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S O UTH ASIA an agreement with Braintree Technologies whatsoever. Petronas wishes to reiterate that
(Braintree Technologies) to invest in the in line with the Joint Statement issued on 8
OIL updates on Baghjan agriculture technology (agritech) startup that May 2020, Petronas, in collaboration with
its Shareholder, is currently in the midst of
develops artificial intelligence (AI)-driven
well blow out robots for farm automation, often associated negotiations with the Sarawak State Government
with smart farming.
to achieve appropriate commercial resolution.
Due to heavy rainfall, the area has been This initiative marks Petronas’ foray into We remain committed in working closely
inundated with flood water. All river levels venture capital investment in Malaysia and the with our Sarawak counterparts and our
are rising constantly. Dangori River is transaction is expected to be completed in early stakeholders to reach the best outcome on this
overflowing. All connecting roads to the July this year. matter. Our aim is to achieve a resolution that
site are submerged with flood water. Bridge Braintree Technologies develops robotic will lead to a more stable and conducive business
on Doomdooma-Baghjan Road is broken, devices and proprietary software that would and investment environment for the oil and
while Plastic Park Road is closed by District provide agricultural total solutions as well as gas industry, which will be especially important
Authority for vehicles for flood water. Flood convert non-revenue generating, unattended given current market challenges.
water has entered Debris area, Kill Pump area agricultural land into high-value crop farms. PETRONAS, June 26, 2020
and CMT Water Pump area making the areas Head of Petronas Ventures Mohd Azli Ishak
unsafe for carrying out operations. said that this investment reflects the Company’s KrisEnergy extends
All connecting roads to the well site have strategic intent to venture into the Malaysian
been badly hit by flood. The approach road via startup ecosystem in scouting for breakthrough revolving credit facility to 31
Talap–Daisajan-Kordoiguri-Badarkhati-Baghjan technologies that support Petronas’ growth
which was being repaired along with APWD is beyond the oil and gas business. December 2020
also affected by flood water in number of places. “We believe this investment in Braintree
A recce is underway for exploring approach road Technologies will establish the right ecosystem The board of KrisEnergy, an independent
to the well site. for a smart farming business model, capitalising upstream oil and gas company, refers to its
Heavy to very heavy rainfall is forecasted on Petronas’ strong knowledge in urea and announcements dated 29 March 2018 and 4
until June 30 by Indian Meteorological fertiliser application and Braintree Technologies’ April 2019 in relation to (i) the extension of
department. AI and robotics technology.” the revolving credit facility (the RCF) with
OIL, June 28, 2020 PETRONAS, June 26, 2020 DBS Bank (as lender), KrisEnergy (Asia) Ltd
(as borrower) and the company (as one of
Petronas refutes Reuters’ the guarantors) by two years to 30 June 2020;
SOUTHEAST ASIA and (ii) the subsequent upsize of the RCF
which allows the RCF to be increased by an
Petronas embarks on report amount which would not result in the total
Petronas would like to categorically refute the
commitments exceeding US$200 million.
its first venture capital report by Reuters on 26 June 2020 headlined: wishes to announce that the Group has entered
Following the Announcements, the Board
“Malaysian energy giant’s board at odds with
investment in Malaysia PM over payment to Sarawak state”. into an amendment agreement with DBS on
30 June 2020 to extend the maturity of the RCF
The alleged conflict between the Prime
Petronas through its corporate venture capital Minister, Petronas and its shareholder is by six months to 31 December 2020. DBS is
arm, Petronas Ventures has entered into mere speculative reporting without any basis the sole arranger of the RCF, and the Company

Week 26 02•July•2020 www. NEWSBASE .com P17