‘No over-reliance on Petronas for contract handouts”


I want over reliance. Which foo’ is talking? Dateline 2014-04-18, Borneo Post.

Analysts observed that there is no over-reliance by local oil and gas (O&G) firms on national O&G corp Petroliam Nasional Bhd (Petronas) for contract handouts.

To note, contract flows for Bursa Malaysia-listed oil and gas (O&G) service providers remains stable this year at RM13 billion, which is 19 per cent higher compared with the Jan-April period in 2013, says analyst Aaron Tan of the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research).

“We note that only a relatively small portion (6.2 per cent) of jobs awarded this year had emanated from Petronas, with majority coming from international O&G firms.

“This proves that there is no over-reliance of local O&G firms on Petronas for contract handouts. Main beneficiaries in March to April 2014 were Bumi Armada Bhd (Bumi Armada), SapuraKencana Petroleum Bhd (SapuraKencana), UMW Oil & Gas Corporation Bhd, Uzma Bhd, Perdana Petroleum Bhd, Handal Resources Bhd and Barakah Offshore Petroleum Bhd.

“In light of this, companies’ orderbooks have grown substantially.”

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