Malaysia's SapuraKencana Forms JV to Undertake Oil & Gas Projects in Brunei

Source: www.gulfoilandgas.com 8/3/2015, Location: Asia

Malaysia's SapuraKencana Petroleum Berhad, through its wholly-owned subsidiary SapuraKencana Brunei, formed a joint venture with Euthalia Energy Solutions Sdn Bhd and RSK Petroleum Sdn Bhd to undertake oil and gas projects in Brunei, the company said in a filing with local stock exchange Bursa Malaysia.

Under the Shareholders Agreement, the partners will identify potential business opportunities, investments, joint ventures, business combinations or other transactions in Brunei pertaining to works and services as listed in all four categories in Directive 2 Local Business Development Framework for the Oil and Gas industry issued by Brunei's Ministry of Energy, Prime Minister’s office dated Feb. 1, 2012.

SapuraKencana Brunei and Euthalia will hold a 70 percent interest and a 30 percent stake in the joint venture by subscribing for 700,000 shares and 300,000 shares, respectively at $0.7245 (BND 1) each.

SapuraKencana Brunei’s investment in the joint venture company is expected to be funded by internally generated funds, parent firm SapuraKencana Petroleum said in a press release, adding that the Shareholders Agreement is expected to be effective by Aug. 31.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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