- Published: 31 March 2014
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By SHARIDAN M.ALI
Its service offer widens after buying two firms
SHAH ALAM: Puncak Niaga Holdings Bhd is targeting revenue of between RM1bil and RM1.5bil from its oil and gas (O&G) business in the current financial year, as it now could offer a wider array of services for the sector after acquiring Global Offshore Malaysia Sdn Bhd and KGL Ltd last year.
The revenue target for the segment this year represents a huge jump from RM289.5mil achieved last year.
Global Offshore and KGL have become wholly-owned companies of Puncak Oil and Gas Sdn Bhd (POG), which in turn became Puncak Niaga's wholly-owned unit in September 2011.
Rozali: ‘we are ready to expand our O&G business from pipe replacement to offshore exploration as well.’ Puncak Niaga executive chairman Tan Sri Rozali Ismail said that prospects for O&G looked bright going forward as the Government and Petronas had announced many projects.
“And after acquiring these two companies, we are ready to expand our O&G business from the existing pipe replacement to offshore exploration as well, not only in Malaysia but overseas as well.
“We have submitted a proposal with a foreign joint-venture partner to Petronas for the development of its marginal oilfield.
“We are now awaiting the feedback from them to call us for further negotiations,” he told reporters after the Malay Chamber of Commerce Selangor's AGM yesterday. Rozali is the chamber's chairman.
Rozali hopes the O&G would be one of the major earnings contributors to the group.
Puncak Niaga's order-book for the O&G business stands at RM500mil.
As for the water restructuring issue in Selangor, Rozali said it was not going to exit the business but was willing to negotiate further with the state and federal governments to resolve the water problem in the Klang Valley and Selangor.
Content from: The Star