Petronas continues overseas expansion push
An offshore rig in the Shah Deniz field. Petronas has bought a stake in the project. (BP)
Malaysia’s Petronas has shown little sign of scaling back ambitions of expanding its overseas business, despite the challenging pricing environment for oil and gas. Last week the company finalised a multi-billion dollar deal for a stake in one of Central Asia’s largest gas projects.
In the deal, which was initially announced in October, Petronas acquired several assets in Azerbaijan from Norway’s Statoil on 30 April. The Norwegian company had previously valued the transaction at $2.25 billion.