Of course, we didn’t expect PETRONAS to list any of their star entities. My comments: Can someone tell me if MMHE is the preferred fabricator of choice, esp for deep water structures? As for the Petrochemical entity, I expect profits to drop once PETRONAS Gas goes ahead and finds the guts to revise gas prices.
Now, if they listed PETRONAS Carigali Sdn Bhd, Putrajaya Holdings, PETRONAS NGV, Institute Teknologi Petroleum PETRONAS, these would be game changers.
Dateline 2010-04-09:
KUALA LUMPUR: The proposed listing of Petroliam Nasional Bhd’s (Petronas) petroleum chemicals business and its heavy engineering arm will bring about a potential rerating of O&G supporting companies, says OSK Research.
The research house said on Friday, April 9 that currently, the O&G sector is trading at an attractive average PER of 13x FY10 EPS and 11x FY11 EPS.
“We believe that if Petronas floats these 2 businesses at a higher PER valuation, this would bring about a potential rerating of O&G supporting companies, some of which are still trading at single digit valuations due to the nature of their business and the lack of excitement in the sector,” OSK Research added.
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You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.
Wata - Malaysian Oil and Gas Engineer 
Wata.
As the ‘otai’ in the O&G (boss of one of consultation company).. What does it shows? Positive or Negative.
Jabba .. He he he .. As usual …ur critical thinking expertise require here ..
Junno: I think this shows that PETRONAS is trying to get rid of it’s less performing companies, no matter what the papers say. The MMHE listing shouldn’t change anything, as it’s already owned by public-listed MISC.
Junno: BTW, what does ‘otai’ mean? I only know it as a brand name of a stall franchise selling the legendary Malaysian ‘brother burger’.
Erm, didnt know Petronas got so many divisions. But i bet in 2 years time, we may hear calls for fabricator/skilled construction people needed in Middle East and China to accomodate the Iraq Oil Industry Boom. Erm, just realised Petronas got 3 oil field contract in Iraq.
Petronas cannot list its companies. you cannot release all these companies and risk it to market conditions. only the weak ones like heavy engineering needs public recapitalisation.
imagine if petronas subsidiaries are listed, wouldn’t it be interesting to see its published annual accounts?
for crimebosses, it doesn’t matter they list or not, the O&G been running so long without Petronas listing.
Clan Hutt: You do know that PETRONAS public-listed PGB and PETRONAS Dagangan a while back, right?
i was expecting the direct subsidiaries to be listed. so to hear MMHE is one of them caught many by surprise as personally i did not target the subsidiary of a listed subsidiary to be listed… in the corp finance parlance this is called chain-listing.
whilst MMHE looks like a straight forward exercise as it is owned 100% by MISC, the same could not be said for the petrochemicals business. at the last count there are about 19-21 subsidiaries companies are deemed to be in the petrochem business. and they are not all owned by petronas as there are others shareholders as well the like of BASF, BP Amoco et al .. therefore i am looking at pre listing merger exercise , and this could well take time from 12 – 18 months tops.
MMHE revenue of RM4 billion weak ke? i dont think so ..last i check the profit margin is around teen percent, and that in my book is respectable altho i prefer a consistent 25%.
even they are not listed, you can have access to Petronas Berhad audited accounts via the Companies Commission Malaysia, thats where you get the full set signed by the directora and by the auditors. even the one released every may/june is sufficient.
so instead of whining like some opposition politician for the kununnya lack of disclosure on the part of petronas why not take a drive to CCM/SSM or even go to their website and download the accounts, well at least the 2009 edition is there as petronas year end is 30 march.
i can do it for you . for a price. at cost + 25%.
interested?
rudy, you are learning fast. you need to attach a paypal logo too, or a link to it.
BASF is fully owned by PETRONAS since last year.
petronas had a big chain, not just upstream. as downstream shall be challenged on this coming years.
there will be “ular lidi” eat “ular sawa” soon..the last man standing at MSE resigned because pressure from twin tower..and now “ludah ke langit”..its come back to you again..what a fair play..Najib Tun Razak..he just put a stupid pig in a board room..and the pig start to bark.
i guess hess is anti-BN.
anyway, put any fool whether its from any political party, and it’ll bark.
come to think of it, i bark too ….. wooof. and i’m not even a member of a political party.
Hmmm….well..you’re my witness..you see what happened to PGB right now..where’re is Mr Wan..?I predict the truth since I alround there..n around..n around.