New consolidation push

Yield play: An offshore support vessel of TAS group. The Malaysia Offshore Support Vessel Association has floated an idea to Petronas to set up a business trust of O&G assets.

A PROPOSAL for Petroliam Nasional Bhd (Petronas) to set up a special-purpose vehicle (SPV) to take over the assets of ailing oil and gas (O&G) companies has created a stir in the industry.

Initially, there was some confusion as to which party – the industry players or Petronas – had come up with the proposal. The question was answered when the Malaysia Offshore Support Vessel Association (Mosva) clarified that it had prepared the contents of the presentation deck that was with Petronas.