Barakah unit issues notice of demand for RM1.02bil


  • Corporate News
  • Wednesday, 07 Aug 2019

“Petronas and PCSB have been given 14 days to comply with the demand, ” Barakah told Bursa Malaysia.

PETALING JAYA: PBJV Group Sdn Bhd, a wholly owned subsidiary of BARAKAH OFFSHORE PETROLEUM BHD, has demanded RM1.02bil from Petroliam Nasional Bhd (Petronas) and Petronas Carigali Sdn Bhd (PCSB) following the suspension of its licence from the latter.

Barakah said the amount demanded is based on the loss of future profits, reputation and market share prices, among others.

“The notice of demand and dispute has been issued by PBJV’s legal firm of solicitors, M/s Ram Reza & Muhammad.

“Petronas and PCSB have been given 14 days to comply with the demand, ” Barakah told Bursa Malaysia.

On July 8, Petronas issued a three-year suspension notice on the licence of PBJV. This notice was issued based on the grounds of adverse reports of PBJV’s performance under a contract referred to as Provision For Underwater Services for Petronas Carigali. The suspension was issued post-completion of the contract.

In response, PBJV issued a notice of demand and dispute dated Aug 5 to both Petronas and PCSB where it disputes the validity of the suspension being issued without any legal justification nor compliance to procedures.

“The contract has been successfully carried out and completed prior to the suspension. Upon completion of the contract, positive appraisal was subsequently given by PCSB, hence making the suspension unwarranted, ” said Barakah.


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Barakah , unit , PBJV , Petronas , offshore ,

   

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