Petronas' new deals
Jan 2008
Malaysia's national oil company, Petroliam Nasional Berhad (Petronas), may be on a roll. Having recently bought Australian energy firm Woodside Petroleum Ltd for US$418m, and a US$1.1bn stake in Rosneft, a player in Russian oil and gas, Petronas has now secured funds to buy Italian lubricant maker, FL Selenia SpA from Kohlberg, Kravis Roberts & Co (KKR).
Petronas will be paying KKR €950m (RM4.65bn) for Selenia, €115m more than KKR paid when it bought the company in 2005 from the New York-based buyout firm Vestar Capital Partners. The move to acquire appears to be gaining momentum.
Via its wholly-owned company, Petronas International Corp, Petronas plans to put out about €207m to increase its stake in Star Energy, the UK's second largest onshore oil producer. Currently, it owns about 39% of Star Energy, and will offer 365p for each share bought back, having paid that price per share for the shares it purchased in Star in mid-November 2007.
Petronas has so far spent about US$1.5bn (RM4.98bn) on purchasing international assets this year. While the Australian deal brought in Woodside's Mauritanian assets and the Rosneft deal will place Petronas' foot in the oil and gas producing regions of Eastern Europe, it was not immediately evident where the purchase of Selenia will lead. Petronas officials have so far declined to comment on the deal.
The reason for the Star Energy purchase, however, is clear: Star is considering a North Sea project in which Petronas sees great potential - an offshore project that is 50% bigger than the UK's current biggest gas-storage site.
Malaysia's national oil company, Petroliam Nasional Berhad (Petronas), may be on a roll. Having recently bought Australian energy firm Woodside Petroleum Ltd for US$418m, and a US$1.1bn stake in Rosneft, a player in Russian oil and gas, Petronas has now secured funds to buy Italian lubricant maker, FL Selenia SpA from Kohlberg, Kravis Roberts & Co (KKR).
Petronas will be paying KKR €950m (RM4.65bn) for Selenia, €115m more than KKR paid when it bought the company in 2005 from the New York-based buyout firm Vestar Capital Partners. The move to acquire appears to be gaining momentum.
Via its wholly-owned company, Petronas International Corp, Petronas plans to put out about €207m to increase its stake in Star Energy, the UK's second largest onshore oil producer. Currently, it owns about 39% of Star Energy, and will offer 365p for each share bought back, having paid that price per share for the shares it purchased in Star in mid-November 2007.
Petronas has so far spent about US$1.5bn (RM4.98bn) on purchasing international assets this year. While the Australian deal brought in Woodside's Mauritanian assets and the Rosneft deal will place Petronas' foot in the oil and gas producing regions of Eastern Europe, it was not immediately evident where the purchase of Selenia will lead. Petronas officials have so far declined to comment on the deal.
The reason for the Star Energy purchase, however, is clear: Star is considering a North Sea project in which Petronas sees great potential - an offshore project that is 50% bigger than the UK's current biggest gas-storage site.
posted by Toyers at
8:47 AM
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