Printer Friendly

Petrovietnam joins race for Murphy Oil's Malaysian operations - report.


14 August 2014 - State-run oil company Petrovietnam has offered more than USD1.5bn (EUR1.1bn) to buy a stake in the Malaysian oil and gas assets of US-based Murphy Oil Corporation (NYSE:MUR), joining other suitors including Indian state oil companies and Mitsubishi Corporation (TYO:8058), sources familiar with the matter told Reuters.

According to one of the sources, the Vietnamese company has outbid an Indian consortium of Oil & Natural Gas Corp (NSE:ONGC) and Oil India Ltd (NSE:OIL), which offered USD1.5bn for the stake. Reuters previously reported that Murphy Oil was seeking to sell a 30% stake in its Malaysian operations.

Quoting a separate source, the news agency reported that Kuwait Foreign Petroleum Exploration Co has also expressed interest in buying the stake, offering Murphy Oil about USD2bn. But another source pointed out that Murphy Oil would rather sell the stake to a passive investor or to a party that does not operate in the oil and gas industry, which could mean Japan's Mitsubishi is well-positioned to acquire the stake.

Murphy Oil did not respond to an e-mail request sent by Reuters, while the chairman of Petrovietnam's overseas development unit was unavailable for comment.

Country: Malaysia

Sector: Petroleum/Natural Gas/Coal

Target: the Malaysian oil and gas assets

Buyer: Kuwait Foreign Petroleum Exploration Co, Oil & Natural Gas Corp , Petrovietnam, Mitsubishi Corporation, Oil India Ltd

Vendor: Murphy Oil

Deal size in USD: The bids are said to be worth up to USD2bn

Type: Stakebuilding

Status: Bidding, Speculation

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Aug 14, 2014
Previous Article:Poland's Azoty says on the lookout for acquisitions abroad.
Next Article:3D Systems takes over APP, APM.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters