Malaysia’s SapuraKencana buys Petronas’ blocks offshore Vietnam for $400 mln


So, I guess SKE is the new crony to PETRONAS. Are they pushing Vestigo down a level?

Dateline 2014-11-30, Reuters:

SapuraKencana Petroleum Bhd , Malaysia’s largest listed oil and gas services firm by market capitalisation, is buying state oil firm Petroliam Nasional Bhd’s entire interest in 3 blocks offshore southern Vietnam for $400 million.

The economic effective date of the transaction is Jan. 1, 2014 and SapuraKencana is entitled to net revenue from these blocks from then, the Kuala Lumpur-based company said in a press release on late Thursday.

“The transaction gives SapuraKencana an immediate foothold in the promising oil provinces offshore Vietnam with cash generating assets that will be earnings accretive to the group,” Chief Executive Officer Shahril Shamsuddin said in a statement.

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This entry was posted on Saturday, January 31st, 2015 at 6:48 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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