Wednesday, 20 July 2011

Petrofac to take over shares RNZ

PETROFAC Ltd., the giant British oil and gas engineering is in talks to acquire a significant stake in the RNZ Integrated (M) Sdn Bhd, which is one of six companies licensed offshore engineering major PETRONAS.
Industry sources said the acquisition of majority shareholding RNZ Integrated aims to strengthen the company's position is based in Jermyn Street London to bid for more service contracts and the development of small oil wells in the more risky sea with PETRONAS.
A small oil well development activities and the sea in Australia is now gaining the attention of big international companies due to a serious commitment of the government in an effort to increase the country's total oil reserves. "Drawing on the developments, the British companies are strategizing to improve the reach of its involvement in oil industry and gas industry in Malaysia with the potential to take over local companies, with RNZ target acquisition. "Talks involving the two parties (Petrofac and RNZ Integrated) is in progress and understand oil and gas engineering giant Britain is keen to take over 50 per cent stake in RNZ Integrated. "However, they are still at an early stage and no agreement has not been finalized," he told The Star in Kuala Lumpur. RNZ Integrated led Managing Director and Chief Executive Officer, Rozali Ahmad, however, could not be contacted for comment on the incident. The source said , Petrofac interested in RNZ as a wholly owned Bumiputera company which was established in 1994 has a good reputation for the successful result of the implementation of various projects in Malaysia, Sudan, India, Vietnam, Turkmenistan, Iran and Qatar. Among the major projects the company is an integrated development project Sumandak South offshore Sabah; Tulip A development project, the Malaysia-Vietnam border; oil development projects Tanjong Langsat Port, Johor; Muglad Basin development project and marine terminal project Bashayer 2, Sudan and Monopod development projects in India. As the main contractor PETRONAS, RNZ Integrated also has the advantage of being certified ISO9001 for the provision of engineering services, design, procurement and project management assistance for the development and renovation of production facilities, installations and oil and gas processes.

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