Malaysian oil services firms tumble after Petronas project delay


Dateline 2013-07-31, Reuters:

Investors sold off shares in Malaysian oil and gas services firms after Reuters reported state-owned Petronas will start a planned $19 billion petrochemicals complex in 2018, signalling a delay in awarding work contracts for the massive project.

Malaysia’s top ten oil and gas services firms by market capitalisation have been popular with investors this year, soaring an average 55 percent so far, well ahead of the local bourse’s 5.2 percent gain.

News of a further delay to the refinery and special chemicals project took some wind out of the sector, which has been expanding rapidly to capture regional deepwater exploration and production jobs and benefit from Petronas’ $93 billion capital spending in 2011-2015.

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This entry was posted on Tuesday, September 24th, 2013 at 6:00 am and is filed under 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.

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