2020-05-28 11:35:00
MALAYSIA'S PETRONAS WILL CUT INVESTMENT
ENERDATA- 26 May 2020 - Malaysian state-run oil and gas company Petronas plans to reduce its capital expenditures by 21% and its operating costs by 12% in 2020, due to the COVID-19 pandemic, collapsing energy demand and falling oil prices. The company originally planned to spend MYR50bn (US$11.5bn) in 2020. Most of the capital expenditures cuts will be made outside of Malaysia, but some domestic projects are likely to be delayed due to the impact of the pandemic. Petronas invested only MYR8.5bn (US$1.95bn) during the first quarter of 2020.
In 2019, Petrona's total production volume reached 2.4 Mboe/d (+2%). In January 2020, Petronas signed a 12-year term agreement with Shenergy (owned by the government of Shanghai (China)) to deliver 1.5 Mt/year of LNG to its Wuhaogou receiving terminal in China. The contract will start from 2022, and also comprises a shipping partnership to build and charter new mid-sized LNG vessels for the cargo delivery.
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Earlier:
2019, September, 20, 15:00:00
PETRONAS PROFIT UP 9% ANEW
Petronas Profit After Tax (PAT) rose 9.0 per cent to RM28.9 billion, from RM26.6 billion in the corresponding period last year. The improved results were delivered on the back of higher revenue, but the increase was partially offset by higher product costs.
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2019, May, 31, 12:05:00
PETRONAS PROFIT UP 9%
First quarter Profit After Tax (PAT) stood at RM14.2 billion, up by 9 per cent on the back of higher revenue, but partially offset by increased net product and production costs, lower net write-back of assets impairment and higher contribution to the National Trust Fund.
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2019, March, 13, 10:35:00
PETRONAS PROFIT UP TO RM55.3 BLN
PETRONAS’ Profit after Tax (PAT) rose by 22 per cent in 2018, to RM55.3 billion, compared to RM45.5 billion in 2017, on the back of higher revenue and supported by net write-back of impairment on assets. These were partially offset by higher net product and production costs, depreciation and amortisation as well as tax expenses.
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