Puncak Niaga: No plan to close down oil and gas biz

SHAH ALAM: Puncak Niaga Holdings Bhd has no plans to exit the oil and gas business despite it not having any jobs in hand at the moment.
"We're not in hurry to close down our oil and gas company. Even though there is not much jobs, we're still confident because our exposure (in the oil and gas industry) is not so much," executive chairman Tan Sri Rozali Ismail told a press conference after the company's AGM here today.
He is optimistic that the oil and gas sector will recover by the end of the year in anticipation of a continued rebound in oil price.
"It is possible that oil price will go up to US$60 to US$70 a barrel, i think it will improve further by next year," he said.
Currently, the company's oil and gas business is only left with 15 employees after rounds of right sizing exercise which was started in May last year.
Puncak Niaga, which is in search for new businesses following the disposal of its water assets to the Selangor government for RM1.56 billion, is also targeting to expand to areas that are environmental-related such as waste water, renewable energy, gas and power.
"We're looking into all aspects of environment engineering business related to environment," Rozali stressed.
On the proposed venture into oil palm plantations, he said the company is continuously on the lookout for opportunities, but nothing has been firmed up yet.
"This takes a little bit time for us to evaluate potential estates to buy. We'll announce it soon," he noted.