Petronas to provide input to attract O&G investments


Dateline 2018-09-03, The Malaysian Reserve:

Petroliam Nasional Bhd (Petronas) has given its commitment to provide the necessary input to all oil and gas (O&G) stakeholders, particularly on the expected higher oil royalty arrangement, to ensure that Malaysia remains an attractive destination for O&G investments.

Its president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin (picture) said while Petronas is not privy to the discussions taking place between the federal and state governments on related issues, it will continue to provide its views on all possible scenarios.

“What’s important is to remember that we need to keep the O&G industry in Malaysia resilient and Malaysia as an attractive investment destination for foreign O&G companies,” Wan Zulkiflee told members of the press at Petronas’ Kuala Lumpur headquarters last Thursday. “We do not want the production sharing contractors (PSCs) to be impacted because we want Malaysia to still be an attractive investment destination.”

Petronas, as the national energy company, is responsible for the exploration, extraction, refining and marketing of Malaysia’s petroleum resources, which it undertakes via production sharing schemes. This involves the participation of other oil firms in the country’s O&G space, such as Royal Dutch Shell plc, Exxon Mobil Corp and Murphy Oil Corp.

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