Tuesday 19 Mar 2024
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KUALA LUMPUR (July 22): Wah Seong Corp Bhd is focusing on gas pipeline coating as a more viable option to drive the company's growth as the gas market is less volatile than crude oil prices.

The Edge Malaysia business and investment weekly in its latest July 24 - 30 issue, quoted Wah Seong managing director and group chief executive officer Chan Cheu Leong
as saying that Wah Seong reckoned that its future is in the gas business.

"The disparity between gas and oil is (related to) the infrastructure of gas; to bring gas from the field to the end consumer in Europe, North America and the Gulf of Mexico is basically our business.

“You can look at pipe coating, predominantly, it is gas. So, I think it is gas, given its future potential. And North America gas pipelines, about 100,000km of them, are coming up under the new US regime, which is more liberal towards the oil and gas sector,” Chan said.

On Friday, Wah Seong shares closed unchanged on Bursa Malaysia at 91 sen for a market value of RM703.25 million. The stock saw 132,600 shares traded.

At the New York Mercantile Exchange, US crude oil for September 2017 closed at US$45.77 a barrel while natural gas for the month ended at US$2.961 a MMBtu.

For a better understanding on Wah Seong under Chan's leadership, kindly pick up and read the latest issue of The Edge Malaysia.

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