KUALA LUMPUR (Aug 25): Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the company would focus on the oil and gas downstream segment to mitigate the impact of still-low crude oil prices at about US$50 a barrel. Wan Zulkiflee said Petronas was taking a conservative view towards the oil and gas sector in the medium term. "We are future-proofing the company. The decision to go further into downstream will strengthen our portfolio, and it is a decision that is also being undertaken by our competitors," he said at a media conference here today in conjunction with Petronas' second quarter and first half results announcement. According to him, Petronas' Pengerang Integrated Complex in Johor will be key for bigger contribution in the downstream segment. He said Petronas was also aggressively driving its lubricant and petrochemical businesses in Malaysia and other locations such as Vietnam. Moving forward, Wan Zulkiflee said Petronas expected crude oil prices to average just under US$50 per barrel in 2017 and 2018. The group had earlier planned its 2017 budget based on Brent crude oil prices at US$45 per barrel.
08-26-2017, 11:11 PM
Petronas 'future-proofing' business with downstream focus — CEO
KUALA LUMPUR (Aug 25): Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the company would focus on the oil and gas downstream segment to mitigate the impact of still-low crude oil prices at about US$50 a barrel. Wan Zulkiflee said Petronas was taking a conservative view towards the oil and gas sector in the medium term. "We are future-proofing the company. The decision to go further into downstream will strengthen our portfolio, and it is a decision that is also being undertaken by our competitors," he said at a media conference here today in conjunction with Petronas' second quarter and first half results announcement. According to him, Petronas' Pengerang Integrated Complex in Johor will be key for bigger contribution in the downstream segment. He said Petronas was also aggressively driving its lubricant and petrochemical businesses in Malaysia and other locations such as Vietnam. Moving forward, Wan Zulkiflee said Petronas expected crude oil prices to average just under US$50 per barrel in 2017 and 2018. The group had earlier planned its 2017 budget based on Brent crude oil prices at US$45 per barrel.
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