M'sian tycoon to consolidate, integrate O&G business

Singapore

AS oil prices stabilise around US$50, Malaysian tycoon Syed Mokhtar Al-Bukhary has set out to consolidate most of the oil and gas-related (O&G) businesses in his sprawling empire under his latest investment vehicle, Bukhary International Ventures (BIV).

The Business Times understands that BIV, after signing a memorandum of understanding for two large gas fields off Iran's Persian Gulf, is slated to take over MMC Oil & Gas Engineering for RM50 million (S$15.9 million) from his majority-owned, Bursa-listed utilities and infrastructure group, MMC Corp.