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MISC taking over Petronas' Sungai Udang Port operating unit

Petronas unit MISC plans to be a one-stop maritime centre for its parent, following the purchase of the national oil company's maritime services company, local reports said.

Vincent Wee, Hong Kong and South East Asia Correspondent

June 16, 2015

1 Min Read
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MISC said it was buying Petronas' entire stake in Petronas Maritime Services Sdn Bhd (PMSSB) for MYR54.1m ($14.4m).

One of PMSSB's key assets is its unit Sungai Udang Port Sdn Bhd which has the concession to operate and manage Sungai Udang Port in Malacca where Petronas has a refinery.

"The acquisition will complement MISC's existing business and service range and enhance MISC's position as a service provider," it added.

MISC said the purchase was expected to be completed by 7 July 2015. WIth PMSSB deriving substantial revenue from Petronas, its financial results are strongly impacted by Petronas business, MISC warned.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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