Latest news with #SRC
Yahoo
3 hours ago
- Business
- Yahoo
Chevron Invites Bids to Divest 50% Stake in Singapore Refinery
Chevron Corporation CVX has reportedly begun the sale process for its 50% stake in Singapore Refining Company ('SRC'), inviting non-binding bids from potential buyers. Among those approached is PetroChina, which already owns the remaining 50% through its Singapore Petroleum Co Ltd unit and holds the first right of refusal. The move is part of the U.S. oil giant's broader efforts of global restructuring and streamlining operations. Chevron has been optimizing its global portfolio by prioritizing core growth assets, aiming to cut costs and enhance profitability. Earlier this year, Chevron announced plans to lay off 15-20% of its employees to restructure operations. Last month, Chevron divested its interest in Chevron Phillips Singapore Chemicals to Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore. The potential sale of the refinery would mark the second recent departure by a global energy major from Singapore's refining sector, which faces higher operating costs due to a carbon tax that has impacted its competitiveness compared with other regions. The company's restructuring is not limited to Singapore. Chevron is also assessing the market for other assets in Asia, including terminal and fuel storage facilities in Australia and the Philippines. Morgan Stanley has been appointed to oversee the sale process for these assets, including the SRC refinery. Singapore Refining Company is a 50/50 joint venture between Chevron and China's state-owned oil and gas major, PetroChina. With a crude processing capacity of 290,000 barrels per day, it is the smallest refinery in Singapore. The facility features seven shipping berths capable of accommodating very large crude carriers. Its fuel products are traded regionally and internationally, supported by a well-established distribution network across Singapore and Jurong Island. Global trading house Glencore is among the entities reportedly invited to assess the refinery stake. Estimates suggest Chevron's share in SRC could be valued between $300 million and $500 million. The sale process, with offers expected in July, comes at a time when energy majors are sharpening their focus on profitability and efficiency in a volatile market. Houston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy, from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold). Investors interested in the energy sector might look at some better-ranked stocks like Global Partners LP GLP, Subsea 7 S.A. SUBCY and Gibson Energy Inc. GBNXF. While Global Partners and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Gibson Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. GLP owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners' 2025 earnings indicates 17.84% year-over-year growth. Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for Subsea 7's 2025 earnings indicates 95.52% year-over-year growth. Calgary, Alberta-based Gibson Energy is an oil infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of crude oil and refined products. The Zacks Consensus Estimate for GBNXF's 2025 earnings indicates 36.76% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Global Partners LP (GLP) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Gibson Energy Inc. (GBNXF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Barnama
3 hours ago
- Politics
- Barnama
AGC Rejects Claims Of 'Flawed Prosecution' After Najib's DNAA In Second SRC Case
KUALA LUMPUR, June 20 (Bernama) -- The Attorney General's Chambers (AGC) has dismissed as baseless allegations that it carried out a 'flawed prosecution' in the second SRC International Sdn Bhd case involving Datuk Seri Najib Tun Razak. In a statement, the AGC reiterated its firm commitment to upholding the rule of law and stated that it would continue to fulfill its responsibilities under the Federal Constitution with integrity, fairness and respect for the judicial process. However, the AGC acknowledged the decision by High Court Judge K Muniandy to grant Najib a discharge not amounting to an acquittal (DNAA) on three charges of money laundering involving RM27 million in funds from the company. 'The case was registered in the High Court on Feb 7, 2019, and scheduled for trial on five occasions: June 2020, July to August 2021, March to April 2022, September 2024 and April to May 2025. 'However, all trial dates were postponed due to the Movement Control Order caused by the COVID-19 pandemic, requests by the defence, or applications by the prosecution itself,' the statement read. According to the statement, the prosecution's requests for postponement were due to the ongoing trial of the first SRC case, which proceeded at the High Court, Court of Appeal and Federal Court until its completion on March 31, 2023. At the same time, the trial proceedings for the 1Malaysia Development Berhad (1MDB) case had also begun while the first SRC case was still ongoing. 'Both cases involved overlapping material documents required for the second SRC trial. 'As these documents were critical to the second SRC case, the prosecution had no choice but to wait until they were available, which was until the 1MDB trial proceedings were completed. 'It must be emphasised that the material documents are available but are currently being used as evidence in the ongoing 1MDB trial,' the AGC said.
The Star
4 hours ago
- Politics
- The Star
Asean news headlines as at 10pm on Friday (June 20)
Malaysia * Najib's DNAA: Material documents unavailable because held up in 1MDB trial, says AGC * Najib freed in RM27mil SRC trial but not cleared * PM: Najib's DNAA solely a judicial matter * 'Economy grew better than expected', PM defends reforms * Iran evacuation: Wisma Putra finalising efforts, M'sians to leave Iran today * Meru shooting: 46-year-old man found dead in 4WD, cops seeking public help for info * SST on commercial rental will impact retail sector, says MRCA * Bernama chairman Wong Chun Wai named national journalism laureate * Malaysia's trade remains on growth trend in May * MasterChef finalist, ex-husband jailed 34 years for maid's murder * UM climbs to 58th place * Malaysia proposes Asean Institute * Selangor Ruler: Stop using the term 'Sisters in Islam' * SIS wins appeal against fatwa * PM: JS-SEZ stands out globally due to trust and stability * Sabah minister in the crosshairs * RON95 price will not be raised, assures Anwar * Nationwide clampdown begins on illegal tourism players * Tariff talks on track, says Anwar * Govt committed to reducing national deficit, says PM * JPJ to audit 500 bus and lorry operators from June 23 in special ops * Mohd Khalid Ismail appointed as new IGP * New IGP to leverage AI in modernising police force * Hamzah Zainudin's mother-in-law dies in house fire * Woman survives fall from seventh floor of Ipoh apartment * Pearly says the ball is in BAM's court * No more imported food at official events, PM tells civil service * 'Queen of Dangdut' Zaleha Hamid passes away at 70 * Malaysian women archers stun India to strike gold at Asian Cup * Herry challenges Aaron-Wooi Yik to reach world No. 1 before world meet * Malaysia shine with four golds in SEA karate meet Singapore * Passenger sues SIA after allergic reaction, claims served meal containing shrimp despite warning crew * Jail for cop who told woman he could help with her drug case if she had sex with him * S'poreans can test for genetic condition causing high cholesterol levels under new programme * Singaporean radio DJ Glenn Ong says he was 'unhappily married' in Instagram post on weight loss * Seah Kian Peng to be nominated again as Speaker of Singapore Parliament; Indranee Rajah will remain Leader of the House * Fire breaks out on oil tanker anchored in eastern Singapore; no injuries reported * One ticket wins S$12.3mil Toto jackpot draw * Siti Nurhaliza to debut new song at Singapore concert Thailand * Thai PM faces call to step down to avert coalition revolt * People's Party rules out forming government with Anutin as PM * Thai PM visits troops as rivals plan new protests for her outster * Love-seeking Thai women visit breast-shaped island, offering bras as thanks if wishes granted * Thai defence minister dodges question on blacklisting Hun Sen, urges unity and political stability * Thailand's economy teeters as political turmoil threatens recovery efforts * Thai PM to meet army commander to defuse political crisis * Thailand's 'Yellow Shirts' return to streets, demand PM quit * Thailand credits prey releases for 'extraordinary' tiger recovery Indonesia * Chinese tourist drowns off Indonesia's pink beach after skipping life jacket to pose for camera * Indonesia mobilises cross-border efforts to combat malaria in Papua * Uncooked rice, ultra-processed food included in free meals programme * Tiny homes for young urbanites draw criticism over livability * This indeed a grand outing: two icons, one song - local legend Misha Omar and Indonesian star Melly Goeslaw unite for 'Break' Superman fans dressed in costumes posing during an event as part of the first stop of the Superman World Tour in Pasig city, Philippines on Thursday June 19, 2025. - AP Philippines * Public transportation will be better by the end of 2025, says Marcos * 'Wait and see,' says Philippine palace to fugitive Harry Roque's 'come and get me' taunt * Philippine Navy seizes US$175mil meth haul at sea * Soldier, three rebel suspects killed in southern Philippine clash Vietnam * Vietnam to appoint leaders for newly-merged localities * PM orders urgent action to prepare for storm season * Vietnam's war-themed coffee chain: Where hipsters meet Vietcong * Vietnam's top leader plans US trip as tariff deadline looms * Vietnam, US hold negotiations on new trade deal, ministry says Cambodia * Cambodia continues efforts to establish a Legacy Institution for genocide prevention, education * Hun Manet urges Malaysia, Cambodia to bolster tourism synergy * Cambodian cookbook wins award in Portugal Myanmar * Covid-19 cases rise to 52 this week, highest in Mon State * Authorities take action after video of student being assaulted in southwestern Myanmar goes viral on social media * Myanmar junta battles guerillas for control of jade hub Laos * Laos strives to develop strong tourism growth * Health ministry inks deal with S. Korea to build new medical university Brunei * Brunei cracks down on int'l drug cartel * Brunei temporarily closes embassy in Teheran * Brunei team brings glory in SEAKF meet Anti-Israel protesters holding placards as they demonstrate against the ongoing conflict between Israel and Iran near the Israeli Embassy in Tokyo on June 20, 2025. - AFP Aseanplus * China condemns British warship's 'troublemaking' Taiwan Strait transit * South Korea's Cabinet approves universal cash grant amid controversy * 87 Japanese nationals, family members evacuated from Iran, Israel * Leaders of China, New Zealand discuss trade, Pacific security * Ramos-Horta: Timor-Leste ready to contribute to regional stability * South Korea says SK and Amazon to invest $5 billion in country's biggest data centre * 'Cyborg' Chinese woman with rare disorder lives on feeding tube, stays optimistic * New S. Korean President's call for public to suggest Cabinet members 'more than a populist move' * Australian trial says tech for social media teen ban can work * S. Korean taxi driver under fire for sexually harassing Thai tourist * N. Korea flag disrupts S. Korea church livestream in 'hacking incident' * Monsters and memes: Labubu dolls ride China soft-power wave * billionaire's viral stunt reignites China's food-delivery feud * Rice prices double in Japan as inflation accelerates * Where is Trump's 'all-American' phone made? Analysts point to Asia * Japan's core inflation hits 2-year high, keeps rate-hike bets alive * Hong Kong singer Tommy Yuen arrested for allegedly stealing snacks worth HK$140 * Star singer Hael Husaini overjoyed as tickets for solo concert almost sold out; celebrates by inviting more 'friends' on stage for big show * Ju Hak-nyeon, formerly of K-pop boy band The Boyz, denies paying for sex * Stephen Chow cuddles up to Carina Lau in new photo; fans think a movie collaboration is in the works
New Straits Times
5 hours ago
- Business
- New Straits Times
A-GC denies flawed prosecution in Najib's SRC case, cites evidence constraints
KUALA LUMPUR: The Attorney-General's Chambers (A-GC) has refuted claims that the prosecution in the money laundering case involving funds from SRC International Sdn Bhd (SRC) was flawed. In a statement, the A-GC said it has consistently upheld the highest standards and quality in discharging its prosecutorial duties, in line with public expectations. "The A-GC remains committed to upholding the rule of law and will continue to carry out its responsibilities under the Federal Constitution with integrity, fairness and respect for judicial processes," the statement read. The statement followed the High Court's decision to grant a discharge not amounting to an acquittal (DNAA) to former prime minister Datuk Seri Najib Razak over three money laundering charges involving RM27 million linked to SRC. High Court Judge K. Muniandy issued the ruling today after the prosecution failed to furnish the defence with hundreds of documents related to the trial, despite the charges being filed as early as 2019. Addressing the delay in trial proceedings, the A-GC said the case, first registered at the High Court in February 2019, was postponed on five occasions due to various factors, including the Covid-19 pandemic, defence requests and applications by the prosecution itself. The A-GC said that proceedings for the 1Malaysia Development Bhd (1MDB) trial had commenced while the first SRC case was still ongoing at the High Court, Court of Appeal and Federal Court levels. This overlap led to delays in the second SRC trial, as both cases involved the use of key material documents required for the prosecution, it said. Following this, it said, there was no choice but to wait until the documents were made available. "Both cases involved the use of certain material documents that were also intended to be used in the second SRC trial. "As the documents in question are material to the second SRC trial, the prosecution had no choice but to wait until those documents became available, which is after the 1MDB trial proceedings have concluded. "It must be emphasised that the material documents are already available but are currently being used as evidence in the ongoing 1MDB trial," it said. The A-GC also said the prosecution had requested additional time to compile all the material documents to present them as evidence in the second SRC trial.
The Star
6 hours ago
- Business
- The Star
Najib's DNAA: Material documents unavailable because held up in 1MDB trial, says AGC
PETALING JAYA: All aspects will be examined and considered before taking any further action on the temporary discharge of Datuk Seri Najib Razak three counts of money laundering involving RM27mil linked to SRC International Sdn Bhd, says the Attorney General's Chambers (AGC). The AGC said there were some documents which were material for the current SRC International trial, and the prosecution had no choice but to wait until the relevant material documents were obtained after the 1MDB trial proceedings were completed. "It should be emphasised that the material documents are already available but are being used as evidence in the ongoing 1MDB trial," the AGC said in a statement on Friday (June 20). "The prosecution has requested time to gather all relevant material documents to be presented as evidence and testimony in the second SRC trial. This delay is not intentional but is to ensure that the integrity of the documents as evidence in the trial is always maintained. "The department is aware that this case has attracted public attention as it involves the former prime minister of Malaysia and throughout the proceedings before the Court, the department has taken action in accordance with the limits of the independence of the prosecution and the legal process. "The case was registered at the High Court on Feb 7, 2019 and has been set for trial five times in June 2020, July to August 2021, March to April 2022, September 2024 and April and May 2025." It said all trial dates of the case have been postponed for the following reasons: (i) Movement control order due to the Covid-19 pandemic; (ii) Application by the accused's counsel; or (iii) The prosecution's own application. The application for adjournment made by the prosecution is because (i) The trial proceedings of the first SRC case were still ongoing at that time at the High Court, Court of Appeal and Federal Court levels until fully completed on March 31, 2023; (ii) At the same time, the 1MDB trial proceedings had also begun while the first SRC case was still pending. Both cases above involved the use of some of the material documents that would be used in the second SRC trial. "This department emphasises that the allegations by certain parties that this department carries out "defective prosecution" are completely unfounded. This department always maintains the highest level and quality in line with the expectations of the people. "This department remains committed to upholding the rule of law and will continue to carry out its responsibilities under the Federal Constitution with integrity, fairness and respect for the judicial process," it said. Earlier, Judge K Muniandy allowed the defence's application for a DNAA over three money laundering charges involving RM27mil from SRC International Sdn Bhd, citing the prosecution's lack of preparedness to proceed with the trial, which has been postponed numerous times since 2019. The court was informed that the prosecution had yet to obtain the necessary documentary evidence. The delay, the judge noted, had denied the accused the right to a fair and timely resolution of the case. A DNAA means the accused is temporarily discharged from the charges but may still be prosecuted for the same offences in the future if the prosecution so decides.
