Petronas suspends Barakah unit’s licence

KUALA LUMPUR : Barakah Offshore Petroleum Bhd’s wholly-owned subsidiary, PBJV Group Sdn Bhd (PBJV) has received a notification to suspend its licence from Petroliam Nasional Bhd on July 8, 2019.

In a filing to Bursa Malaysia yesterday, Barakah said the letter from the national oil giant indicated there was an adverse report from Petronas Carigali Sdn Bhd (PCSB) pertaining to the non-performance of PBJV to the contract relating to the provision of underwater services for PCSB.

“Resulting from that, Petronas has decided to suspend PBJV’s licence for a period of three years with effect from the date of the letter,” it said.

Petronas including its subsidiaries and any petroleum arrangement contractors (PACs) will not award any new contract to PBJV during the suspension period, as an implication to Barakah.

“PBJV will not be allowed to bid for new projects undertaken by Petronas including its subsidiaries and any PACs during the suspension period,” it said.

Nevertheless, Barakah added PBJV is still allowed to continue and complete its existing and on-going contracts with Petronas including its subsidiaries and PACs in accordance with the term and conditions of the respective existing and on-going contracts. – Bernama