Page 19 - AsianOil Week 31

AsianOil NEWS IN BRIEF AsianOil

SOUTH ASIA returns in times of crisis, as evidenced 2-3% be achieved. The SPA allowed for a possible
TSR outperformance of resilient companies extension of the long stop date to 31 October
IndianOil, BCG “reimagine” during the 2008 Global Financial Crisis as well 2020 upon written request by Zenith and
supported by reasonable documentation or
as in a first mover advantage to new business
oil and gas supply chain opportunities. The report also proposes a other reasonable evidence demonstrating
framework for how companies can build
that Zenith had promptly throughout filed all
Building asset redundancies, developing resilient supply chains by distilling learnings necessary applications and related supporting
robust early warning systems and having an from companies such as IndianOil, Cisco, documents and taken all other actions
agile organizational culture fostering cross PepsiCo, Walmart etc. that have demonstrated necessary to obtain all necessary approvals.
functional collaboration are key elements of flexibility and adaptability in supply chains in Both parties have agreed that the likelihood of
the new operating model times of crisis. successfully completing the disposal prior to
IndianOil and BCG have collaborated BCG and IndianOil believe that the 31 October 2020 is low, and therefore the SPA
to bring out a publication that underlines journey from efficiency to resilience involves has been terminated by mutual agreement
that urgent need for oil and gas companies designing redundancies in the asset base, between the parties.
to rethink their supply chain priorities to trading off systematically between competing The company will continue to prioritise the
build resilience and agility to mitigate impact priorities of efficiency and resilience and divestment of its non-core Italian operations,
from increasing risks and uncertainties. The leveraging analytics for identifying risks and and further updates will be provided, as
article/publication titled ‘EFFICIENCY TO vulnerabilities. Companies also need to foster appropriate, in due course.
RESILIENCE: BUILDING CAPABILITIES a culture of cross-functional collaboration CORO ENERGY, July 31, 2020
IN OIL AND GAS SUPPLY CHAIN FOR AN backed by an agile organization to respond
UNCERTAIN WORLD’ outlines elements quickly in times of crisis. KrisEnergy updates on
that oil and gas companies need to consider in INDIAN OIL, July 28, 2020
order to build a resilient supply chain for the restructuring
‘new normal’. The publication was unveiled by
Chairman, IndianOil, Mr. Shrikant Madhav SOUTHEAST ASIA The board of directors of KrisEnergy, an
Vaidya, on the sidelines of InTandem, a independent upstream oil and gas company,
virtual conference organised by IndianOil, Coro’s disposal of Italian refers to its announcements dated 14 August
that focussed on resilient, agile, digital and 2019, 27 November 2019, 25 February
customer-centric supply chain. operations terminated 2020 and 18 June 2020 in relation to (i) the
The publication reflects on the major suspension of the trading of the Company’s
trends impacting oil and gas ecosystem in Coro Energy, the Southeast Asian focused securities on the Singapore Exchange
India ranging from COVID induced pricing upstream oil and gas company, announces the Securities Trading Ltd (“SGX-ST”); and (ii)
volatility and demand depression to the termination of the sale and purchase agreement updates to the restructuring process.
emergence of new-age, service-oriented (SPA) entered into with Zenith Energy in Unless otherwise defined, all capitalised
business models in logistics and fuel delivery. December 2019 relating to the proposed terms used in this announcement shall bear
The report highlights the fixed nature of disposal by Coro of its entire Italian Portfolio. the same meanings in the Announcements.
assets and the high costs of disruptions as key Completion of the Disposal was As announced on 14 August 2019, the
structural complexities in oil and gas supply conditional on, inter alia, receipt of Italian Board recommended the suspension of
chains. The report cites that the benefits of regulatory approvals prior to a long stop date trading of the Company’s shares in view
building resilience manifest in higher financial under the SPA of 31 July 2020, which will not of engaging broader stakeholder groups
to explore restructuring options. While
restructuring options are pending finalisation
and implementation, the Singapore Court
had also approved the Company’s 3rd
Extension Application on 18 June 2020,
hereby extending the moratorium granted to
the Company until 27 August 2020 or until
further order. Cumulatively, the Suspension
of Trading ensures that no person is trading
in the shares and related securities of the
Company without sufficient information that
is required to enable such a person to make an
informed decision during this period.
Under Rule 1304(1) of the Listing Manual,
the Company is required to submit a proposal
to the SGX-ST with a view to resuming
trading in the Company’s shares (“Trading
Resumption Proposal”) within 12 months
of the date of the Company’s Suspension of
Trading. Thus, the Company is required to
submit its Trading Resumption Proposal by 13
August 2020.
The Board wishes to announce that the

Week 31 06•August•2020 www. NEWSBASE .com P19