Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Sumatec Resources bhd says CaspiOilGas LLP (COG) has completed the open tendering exercise awarded US$55mil (RM236.5mil) worth of jobs to Industrial Energy Alliance LLP (IEA) and Pricaspiyskoye Upravleniye Stroitelstva (PUS)
In a filing with Bursa Malaysia, Sumatec said the four contracts awarded to IEA was to repair/rejuvenate 12 wells and construction of six deep exploratory/appraisal wells and also awarded one contract to PUS for the reconstruction of central processing facility and surface facilities.
“The awarded contracts value is up to US$55mil. COG will fund the work program on behalf of Sumatec and continue to fund it until Sumatec is able to raise its own funding,” it said.
COG also informed the company that the awarded contractor has started work.
COG is a unit of Markmore Energy (Labuan) Ltd (MELL), which Sumatec is also in the process of acquiring from Tan Sri Halim Saad (via his 99.9%-owned Markmore Sdn Bhd) for US$205mil (RM890mil).
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