MMC Corp’s unit, Petra sign MoU on O&G cooperation

KUALA LUMPUR: MMC Corporation Bhd’s wholly- owned unit, MMC Oil & Gas Engineering Sdn Bhd ( MMCOG), signed a Memorandum of Understanding ( MOU) with Petra Resources Sdn Bhd on Wednesday on cooperation and collaboration in the country’s oil and gas sector.

The MoU would allow the two companies to combine resources and expertise in pursuing selective opportunities involving engineering, as well as designing in brownfield activities of oil and gas in the Malaysian market, MMC Corp said in a filing to Bursa Ma-

This cooperation and collaboration shall benefit both parties based on a ‘contractor-subcontractor’ relationship.

laysia yesterday.

Under the agreement, it said MMCOG and PETRA also agreed to cooperate and collaborate in the design and detailed engineering scope for potential projects.

“This cooperation and collaboration shall benefit both parties based on a ‘contractor-subcontractor’ relationship,” it said.

The MoU is valid for a one-year period, effective July 20, 2016 to July 19, 2017, MMC Corp said, adding that, “It comes with an option for extension, as may be mutually agreed between the parties.”

MMC Corp said that the agreement is not expected to have any material effect on the earnings, net assets and gearing of the group for the financial year ending December 31, 2016. — Bernama

MMC Corp