Malaysian petroleum companies agree $4 billion merger

The proposed merger of SapuraCrest Petroleum and Kencana Petroleum will create an integrated oil and gas company with the ability to undertake larger and more complex projects.

Malaysian petroleum companies agree $4 billion merger
One of Kencana's oil rigs en route to a client

Malaysian firms SapuraCrest Petroleum and Kencana Petroleum will merge in a $4 billion deal to create a larger, more integrated oil and gas services firm, which is better placed to compete both domestically and across Asia.

Integral Key, a special purpose vehicle SPV, will buy the Kencana business for M$5.97 billion $1.97 billion and the SapuraCrest business for M$5.87 billion. The deal will be settled through shares of Integral Key and cash....

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