Malaysia’s Petronas posts 39 pct drop in Q1 profit on global oil slump

If I were PETRONAS, I would consider that during this slow cycle, perhaps we should dump the highly paid pekerja asing, and train up the local young punks. Projects could take the pace of the early 1990s (remember 10 day HAZOPs? for a compressor train?), and learning on the job meant mentor, not ‘deep end – swim’. And coupons for Episode VII.

Dateline 2015-05-22, Reuters:

Petroliam Nasional Bhd , Malaysia’s state oil company more commonly know as Petronas, reported on Friday a 39 percent drop in quarterly net profit due to a drop in benchmark crude prices.

Net profit was 11.4 billion ringgit ($3.18 billion) for the January-March period, compared to a profit of 18.8 billion ringgit in the same period in 2014, Petronas said.

Revenue for the quarter was 66.2 bln ringgit against 84 bln ringgit in the prior year period.



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