Basis Point: Petrovietnam Seeking $1.8B Loan for Murphy Oil Malaysia Stake
HONG KONG, Aug 21 (Reuters) - Petrovietnam is in talks with banks for a seven-year loan of up to $1.8 billion to back its bid to buy a stake in Murphy Oil Corp's Malaysian oil and gas assets, Thomson Reuters publication Basis Point reported on Wednesday, citing sources.
Arkansas-based Murphy Oil, which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei and Australia, is seeking buyers for a 30 percent stake in its Malaysian assets, Reuters previously reported.
Petrovietnam's offer is more than the $1.5 billion bid placed by the Indian consortium of Oil & Natural Gas Corp and Oil India Ltd. Mitsubishi Corp is also among bidders for the assets.
A limited number of banks are involved in the talks with Petrovietnam for the financing, Basis Point said. The company's CEO could not be reached on Thursday for comment.
In early July, the state-owned company had approached banks for the M&A financing and set a mid-July deadline for responses. The company was initially considering a 12-18 month bridge financing, the report said.
(Reporting by Kane Wu of LPC/Basis Point; Additional reporting by Mai Nguyen in Hanoi; Writing by Stephen Aldred; Editing by Matt Driskill)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
- Murphy Oil CEO: Now is the Time for Deepwater to Come Back (May 02)
- Pilot Energy Inks Deal to Acquire Murphy's Stake in Permit WA-481-P Off WA (Jul 27)
Company: PetroVietnam more info
- Vietnam Court Sentences to Death PetroVietnam Ex-Chairman in Mass Trial (Sep 29)
- Asia Oil Refinery Delays Favor Producer Case for Extending Output Cuts (May 22)
- Vietnam's Sole Refinery Plans to Sell 5-6 Pct Stake in IPO in Q4 (May 22)