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Friday, February 18, 2011

Ramunia eyes RM300m fabrication contracts this year as oil price surges (Edge)

RAMUNIA HOLDINGS BHD [] is eyeing some RM300 million worth of fabrication jobs this year as projects up for grabs start pouring into the market again, underpinned by the surge in crude oil prices.

Chief executive officer Nor Badli Munawir Mohamad said on Friday, Feb 18 that while Ramunia's existing order book was negligible, he expected it to grow this year after Petroliam Nasional Bhd committed to opening more marginal oilfields and issue more oil and gas contracts this year.

"It will come. As we know, for this year alone, Petronas and all the other PSC (production sharing contracts) will be giving out over 200,000 tonnes of steelwork. And the existing capacity of fabricators is a lot less now at about 160,000 to 180,000 tonnes. There is a shortage of fabricators, so we will get our fair share (of contracts)," he said at the AGM.

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