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PETRONAS ACQUIRES INTEREST IN MUNIR BLOCK IN IRAN
PETRONAS, through subsidiary PETRONAS Carigali Overseas Sdn Bhd, has acquired an interest in the onshore Munir Block in Iran from Edison International and Lundin (Munir) Ltd.
Under the newly-approved farm-in transaction, PETRONAS Carigali Overseas now owns a 30 per cent stake in the block, while Edison International and Lundin Munir have 40 per cent and 30 per cent stakes, respectively.
Edison International, which is the operator of the block, previously controlled 60 per cent, with the remaining 40 per cent equity owned by Lundin Munir. Edison International is the exploration and production arm of Edison Gas, Italy’s oldest energy company, while Lundin Munir is wholly-owned by Lundin Petroleum AB, a Swedish independent oil and gas exploration and production company. (more…)
PETRONAS RE-OPENS 10- AND 20-YEAR GLOBAL BONDS
PETRONAS, through wholly-owned subsidiary PETRONAS Capital Limited, has successfully raised an additional US$950 million through the re-opening of its 10- and 20-year Global Bond offerings completed last May, bringing the total amount raised to about US$3.65 billion equivalent - the largest ever issue to have been concluded by an Asian corporation in the international market.
PETRONAS returned to the market after its highly successful issue last May to take advantage of the current favourable market conditions, particularly with US interest rates at a record low. By raising low cost financing, the company will be able to reduce its weighted average cost of capital and extend its debt maturity profile. The transaction demonstrated PETRONAS’ ability to repeatedly raise sizeable financing in a volatile market. (more…)
FINANCIAL CLOSE OF TRANSASIA’S PURCHASE OF STAKE IN INDONESIA’S GAS TRANSPORTATION COMPANY
PETRONAS International Corporation Ltd. (PICL) today announced the financial close of the purchase by Transasia Pipeline Company Pvt. Ltd. (Transasia), of a 40 per cent stake in PT Transportasi Gas Indonesia (TGI). TGI is a subsidiary of PT Perusahaan Gas Negara (PGN), Indonesia’s state-owned gas transmission company.
Transasia is a joint venture company incorporated in the Mauritius comprising a consortium involving PICL (35 per cent), CONOCO Indonesia Holdings Ltd (35 per cent), SPC Indo-Pipeline Co. Ltd. (15 per cent) and Talisman Transgasindo Ltd. (15 per cent). PICL is a wholly-owned international investment arm of PETRONAS. (more…)
PETRONAS INTRODUCES SUPERIOR PERFORMANCE PETROL
PETRONAS Dagangan Bhd (PDB), the retail arm of PETRONAS, today unveiled an improved version of its PRIMAX motor gasoline which has been enhanced with new formulation to give motorists a superior performance petrol. The new fuel, blended with the latest generation additive package to optimise engine performance and protection, was launched by PETRONAS Chairman Tan Sri Dato’ Seri Azizan Zainul Abidin in Kuala Lumpur.
A key component of the new formulation is its unique friction modifier (FM), the first of its kind in Malaysia. FM reduces the friction between piston rings and cylinder wall inside the engine’s combustion chamber, maximising the use of energy generated by the engine which would otherwise be lost due to the friction. This in turn will result in smoother and faster acceleration, easy start-up even when the engine is cold, and improves fuel economy. (more…)