Petronas presses on with cost-cutting measures

Singapore

MALAYSIA'S national oil company (NOC) Petronas is pushing on with cost-cutting for a "lower for longer" oil price environment that has otherwise opened up new markets for its liquefied natural gas (LNG) exports.

Petronas's group chief executive Wan Zulkiflee Wan Ariffin flagged RM5 billion (S$1.61 billion) in savings up until early 2017 from the industry-wide cost reduction initiative, Coral 2.0 (Cost Reduction Alliance 2.0).