‘Petronas exploring new energy avenues’

November 13, 2017

Does this affect the spirit of amanah PETRONAS is given in the Petroleum Development Act 1974?

Dateline 2017-09-26, NST:

PETROLIAM Nasional Bhd (Petronas) is considering venturing into renewable energy (RE) to stay relevant in the global energy industry, said president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin.

Petronas could venture into solar, wind or other new energy sources, Wan Zulkiflee said, adding that the matter was in the evaluation stage.

“We are evaluating on what type of new energies are suitable for us and where we can make money. It is not a matter of just being involved in RE, or for the sake of following others who are already involved.

 


Petronas 2.0: tougher on costs and more downstream

September 22, 2017

Can I register Petronas20.com.my?

Dateline 2017-08-17, Reuters:

When Wan Zulkiflee Wan Ariffin took over as CEO of Malaysian state energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around $55, half the level of the previous year.

Over the following months prices fell further, forcing Wan Zul, as he is better known, to lop $12 billion from costs and cut thousands of jobs for the first time at Petronas – a major contributor to Malaysia’s budget and one of the country’s biggest employers.

As he enters the final year of his three-year contract, he says Petronas is leaner and better placed to handle a volatile oil market, focusing on costs, high-margin businesses and possibly new growth streams such as renewables.


Leaner, meaner Petronas targets key markets for growth

September 19, 2017

So, do we get leaner, meaner expats than the current crop?

Dateline 2017-08-15, NST:

Malaysian state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as leaner and meaner for a medium-term period of relatively low oil prices.

Hurt by a slump in oil prices, Petroliam Nasional Berhad has cut its costs and its spending, deferring some projects in an effort to help profitability in a tough energy market.

Rather than having its operations “scattered all over the place,” CEO Datuk Wan Zulkiflee Wan Ariffin wants the company’s geographical profile to be concentrated, he said in an interview on Tuesday at the Petronas Towers, the world’s tallest twin towers.

“We must have geographical concentration to be more cost effective,” Wan Zulkiflee said.

For its upstream business, Petronas will focus on South East Asia and Canada, where it already has huge reserves, he said, adding that Mexico – where Petronas has recently picked up three blocks – will be another focus.

 


Petronas says RM200b ‘forgone revenue’ from selling natural gas cheaper in Malaysia

May 7, 2017

Dateline 2017-04-25, The Edge:

Petroliam Nasional Bhd (Petronas) has forgone more than RM200 billion in revenue from selling natural gas in Malaysia at rates lower than global prices since the country regulated prices of the fuel after the 1997/1998 Asian financial crisis.

The Edge Malaysia business and investment weekly (Edge Weekly) in its latest March 27 to April 2 issue, quoted Petronas president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin as saying despite Malaysia revising the price of natural gas upward every six months, the local rate was still below the international price.

“I think the forgone revenue since we started is more than RM200 billion because we have not been able to sell natural gas at market value. In the past, we made investments just to ensure security of supply. But moving forward, there is this perennial issue of non-market pricing.


Malaysia’s Petronas Swings to Profit Amid Higher Oil Prices

April 22, 2017

Dateline 2017-03-14, Bloomberg:

Petroliam Nasional Bhd., Malaysia’s state oil company, swung to a profit last quarter amid higher oil prices and as the company recorded lower impairment costs.

Net income was 9.42 billion ringgit ($2.1 billion) in the three months through December, from a loss of 4.69 billion ringgit a year ago, the company said Tuesday. Revenue fell 2.6 percent to 58.6 billion ringgit.

While cost-cutting helped improve performance and the global oil market is expected to rebalance, the outlook remains uncertain, Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters in Kuala Lumpur. “We are preparing ourselves for a very uncertain second half of this year.”

 


Malaysia’s Petronas Posts 96% Profit Drop on Lower Oil Price

October 11, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

Wan Zulkiflee said Petronas planned for an average price this year of $30 a barrel, unchanged from its February forecast. Brent crude, after a recent rally, traded at $49.50 at 1021 GMT.

 


Malaysia’s Petronas sees gloomy industry outlook as second quarter profit slumps

October 9, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”