PetGas Share Drops 2.4% After Legal Blow And Sarawak Project Exit
Petronas Gas Bhd (PetGas) saw its share price fall 2.44% to RM16.82 on Tuesday, down 42 sen from the previous close, amid a wave of negative sentiment linked to recent legal and operational developments involving parent company Petronas.
The utility stock, listed on the Main Market, opened at RM17.24 and hit an intraday low of RM16.78, with 432,400 shares traded as of 4:17 PM. The stock's decline comes amid mounting investor unease following the surprise exit of ConocoPhillips from a US$3.1 billion gas project in Sarawak, reportedly due to a prolonged rift between Petronas and the Sarawak state government.
Compounding concerns, the High Court on Monday dismissed Petronas' application for a stay in proceedings related to a payment suit filed by state oil and gas company Petroleum Sarawak Bhd (Petros), further intensifying the spotlight on federal-state energy tensions.
Last week, PetGas also reported efforts to accelerate supply restoration following an explosion at the Puchong City Gate, reaffirming its commitment to ensuring reliability, though the incident added pressure to an already cautious market outlook.
PetGas closed at RM16.88 on Friday, and its year-to-date trajectory shows a consolidation phase, with investors now closely watching for clarity on regulatory and project developments. Related
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