Petronas says it got a seizure order for 2 units in Luxembourg

PETROLIAM Nasional said that its 2 Luxembourg-based units were on Monday (Jul 11) served with seizure orders for their interests in Azerbaijan assets.

The Malaysian state-owned company was responding to a Financial Times report published Tuesday that said the units were seized by Luxembourg bailiffs on behalf of descendants to a late sultan.

The 2 units have previously sold their assets in Azerbaijan and proceeds from the divestment had already been repatriated, Petronas said in the statement. The Financial Times estimated that the units' gas interests in the country could be worth more than US$2 billion, according to its report.

Petronas views the actions against subsidiaries - Petronas Azerbaijan (Shah Deniz) Sà rl and Petronas South Caucasus Sà rl - as "baseless" and will defend its legal position, it said in the statement. BLOOMBERG