Don’t get me started on whether PETRONAS is taking advantage of its ‘too big to fail’ status and preferred status to overstep its bounds.
Dateline 2022-06-09, The Edge:
Petroliam Nasional Bhd (Petronas) chief financial officer (CFO) Liza Mustapha said on Thursday (June 9) that the Malaysian national oil company needs to have a target where a significant portion of the group’s revenue over the next five to six years comes from something that is not directly related to oil and gas (O&G) to safeguard Petronas from volatile crude oil prices which have risen past US$100 a barrel partly due to Russia-Ukraine war-driven supply concerns.
“Oil prices have gone up so much. About US$16 a barrel in the first quarter of last year, and now it was more than US$100 a barrel in the first quarter of this year. At Petronas, we have to stick to things we can control, because the price of oil is something we cannot control.