Malaysia's SapuraKencana Petroleum Berhad, through its wholly-owned subsidiary SapuraKencana Brunei, formed a joint venture with Euthalia Energy Solutions Sdn Bhd and RSK Petroleum Sdn Bhd to undertake oil and gas projects in Brunei, the company said in a filing with local stock exchange Bursa Malaysia Monday.
Under the Shareholders Agreement, the partners will identify potential business opportunities, investments, joint ventures, business combinations or other transactions in Brunei pertaining to works and services as listed in all four categories in Directive 2 Local Business Development Framework for the Oil and Gas industry issued by Brunei's Ministry of Energy, Prime Minister’s office dated Feb. 1, 2012.
SapuraKencana Brunei and Euthalia will hold a 70 percent interest and a 30 percent stake in the joint venture by subscribing for 700,000 shares and 300,000 shares, respectively at $0.7245 (BND 1) each.
SapuraKencana Brunei’s investment in the joint venture company is expected to be funded by internally generated funds, parent firm SapuraKencana Petroleum said in a press release, adding that the Shareholders Agreement is expected to be effective by Aug. 31.
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