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Petronas weathers oil price rout with cost-cutting, deferral of big projects

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Published Tue, Mar 22, 2016 · 09:50 PM

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    Singapore

    THE realities of low oil prices have forced Malaysia's oil-and-gas (O&G) industry to undertake extensive cost- cutting, in addition to deferring projects demanding large capital expenditure, although national oil company Petronas has braved the global headwinds to press on with two multibillion-dollar projects.

    Prime Minister Najib Razak noted at the official opening of OTC Asia (Offshore Technology Conference Asia) 2016 in Kuala Lumpur on Tuesday that Petronas had been forced to employ measures to ride out the storm resulting from an acute and dramatic decline in oil prices over the last two years.

    Petronas

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