Malaysia's Petronas Says Action of Alleged Seizure of Assets Baseless, to Defend Legal Position

KUALA LUMPUR, July 13 (Bernama) -- Petroliam Nasional Bhd (Petronas) said it viewed the action of alleged seizure of its assets as baseless and is working vigorously to defend its legal position on this matter. The Malaysian national oil company was referring to the Financial Times’ report titled: "Petronas subsidiaries seized as lawyers press $15 billion claim on Malaysia’. “We confirm that our two subsidiaries mentioned in the report have been served with ‘Saisie-arret’ on July 11, 2022,” Petronas said in a statement here, Tuesday.It wishes to clarify that these subsidiaries, Petronas Azerbaijan (Shah Deniz) S.à r.l. and Petronas South Caucasus S.à r.l., have previously divested their entire assets in the Republic of Azerbaijan and the proceeds from the exercise have been duly repatriated. -- BERNAMA