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MMC, Petra Energy in oil and gas tie-up

MMC, Petra Energy in oil and gas tie-up
Malaysian ports and infrastructure conglomerate MMC Corp is dipping its toes into the oil and gas (O&G) space, entering into a Memorandum of Understanding (MOU) with Petra Energy with the intention to jointly pursue O&G support-service contracts in Malaysia, it said in a stock market announcement.

MMC Corp said its wholly-owned subsidiary MMC Oil & Gas Engineering had entered into a MOU with Petra Resources a unit of Petra Energy with the intention to combine resources and expertise to pursue selective opportunities involving engineering and design in brownfield activities of oil and gas in the Malaysian market.

“The duration of this MOU is one year effective from 20 July 2016 and will expire on 19 July 2017, with an option for extension, as may be mutually agreed between the parties,” the two companies said.