Petronas expects performance to be severely affected this year

Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz: “we expect our performance to be affected by the volatility of oil prices which continues to be excaberated by the uncertainties brought about by the ongoing Covid-19 pandemic”.

KUALA LUMPUR: Petroliam Nasional Bhd, which posted net losses in the first half ended June 30, 2020 due to impairments and weak prices, cautioned that its financial performance of this year is expected to be impacted by the low oil price and weak demand environment.

The national oil company said in a statement on Friday it would continue to step up its efforts to protect revenue together with cost optimsation to mitigate the impact on its profitability and liquidity.