Malaysia’s SapuraKencana buys Petronas’ blocks offshore Vietnam

SapuraKencana

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 January 1, 2015 and SapuraKencana is entitled to net revenue from these blocks from then, the Kuala Lumpur-based company said in a press release.

“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.

(Reuters)

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