Worley, Ranhill Malaysian Venture Receives Suspension NoticeJames Paton
WorleyParsons Ltd., Australia’s largest oil and gas engineering company, said its venture with Ranhill Bhd. got a suspension notice from state-owned Petroliam Nasional Bhd. for its Malaysian operations.
The venture is holding talks with the oil company known as Petronas, which is manager of Malaysia’s energy reserves, to get the suspension lifted, Sydney-based WorleyParsons said today in an e-mailed statement. The company is optimistic the discussions will lead to a commercial resolution, it said. It didn’t cite a reason for the suspension.
WorleyParsons, which owns 49 percent of the Malaysian venture with Ranhill, picked the Southeast Asian nation as its second global hub after Houston. Ranhill Energy and Resources Bhd., the energy and water company that’s part of Ranhill Bhd., raised 753 million ringgit ($236 million) in a share sale this month, according to two people familiar with the sale. Trading is due to start July 31, according to the prospectus.
Shares of the Australian company today fell 2.2 percent to A$21.97 in Sydney. The benchmark index rose 0.4 percent.
Hamdan Mohamad, Ranhill Energy’s chief executive officer, didn’t pick up two calls to his mobile phone today.