Malaysia’s Petronas is expected to press ahead with the acquisition of South Korea’s Daewoo Engineering and Construction, according to Business Korea.
The estimated price of Daewoo E&C is $1.8 billion, and Petronas plans to acquire Korea Development Bank’s 50.75% stake. The acquisition is expected to help the company diversify its oil-oriented revenue structure.
The cancellation of its Pacific NorthWest Canadian LNG export project means Petronas has more cash to expend on acquisitions, and the company sees engineering and construction as a growth area.
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