Adjusting to an era of low oil prices

Which MPRC event was this? And how big is PETRONAS’ nose?

Dateline 2015-10-07, FMT:

Recently, oil experts and industry captains gathered at a conference organised by the Malaysian Petroleum Resources Corporation to deal with the gloomy situation brought about by the fall in the price of the commodity.

The big guys were joined by small players in the industry who were keen to listen in because they were feeling the hurt. Of course, “small” in the context of the oil industry could be “huge” to ordinary people like us. Many of them have deals worth billions of dollars tied up with Petronas in expansion programmes rolled out in recent years.

And being beholden to a single giant client is one of their problems. There are close to 1,400 companies doing business at various levels with Petronas. As one analyst puts it, “If Petronas sneezes, they’ll all fall into the sea.”

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