by AZREEN HANI / pic by TMR FILE
STATE oil firm Petroliam Nasional Bhd (Petronas) has agreed to renew Serba Dinamik Sdn Bhd’s (SDSB) licence, to continue offering supply and services to Petronas and its contractors, effective May 30, 2022.
SDSB said in a statement that Petronas has informed the firm ahead of the expiration date of the current licence on May 31, 2022.
Serba Dinamik Holdings Bhd founder and CEO Datuk Dr Mohd Abdul Karim Abdullah (picture) said the renewal is good enough for Serba Dinamik to reposition itself strongly, in reference to the financial aspect of the company.
“This signifies Petronas’ vote of confidence in us. Given the circumstances and legal issues we have had in the past year, this renewal is very meaningful as we can continue to participate in various bids and continue to honour our existing contracts,” he said in a statement today.
The renewal is for a one-year term with several terms including, SDSB shall within one year from the effective date submit its audited financial statements for financial year ending June 30, 2022, duly accompanied by auditor’s unqualified opinion.
The statement read that SDSB is also required to submit financial guarantees as prerequisite for all and every one of its participation in tenders initiated and/or conducted within one year from the effective date.
According to the company, Petronas will engage with SDSB on the details of financial guarantee requirements, in due course.
Mohd Abdul Karim maintained that the company will adhere to the terms imposed by Petronas and will duly submit the necessary financial statements and guarantees.
“We will fully utilise our investment into our assets, both in human resources and high-end equipment, to generate sales and revenue for the company,” he added.
It is mandatory to obtain a licence from Petronas to participate in the oil and gas (O&G) industry in Malaysia. This licence allows SDSB to facilitate the provision of products and services to oil majors, operators as well as other O&G service providers in the industry.