Petronas Offers to Buy Out MISC

Malaysian energy giant Petronas has offered to buy the remaining shares in MISC which it does not hold for 8.7 billion ringgit ($2.8 billion). MISC is already a 62.67% owned subsidiary of Petronas and has world’s second biggest fleet of LNG ships after Qatar Gas Transport Co.

“The offer represents a significant step by Petronas to take MISC private and obtain full control of the company,” Petronas said in a statement poste don its website. .

 Petronas said that MISC was an important part of its integrated business and that the prevailing industry backdrop and uncertain global economy had made efforts to sustain and transform the business of MISC challenging.