Puncak Niaga Holdings Bhd, which ventured into the oil and gas industry last year, has managed to secure contracts worth RM500 million, said its executive chairman Tan Sri Rozali Ismail.
Its involvement in the industry is via wholly-owned unit, Puncak Oil and Gas Sdn Bhd (POG), which had stakes in Global Offshore (M) Sdn Bhd and KGL Ltd last year.
Rozali said the company has been involved in many projects here and was ready for expansion overseas after recruiting experienced and capable staff to expand the oil and gas operations.
"We have secured projects worth RM500 million which are expected to bring in a revenue of between RM1 billion and RM1.5 billion.
We hope it would become one of the big contributors to the company's revenue," he told a media briefing after charing the annual general meeting of the Selangor Malay Chamber of
Commerce here today.
He said the company would bid to develop the marginal fields from Petroliam Nasional Bhd (Petronas).
"We plan to do so with a foreign partner. So we are waiting for Petronas to call us for negotiation," he said.
On the water industry restructuring in Selangor, he said, Puncak Niaga looked forward to negotiations with with the state and federal governments to end the impasse.
He also Puncak Niaga would not quit the water industry which it has been involved in for 15 years not only in Malaysia but overseas as well.
"We have 4,000 staff and it is a big responsibility for the company," he said. -- Bernama
