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Sapura Kencana to set up Brunei jv

Sapura Kencana to set up Brunei jv
Wading into the potentially lucrative but tricky Brunei market, Malaysian offshore oil and gas service provider SapuraKencana Petroleum (SapKencana) is planning a joint-venture (JV) company with Euthalia Energy Solutions.

The tie-up will be through its Brunei unit, SapuraKencana (B) Sdn Bhd (SapKen Brunei), taking a 70% stake for BND700,000  ($507,469) with Euthalia Energy Solutions taking the remainder.

The joint venture company, RSK Petroleum, will be to explore opportunities in Brunei, the company said in a stock market announcement.

“The purpose of the jv is to identify potential business opportunities, investments, jvs, business combinations or other transactions in Brunei with respect to works and services in the oil and gas industry,” SapKencana said.