Petronas says action of alleged seizure of assets by Sulu claimants baseless, to defend legal position

Petronas says it’s working vigorously to defend its authorized place on the matter. — Reuters pic

Tuesday, 12 Jul 2022 11:30 PM MYT

KUALA LUMPUR, July 12 — Petroliam Nasional Bhd (Petronas) stated it considered the motion of alleged seizure of its belongings as baseless and is working vigorously to defend its authorized place on this matter.

The nationwide oil firm was referring to the Monetary Instances’ report titled: “Petronas subsidiaries seized as legal professionals press $15bn declare on Malaysia’. “We affirm that our two subsidiaries talked about within the report have been served with ‘Saisie-arret’ on July 11, 2022,” Petronas stated in an announcement right here, immediately.

It needs to make clear that these subsidiaries, Petronas Azerbaijan (Shah Deniz) S.à r.l. and Petronas South Caucasus S.à r.l., have beforehand divested its whole belongings within the Republic of Azerbaijan and the proceeds from the train have been duly repatriated. — Bernama