Petronas taps changing demand trends to grow downstream business
Malaysian state-owned oil firm has identified bright spots in areas with high demand such as energy transition, petrochemicals and nitrile gloves
Singapore
MALAYSIAN state-owned oil firm Petroliam Nasional's (Petronas) downstream segment was hit badly by the Covid-19 pandemic, which hurt energy demand and triggered an oil crash, but is now looking to capitalise on changing demand trends and new markets.
"We are expecting gradual recovery for the domestic market, but it may take time before we see our previous numbers, depending on the trajectory of the overall crisis and vaccine availability," Arif Mahmood, chief executive of Petronas' downstream segment told The Business Times.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand