You are here

Malaysia's Petronas Q3 profit falls 12.4% on weak oil prices

EmakPetronas2811.jpg
Petroliam Nasional Bhd (Petronas), Malaysia's state oil company, reported on Friday a 12.4 per cent fall in third-quarter profit on weakness in oil prices, the US dollar and liquefied natural gas (LNG) sales.

[KUALA LUMPUR] Petroliam Nasional Bhd (Petronas), Malaysia's state oil company, reported on Friday a 12.4 per cent fall in third-quarter profit on weakness in oil prices, the US dollar and liquefied natural gas (LNG) sales.

Net profit totalled 15.07 billion ringgit (US$4.45 billion) in July-September from 17.2 billion ringgit a year earlier, Petronas said in a statement. Revenue declined marginally to 80.4 billion ringgit.

Chief Executive Shamsul Azhar Abbas told reporters after the earnings release that payments to the government in the form of dividends, tax and royalties could be 37 per cent lower in 2015 if oil stays around US$75 a barrel.

The CEO also said Petronas' decision to invest in the Pacific Northwest liquefied natural gas project in Canada is 75 per cent complete, and that the company is now in the process of negotiating with bidders of related contracts.

REUTERS