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Company Briefs : KrisEnergy

elean
2 minutes

KrisEnergy Upstream oil and gas firm KrisEnergy has extended the maturity of its revolving credit facility (RCF) from DBS by an initial six months to June 30. The facility may be further extended to June 30, 2024, while certain covenants will be tightened, when KrisEnergy completes necessary parts of its financial restructuring. About US$185 million (S$244.6 million) in outstanding principal is owed by KrisEnergy (Asia) under the RCF as at yesterday. Keppel Corp holds the key economic risk in the RCF, as the conglomerate has an indirect interest in the facility through a bilateral contract with DBS. THE BUSINESS TIMES Credit Bureau Asia Credit Bureau Asia (CBA) launched Myanmar's first credit bureau on Wednesday. The Myanmar bureau is a 60:40 joint venture between MB Investment, a company formed by members of the Myanmar Banks Association, and CBA's wholly owned subsidiary NSP Asia Investment Holding. The new Myanmar Credit Bureau will support financial institutions and consumers in Myanmar by implementing a credit reporting system to promote responsible lending, CBA said. THE BUSINESS TIMES Amazon Amazon.com said on Wednesday that it would acquire podcast start-up Wondery, aiming ...

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Cambodia, KrisEnergy venture starts crude oil production

elean
2 minutes

PHNOM PENH • Cambodia has begun extracting its first crude oil from fields in the Gulf of Thailand, in a venture between Singapore's KrisEnergy and the government, both parties said yesterday, bringing an end to years of delays. Prime Minister Hun Sen announced the news on social media while KrisEnergy said the concession started production on Monday and would progress in phases once new wells were commissioned and completed. "I... am pleased to inform all Cambodians about the start of Cambodia's first oil production in the long-awaited Block A," Mr Hun Sen said on his Facebook page. Mr Kelvin Tang, chief executive of KrisEnergy's Cambodian operations, called the event "an important strategic milestone" for the company. "There has been a steep learning curve for all involved," he added in a statement. Cambodia and Singapore-listed KrisEnergy signed a pact in 2017 to develop 3,083 square kilometres of the Khmer basin in the Gulf of Thailand known as Block A. Cambodia has struggled to develop its oil fields as few companies were willing to invest in the area, following a global oil price slump in 2014. Singapore-listed KrisEnergy, which has been a partner in the project for more than...