Malaysia’s Petronas Looks To Reshape Portfolio After Quarterly Loss

“Petronas has endured a very challenging first half of the year, and we expect our performance to be affected by the volatility of oil prices, which continues to be exacerbated by the uncertainties brought about by the ongoing COVID-19 pandemic,” Chief Executive Tengku Muhammad Taufik Tengku Aziz said in a statement.

Petronas, the world’s fourth-largest exporter of liquefied natural gas, has already flagged production cuts and cost savings to mitigate the impact of the pandemic.

It will now seek to expand its renewable energy portfolio, and reassess its oil and gas positions, CEO Tengku Muhammad Taufik, who took over in July, told a news conference.

Petronas has formed a team to look into developing a “higher value” portfolio, he said.