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4 weeks ago
Publications by Oil & Gas News: China gas drive may cut into oil.
Publications by Oil & Gas News: Opec oil output increases: survey.
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Publications by Oil & Gas News: PetroChina willing to jointly develop West Qurna oilfield.
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Petronas net profit drops 45% to RM8.7b
By Tanu Pandey
KUALA LUMPUR: Marred by higher operating costs and impairment losses on plants and equipment, Petroliam Nasional Bhd’s (Petronas) net profit for the last quarter ended Dec 31, 2012, tanked at 45% to RM8.7 billion year-on-year.
The state-owned oil company is now prepared to focus on domestic production after having expanded its oil production and exploration presence globally for many years.
For the entire 2012 fiscal year, it posted a 14% dip in net profit to RM59 billion compared with RM68.6 billion in 2011, Petronas announced in its financial report yesterday.
“The global oil industry has been affected and Petronas certainly has also been affected,” Petronas’ president and CEO Shamsul Azhar Abbas told reporters when announcing the results yesterday.
Petronas and its partners were forced by the South Sudan government to shut down oil production at Thar Jath field in Unity state amid a dispute with its northern neighbour Sudan over transportation fees for its exports. The loss due to this was about 120,000 barrels of oil equivalent per day production.
KUALA LUMPUR: Marred by higher operating costs and impairment losses on plants and equipment, Petroliam Nasional Bhd’s (Petronas) net profit for the last quarter ended Dec 31, 2012, tanked at 45% to RM8.7 billion year-on-year.
The state-owned oil company is now prepared to focus on domestic production after having expanded its oil production and exploration presence globally for many years.
For the entire 2012 fiscal year, it posted a 14% dip in net profit to RM59 billion compared with RM68.6 billion in 2011, Petronas announced in its financial report yesterday.
“The global oil industry has been affected and Petronas certainly has also been affected,” Petronas’ president and CEO Shamsul Azhar Abbas told reporters when announcing the results yesterday.
Petronas and its partners were forced by the South Sudan government to shut down oil production at Thar Jath field in Unity state amid a dispute with its northern neighbour Sudan over transportation fees for its exports. The loss due to this was about 120,000 barrels of oil equivalent per day production.
Petronas Chem to halt vinyl business
KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) will discontinue its vinyl business as part of portfolio optimisation.
In a filing to Bursa Malaysia today, the company said its vinyl business, comprising three plants, manufactures and sells two key products, namely vinyl chloride monomer (VCM) and polyvinyl chloride (PVC).
The plants are located in Kertih Integrated Petrochemical Complex, Malaysia and Vung Tau, Vietnam, it added.
In a filing to Bursa Malaysia today, the company said its vinyl business, comprising three plants, manufactures and sells two key products, namely vinyl chloride monomer (VCM) and polyvinyl chloride (PVC).
The plants are located in Kertih Integrated Petrochemical Complex, Malaysia and Vung Tau, Vietnam, it added.
Petronas Q2 net profit up 53% at RM18bil
By DANIEL KHOO
danielkhoo@thestar.com.my
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) posted a 53.8% jump in net profit to RM18.3bil for its second quarter ended Sept 30, 2011 from RM11.9bil a year ago due to higher prices across its product range. However, the impact of the better prices was partially offset by the stronger ringgit against the US dollar.
Petronas Chem rises on CIMB estimates
Petronas Chemicals Group Bhd climbed to a record in Kuala Lumpur trading after CIMB Investment Bank Bhd raised its share estimate on its “superior” growth prospects, bolstered by higher margins.
The stock climbed 1.6 per cent to RM6.94 at 3:41 p.m. The stock has risen 26 per cent this quarter, set to be the second-biggest gainer on the benchmark stock index. The share estimate was raised to RM10 from RM7.25, Terence Wong, an analyst at CIMB, wrote in a report today. -- Bloomberg
Publications by Oil & Gas News: China gas drive may cut into oil.
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| ||
|
Publications by Oil & Gas News: Opec oil output increases: survey.
| ||
| ||
|
Publications by Oil & Gas News: PetroChina willing to jointly develop West Qurna oilfield.
| ||
| ||
|
Petronas net profit drops 45% to RM8.7b
By Tanu Pandey
KUALA LUMPUR: Marred by higher operating costs and impairment losses on plants and equipment, Petroliam Nasional Bhd’s (Petronas) net profit for the last quarter ended Dec 31, 2012, tanked at 45% to RM8.7 billion year-on-year.
The state-owned oil company is now prepared to focus on domestic production after having expanded its oil production and exploration presence globally for many years.
For the entire 2012 fiscal year, it posted a 14% dip in net profit to RM59 billion compared with RM68.6 billion in 2011, Petronas announced in its financial report yesterday.
“The global oil industry has been affected and Petronas certainly has also been affected,” Petronas’ president and CEO Shamsul Azhar Abbas told reporters when announcing the results yesterday.
Petronas and its partners were forced by the South Sudan government to shut down oil production at Thar Jath field in Unity state amid a dispute with its northern neighbour Sudan over transportation fees for its exports. The loss due to this was about 120,000 barrels of oil equivalent per day production.
KUALA LUMPUR: Marred by higher operating costs and impairment losses on plants and equipment, Petroliam Nasional Bhd’s (Petronas) net profit for the last quarter ended Dec 31, 2012, tanked at 45% to RM8.7 billion year-on-year.
The state-owned oil company is now prepared to focus on domestic production after having expanded its oil production and exploration presence globally for many years.
For the entire 2012 fiscal year, it posted a 14% dip in net profit to RM59 billion compared with RM68.6 billion in 2011, Petronas announced in its financial report yesterday.
“The global oil industry has been affected and Petronas certainly has also been affected,” Petronas’ president and CEO Shamsul Azhar Abbas told reporters when announcing the results yesterday.
Petronas and its partners were forced by the South Sudan government to shut down oil production at Thar Jath field in Unity state amid a dispute with its northern neighbour Sudan over transportation fees for its exports. The loss due to this was about 120,000 barrels of oil equivalent per day production.
Petronas Chem to halt vinyl business
KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) will discontinue its vinyl business as part of portfolio optimisation.
In a filing to Bursa Malaysia today, the company said its vinyl business, comprising three plants, manufactures and sells two key products, namely vinyl chloride monomer (VCM) and polyvinyl chloride (PVC).
The plants are located in Kertih Integrated Petrochemical Complex, Malaysia and Vung Tau, Vietnam, it added.
In a filing to Bursa Malaysia today, the company said its vinyl business, comprising three plants, manufactures and sells two key products, namely vinyl chloride monomer (VCM) and polyvinyl chloride (PVC).
The plants are located in Kertih Integrated Petrochemical Complex, Malaysia and Vung Tau, Vietnam, it added.
Petronas Q2 net profit up 53% at RM18bil
By DANIEL KHOO
danielkhoo@thestar.com.my
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) posted a 53.8% jump in net profit to RM18.3bil for its second quarter ended Sept 30, 2011 from RM11.9bil a year ago due to higher prices across its product range. However, the impact of the better prices was partially offset by the stronger ringgit against the US dollar.
Petronas Chem rises on CIMB estimates
Petronas Chemicals Group Bhd climbed to a record in Kuala Lumpur trading after CIMB Investment Bank Bhd raised its share estimate on its “superior” growth prospects, bolstered by higher margins.
The stock climbed 1.6 per cent to RM6.94 at 3:41 p.m. The stock has risen 26 per cent this quarter, set to be the second-biggest gainer on the benchmark stock index. The share estimate was raised to RM10 from RM7.25, Terence Wong, an analyst at CIMB, wrote in a report today. -- Bloomberg
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