PETRONAS-linked stocks slide on concerns over its operations in Sarawak
KUALA LUMPUR: Petronas-related stocks slid following concerns over Petronas' subsidiary Petronas Carigali Sdn Bhd's (PCSB) operations in Sarawak.
At 12.30 pm, Petronas Dagangan Bhd 's (PetDag) share price lost eight sen to RM19.66 with 64,300 shares changing hands, Petronas Gas Bhd 's (PetGas) share price fell 28 sen to RM17.22 on a volume of 91,500 shares, while Petronas Chemicals Group's (PCG) share price dropped 20 sen to RM3.47 on 5 million shares.
Media reports claimed the Sarawak government had sent a letter of demand to PCSB over alleged violations or non-compliance with Section 7(e) of the Distribution of Gas Ordinance (DGO) 2016.
The violation involves the operation of a plant owned by PCSB at the Miri Crude Oil Terminal (MCOT).
The state government through its Ministry of Utility and Telecommunication claimed that the plant was operating without a permit under Section 7(e) of the DGO 2016, said the report.
It added that the state government had given PCSB 21 days from the date of the letter to obtain a licence or face penalties.- Bernama
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