saving for almost a year, Adam and Aida have finally saved enough for the down payment of their dream home. They have already set eyes on a particular piece of property which is a freehold double-storey home – an old house but very well-maintained.
What really attracted them was the close proximity to Adam’s parents’ home. Besides, there’s also a hypermarket, a school, hospital, a playground and shops located nearby. The owner originally asked for RM350,000 but after much negotiation, they finally settled at RM325,000.
They paid RM25,000 as down payment and took out a loan for RM300,000 for 30 years. As Aida is working in a bank, she was able to arrange a staff loan facility at a mere 3 per cent per annum which works out to a monthly repayment of only RM1,300 instead of the initial budgeted amount of RM2,000. This was a huge saving!
With a home of their own comes along additional expenses to contend with like utility bills, quit rent, property assessment, home insurance, occasional maintenance and repairs. In addition to those expenses, Adam and Aida now have also created a liability for themselves in the process of financing it through a home loan.
In essence, they do not own the home until such a time when they finish paying off the loan. Meanwhile, it would be wise for them to cover that liability with an insurance programme should something unfortunate happen to either of them. Most often, banks would recommend taking out a Mortgage Reducing Term Assurance (MRTA) which may be the most affordable option.
However, we can also top up on our personal life insurance programme to cover for such liability. Adam and Aida decided to increase their personal insurance coverage by RM150,000 each as this would give them greater control and flexibility.
Bearing all this in mind, they felt it was necessary to re-look into their budget:
From their revised budget, they were pleasantly surprised that they were still able to have a surplus. Now that they have their own house and after much hinting from their parents too, they felt it’s time to start a family. All this while, they were unsure if they can afford to start one
We need time to look at the conditions and then we will have a review of the project. Datuk Wan Zulkiflee Wan Ariffin, President and Group Chief Executive Officer
but after having reviewed their budget, they felt that they could manage.
Adam was a little hesitant at first because he came across an advertisement that said that it can cost a million ringgit to raise a kid nowadays! Being an accountant, he knows the math but realising that children are really God’s gift, and furthermore, Aida & Adam knew they are prepared for a family.
Before you embark on your journey to parenthood, you might want to consider some of the following issues:
1. Are you ready for the ride? Having children do not only involve financial adjustments but also emotional. In fact, your whole life will change and once you decide to take this journey, there’s no turning back.
Many couples become parents but may not have taken a course in parenting or at the very least learn some basics of parenting via “on-the-job” learning or with some “mentoring” from their own parents. You have to get yourselves mentally, emotionally and financially prepared for this new chapter.
2. What are your Childcare Plans? If you are planning to return to work, it is a good idea to make plans for your child well before he or she is born. Childcare centres often have long waiting lists. Consider your options: athome care in your home, homebased childcare in another home, or traditional childcare centres. Be sure to visit lots of places and get referrals from friends and families.
When visiting a centre, talk to parents and of course, find out the costs. However, if one of you is planning to stay home full-time to care for your child, there will be more adjustments to be made.
Yes, it may not be easy to survive on a single income for most urban families nowadays but these are some of the sacrifices that you’d have to make. Decide on who’s going to stay home and who’s going to bring home the dough. This is a choice that only both of you, as a couple can make and know best.
3. Review your monthly budget, or create one. Life will never be the same again, so will your budget. Having a baby will normally add to your monthly expenses. For example, diapers and baby formula alone can cause quite a dent and you’ll see increases in miscellaneous expenses too, such as napkins and laundry detergent. Of course one of the best ways to save on baby formula would be to breast-feed your child but it requires a lot of determination and sacrifice.
Other than that, your utility bills will likely increase as you’ll be home more often and more laundry to wash. Medical expenses, including visits to the paediatrician, can really add up, especially over the baby’s first few years.
And if you’re planning to return to work, the cost of childcare can add several hundred ringgits a month to your expenses. The key is to know how your money is being spent now and to plan for how things will change once the baby arrives.
The most crucial thing to remember is financially, any expenses or future expenses can be managed with a budget that has been predetermined and the commitment to make necessary adjustments to your lifestyle when the need arises.
“Can we afford a child now?” This question is often very subjective and rather personal. Couples should discuss and plan objectively to make necessary adjustments to their lives to welcome their new family member.