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NEWS UPDATES 26 June 2009

Malaysia’s Petronas plans 30% reduction in cost

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Petroliam Nasional Bhd (Petronas) is seeking to slash its expenditure by 30 percent from the amount it spent in its 2006 fiscal year, a local daily reported.

“There must be shared misery. We must have a hard look at costs,’’ the Star daily quoted President and CEO Mohd Hassan Marican as saying

Higher cost was the main culprit for Petronas announcing a drop in yearly profit, said Hassan, as the country’s largest company announced a 14 percent drop in net profit to 52.5 billion ringgit for its 2009 financial year from 61 billion ringgit in 2008.

Revenue, however, increased by 18.4 percent to 264.2 billion ringgit largely thanks to higher liquefied natural gas prices and higher sales of petroleum products.

Hassan said Petronas was not alone in going for such huge cost cuts as all the oil majors were doing the same. Petronas said costs, such as for steel and charges by service providers, remained high and even crept up despite a drop in the demand and price of crude oil.


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