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PETALING JAYA: KNM Group Bhd’s wholly owned subsidiary KNM Process Systems Sdn Bhd has accepted a US$4.25 million (RM17.48 million) purchase order from TPSK Consortium. According to its Bursa filing, the purchase order is for the supply of shop-assembled large drums for the Petrochemical Complex in South of Vietnam – Package A1 – Olefins Plant. The group said that the supply and delivery duration of the transaction would be in four batches supply and for a period not exceeding 13 months commencing from July 8, 2019. The transaction is expected to contribute positively to KNM’s earnings for the financial years ending Dec 31, 2019 and 2020. … [Read more...] about KNM accepts US$4.25 million purchase order

PETALING JAYA: Moody’s Investors Service has downgraded Petronas LNG Ltd’s (PLL) foreign and local currency issuer ratings to “Baa1” from “A3” following the downgrade of PLL’s ultimate parent Petroliam Nasional Bhd’s (Petronas) rating to “A2” from “A1” last week. The rating outlook for PLL has also been changed from negative to stable. “PLL’s ratings downgrade to ‘Baa1’ was driven by the one-notch downgrade of its ultimate parent Petronas’ rating to ‘A2’. PLL’s ratings continue to be positioned two notches below the ‘A2’ ratings of Petronas,“ said Moody’s senior vice-president Vikas Halan. Petronas indirectly owns 100% of PLL and continues to have strong operational and financial integration with PLL. PLL enjoys ongoing liquidity support from Petronas and it can draw from Petronas’ umbrella credit facility for liquidity management. … [Read more...] about Moody’s downgrades ratings of Petronas LNG

KUALA LUMPUR: The recent downgrade of Petroliam Nasional Bhd’s (Petronas) domestic issuer and foreign currency senior unsecured ratings by Moody’s Investors Service is not expected to affect the national oil and gas company. Prime Minister Tun Dr Mahathir Mohamad downplayed the downgrade, saying that assessments made by rating agencies are not always accurate. “That is Moody’s assessment, but they are not necessarily right. Sometimes some agencies make inaccurate assessments. But we can’t criticise them because they are free to do so. “But from what we see, I am confident the downgrade won’t affect Petronas,” he told reporters after attending the 20th Asia Oil and Gas Conference 2019 opening ceremony here today. On Friday, Moody’s announced the downgrade of Petronas’ ratings from “A1” to “A2”, claiming the company’s link to the government meant there was potential for interference that might … [Read more...] about Mahathir: Moody’s downgrade of Petronas will not affect company