Daya Materials in MoU with Papua New Guinea’s national oil & gas firm

PETALING JAYA: Daya Materials Bhd has entered into a memorandum of understanding (MoU) with Kumul Petroleum Holdings Ltd (KPHL) for the provision of services and products to KPHL for oil and gas projects in Papua New Guinea (PNG).

KPHL is Papua New Guinea’s national oil and gas company, operating with commercial interest in the participation of the country’s liquefied natural gas (LNG) project.

In a filing with Bursa Malaysia yesterday, Daya Materials said the MoU intends to reflect the intentions of both parties to participate in oil and gas project(s) in Papua New Guinea as a joint venture.

The MoU is valid for a period of 12 months period from Feb 8, 2018, unless terminated by mutual consent, it noted.

Daya Materials is involved in polymer, technical services and oil and gas (O&G) industries. It mainly offers a range of products and services to both the upstream and downstream of the O&G industry.

The group also has significant non-oil and gas interests in engineering and construction, heating, ventilation & air-conditioning and specialised polymers.

The O&G business, however, did not contribute positively to Daya Material as the segment reported a widened net loss of RM204.04 million in 2016 compared with RM15.22 million in 2015.

Daya Materials share price closed unchanged at eight sen yesterday with 1.8 million shares traded.