QUOTE(nash9701 @ Jul 24 2013, 11:08 PM)
today "kecoh" Ranhill being blacklisted by Petronas...heard because delayed on LEKAS project...
(^__^)
PETALING JAYA: An affiliate of Ranhill Energy and Resources Bhd has had its Petronas licence suspended indefinitely, putting a snag in the group’s RM753mil initial public offering (IPO) slated for next Wednesday.
According to a document sighted by StarBiz, Perunding Ranhill Worley Sdn Bhd’s (PRW) licence has been suspended “for an indefinite period” effective July 17.
“The suspension covers both upstream and downstream,” it read.
The document said PRW “shall not at any time and for any reasons whatsoever be allowed to make any reference to and/or utilise its Petronas licence (whether in whole or part thereof) in any of its future dealings with any party”.
Additionally, PRW and/or any persons connected to it would no longer qualify or be allowed to participate in any of Petronas’ tenders.
The document went on to say that ongoing tenders awarded to PRW would be passed on to the next recommended bidder after negotiations, while existing contracts would continue until they are completed.
“For umbrella contracts, no new work orders shall be issued,” the letter read.
PRW is a private entity 90%-owned by Ranhill Energy boss Tan Sri Hamdan Mohamad. It has an agreement to exclusively appoint Ranhill WorleyParsons Sdn Bhd – Ranhill Energy's 51% joint venture with Australia-listed WorleyParsons Ltd – to carry out engineering, procurement and construction management services for all projects undertaken by PRW.
Insiders believe the suspension was linked to work done on Petronas Gas Bhd’s liquefied natural gas (LNG) regasification plant in Malacca.
PRW won the RM1.07bil job in January 2011 in a consortium with Muhibbah Engineering (M) Bhd. The project involved engineering, procurement, construction, installation and commissioning works.
Industry sources confirmed that the regulators and bankers were looking into whether Ranhill Energy, controlled by Malaysia’s “water baron” Hamdan, was in breach of any disclosure rules relating to the licence suspension.
The IPO was billed as Ranhill Energy’s comeback after it was privatised in 2011 at 90 sen a share, or RM538mil.
The listing – which saw the emergence of big-name cornerstone investors such as Lembaga Tabung Haji, Eastspring Investments Bhd, Hwang Investment Management Bhd and Corston Smith Asset Management Bhd – drew attention because of its lucrative water concession in Johor, bankers said.
Ranhill Energy has an exclusive licence from the Energy, Green Technology and Water Ministry to provide source-to-tap water supply services to end-consumers in Johor.
The firm also intended to pay out 60% of its net profit as dividends in 2014, translating into a yield of 5%, Hamdan had said at the launch of its prospectus earlier this month.
He could not be reached for comment at press time. Book building for the IPO, which was oversubscribed, closed on July 15 for institutional investors and July 11 for retailers.
Close to half of the group’s turnover comes from its environment segment, which also comprises water and wastewater operations in China. Its oil and gas (O&G) business is No. 2, making up 37% of revenue.
Maybank Investment Bank is the principal adviser for the share sale and joint global coordinator, bookrunner, managing underwriter and underwriter, together with CIMB Investment Bank.
The IPO of 407 million shares priced Ranhill Energy at the top of its indicated range at RM1.85 apiece.
The company had noted in its prospectus that its “recent experience in leading a consortium of the country’s first LNG regas terminal provides valuable lessons to improve this method of contracting in the O&G industry in Malaysia. We plan to secure such further contracts based on our track record such as the Zawtika Development Project in Myanmar and the alliance contract for the Malacca LNG regas unit”.
Ranhill Energy also said it aimed to pursue future O&G jobs with Petronas such as marginal fields, enhanced oil recovery, the Refinery and Petrochemical Integrated Development in Johor, as well as the construction of more LNG terminals in Peninsular Malaysia.
http://www.thestar.com.my/Business/Busines...as-licence.aspx 
Jun 25 2013, 12:31 PM, updated 12y ago
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ada kena mengena dgn lhdn? also where are u taking ur well control, wch comp offering also is this renewel or new?i got a few quotes but dunno wch one to choose. 
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