Taken from Platts, dateline 2010-10-05:
Petronas expects the oil and gas industry to remain highly “competitive and challenging,” but the company is positioning itself towards a “new reality” with cost optimization, robust growth strategies and operational excellence, the Malaysian national energy company said late Monday.
In a statement that marked the first time Petronas has reported quarterly results, the company said that the current industry environment was “fraught with high costs, elevated trend and volatility of oil prices, and the prospect of margin erosion.” It, however, asserted that it had put in place strategies in all its business segments to deliver a sound performance in the financial year.
The company reported a net profit of MR12.3 billion ($4 billion) in the April-June quarter, the first quarter of fiscal 2010-2011, up nearly 60% from the same period the previous year led by higher oil and gas prices and sales volume for all products, including refined oil products, petrochemicals, gas and LNG.
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Wata - Malaysian Oil and Gas Engineer 