Petronas is NOT acquiring cash-strapped Sapura Energy

Let’s see if this pans out for the historic record.

Dateline 2022-03-29, Upstream Online:

Malaysia’s national oil company Petronas is not going to be acquiring cash-strapped compatriot contractor Sapura Energy, which would have brought it under the same group as rival contractor Malaysia Marine & Heavy Engineering (MMHE) and shipping giant MISC.

Referencing news reports, comments in the media and recent speculation on its purported “talks with the government on a proposal to take a significant stake” in Sapura Energy, Petronas told Upstream that it “wishes to categorically deny these reports and speculation”.

“We have always been and will continue to be strictly guided by an established framework for any investment or divestment consideration,” said Petronas.

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