SapuraKencana, Petronas scrap $400M Vietnam deal

SapuraKencana, Petronas scrap $400M Vietnam deal

Malaysia’s SapuraKencana in late 2014 entered into an agreement to buy Petronas Carigali’s offshore assets in Vietnam, however the deal is now off.

According to SapuraKencana’s statement on Friday, January 22 2016, the conditional sale and purchase agreements on the proposed Vietnam transaction have been terminated by the parties by mutual agreement.

Under the proposed agreement from 2014, SapuraKencana, through its subsidiaries was to acquire interests in several oil blocks located in Cuu Long and Nam Con Son basins, located off the country’s south coast.

The price set for the acquisition was of $400 million. SapuraKencana did not say why the proposed deal was terminated.

Offshore Energy Today Staff

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