Apparently, PETRONAS is not cash rich.
Dateline 2016-03-01, Nikkei Asian Review:
Malaysia’s state-owned oil and gas producer Petronas said Monday it has made additional expenditure cuts and may borrow to weather “challenges” in 2016 as the sharp fall in crude oil prices continues to hurt earnings.
Petronas’ net loss improved to 4.69 billion ringgit ($1.1 billion) in the October-December quarter, from 9.87 billion ringgit in the same period in 2014, partly helped by a stronger U.S. dollar against the ringgit. However, for the full year, net profit plunged 64.5% to 13.15 billion ringgit on revenue of 247 billion ringgit. The company blamed this on lower average prices recorded across all products, along with Brent crude’s 47% fall to $52.46 per barrel in 2015.Oil’s sharp fall, which began in mid-2014, hit Petronas’ upstream business the hardest. But its downstream business saw a 60% increase in net profit, on higher refining margins and sales volumes for its petrochemical products.…