Leaner Petronas to focus on select markets

Kuala Lumpur

MALAYSIAN state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as a leaner and meaner company 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 Wan Zulkiflee Wan Ariffin wants the company's geographical profile to be concentrate…