Petronas to drop unfeasible contracts as oil prices drop, warns CEO


The Malaysian Insider, dateline 2014-11-02:

Petroliam Nasional Berhad (PETRONAS) has warned that it will not hesitate to drop contracts that are not economically feasible as oil prices remain under pressure.

Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas said in such market conditions, the company will be monitoring its cost closely.

“Petronas regularly conducts portfolio reviews to assess project feasibility,” Shamsul told the Edge Weekly in an email.

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