Malaysia's Petronas withdraws from South Sudan amid investment shift
08/08/2024 04:09
KUALA LUMPUR, Aug 8 (Reuters) - Malaysian state energy
firm Petroliam Nasional (Petronas) IPO-PETO.KL said it will
withdraw from South Sudan as it tailors its investment strategy
to business conditions.
"The decision was made following a two-year period of
divestment initiatives in alignment with Petronas' long-term
investment strategy amid the changing industry environment and
accelerated energy transition," the firm said in a statement
late on Wednesday.
Subsidiary Petronas Carigali Nile will work with
stakeholders to ensure an amicable transition, it said.
The withdrawal comes after Britain's Savannah Energy
SAVES.L pulled out of a $1.25 billion purchase of Petronas'
oil and gas business in the East African nation due to
disagreement over terms.
"Savannah remains in active discussions with the relevant
parties around an alternative potential transaction in relation
to an acquisition of the Petronas assets," Savannah said in a
statement.
(Reporting by Rozanna Latiff; Editing by Christopher Cushing)
((rozanna.latiff@thomsonreuters.com; Reuters Messaging:
@rozlatiff on Twitter))