Malaysia’s Ranhill Energy delays IPO after Petronas suspends affiliate’s licence


Dateline 2013-07-24, Reuters:

Malaysian oil and gas service firm Ranhill Energy will delay its planned July 31 IPO after state oil firm Petronas suspended the licence of an affiliate company earlier this month, Ranhill said on Thursday.

Ranhill Energy said in a statement Petronas scrapped a licence belonging to affiliate Perunding Ranhill Worley (PRW) from July 17 for an indefinite period. Ranhill said it is appealing the decision.

The licence enables PRW to bid for Malaysian projects awarded by Petronas, which has pledged to spend 300 billion ringgit ($94.38 billion) in capital expenditures between 2011 and 2015.

PRW usually outsources Petronas jobs to Ranhill Energy’s 51 percent owned unit, Ranhill Worley Parsons Sdn Bhd, which contributes a significant portion of its Malaysian revenues. Australia’s WorleyParsons Ltd owns 49 percent of Ranhill Worley Parsons.

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This entry was posted on Thursday, September 5th, 2013 at 6:00 am and is filed under investment, Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to Malaysia’s Ranhill Energy delays IPO after Petronas suspends affiliate’s licence

  1. mrp says:
    September 5, 2013 at 4:08 pm

    Bleak future for WorleyParsons Services. Even their GM also left….

    Reply

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