PETALING JAYA: Sumatec Resources Bhd has reduced its offer price to acquire an oilfield in Kazakhstan to US$290mil (RM1.015bil), citing the sharp drop in crude oil prices.
“Despite the decline in oil prices, the board remains optimistic of the long-term prospects of the proposed acquisition due to the long-term potential of the oil and gas industry in the global energy market,” the company told Bursa Malaysia.
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