Enra Group bags RM206 million Petronas job in Myanmar

PETALING JAYA: Enra Group Bhd's 60%-owned subsidiary Enra SPM Sdn Bhd has clinched a US$48 million (RM206 million) contract from Petroliam Nasional Bhd's (Petronas) subsidiary PC Myanmar (Hong Kong) Ltd. (PCML) for the provision of condensate storing, offloading facilities and services in Myanmar.
The property and oil and gas services firm told Bursa Malaysia that the letter of award, through an open tender process, is for the lease of a single point mooring (SPM) system and storage tanker to PCML.
The SPM system and tanker will provide condensate storing and offloading services for the Yetagun offshore gas field operated by PCML in the Andaman Sea off the coast of Myanmar.
The award is for a four-year primary period and the leasing period is estimated to commence upon the facilities being commissioned and delivered to PCML.
Enra said it is keen to build a track record in providing optimum cost-effective solutions to the oil and gas industry in the region and it anticipates the project to contribute positively to its earnings in the next financial year and onwards. 
At 12.30pm, the stock fell 5 sen to RM2.70 on some 3,500 shares traded, giving it a market capitalisation of RM367.76 million.