PETALING JAYA: Barakah Offshore Petroleum Bhd is demanding a sum of RM1.02 billion from Petronas Nasional Bhd (Petronas) over the suspension of the licence of its wholly-owned subsidiary PBJV Group Sdn Bhd last month.
The Practice Note 17 (PN 17) company told Bursa Malaysia that it was based on the loss of future profits, reputation and shares prices.
Petronas and its unit Petronas Carigali Sdn Bhd (PCSB) have been given 14 days to comply with the demand.
Barakah said the notice of demand dated August 5 is to dispute the validity of the suspension without any legal justification nor compliance to procedures.
“The contract has been successfully carried out and completed prior to the suspension. Upon completion of the contract, positive appraisal was subsequently given by PCSB, hence making the suspension unwarranted.”
Recall that the letter from Petronas indicated that there was an adverse report from PCSB pertaining to the non-performance of PBJV in relation to the contract relating to provision of underwater services for PCSB. As such, Petronas decided to suspend PBJV’s licence for a period of three years with effect from the date of the letter.