Petronas sets its sights on downstream amid a challenging cost environment
Kuala Lumpur
WHEN Wan Zulkiflee Wan Ariffin took over as chief executive officer of Malaysian state energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around US$55, half the level of the previous year.
Over the following months, prices fell further, forcing Wan Zul, as he is better known, to lop US$12 billion from costs and cut thousands of jobs for the first time at Petronas - a major contributor to Malaysia's budget and one of the country's biggest employers.
As he enters the final year of …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?