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Malaysia’s Petronas to cut spending on plunging oil prices

by ChemOrbis Editorial Team -
  • 20/01/2016 (16:22)
According to media reports, Malaysia’s state-owned oil company Petronas is planning to cut its spending by MYR50 billion ($11.4 billion) over the next four years following the significant losses recently seen in oil prices. The company will also go through their organizational structure to promote better efficiency and will postpone some projects. Previously, Petronas reported that its dividend to the government would be reduced by about 40% owing to a 91% decline in their profits.

Moody’s analysts stated that Petronas might have to make some additional cuts in its dividend on the back of losses or cash flow constraints and reduce its investments in some operations.

Almost half of Malaysia’s oil revenues are generated by Petronas. Spending cuts and internal structure changes by the company are expected to weigh down on the Malaysian economy.
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