Malaysians brace for hard times as oil rout rocks Petronas


Come one, Exxon, Shell, and Roc Oil. Step in, all fill the shoes up. Unfortunately, IGL doesn’t have a fiduciary responsibility to bail out its clients.

Dateline 2016-01-22, the Malay Mail:

When Malaysian oil giant Petronas announced sharp spending cuts and described a dismal outlook this week, it was confirmation for millions that they will struggle to make ends meet this year amid high costs, a plunging currency and fewer jobs.

The country’s only Fortune 500 company, state-owned Petroliam Nasional Bhd drove Malaysia’s modernisation push in the last two decades that was symbolically crowned by its construction of the world’s tallest twin towers in the heart of Kuala Lumpur.

But as the oil boom turns to bust, Petronas ― and with it Southeast Asia’s third-largest economy ― is slowing down, and Malaysians are bracing for hard times. The company is one of Malaysia’s biggest employers, and accounts for nearly a third of the government’s oil and gas-related revenue.

 

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