Petronas posts 30% fall in Q2 profits

The second quarter report for 2012 of Malaysia’s state-owned Petroliam Nasional Bhd (Petronas) showed a 30% year-on-year fall in net profit, reflecting weaker prices, as well as low production of oil and gas. Also noted was the lower sales volume for petroleum products, crude oil and condensates, as well as liquified natural gas (LNG).
Petronas said that the decline was due to limited trading opportunities, upstream operational and “geopolitical” challenges and a scheduled plant turnaround, all of which accounted for lower revenues year-on-year. (September 7, 2012)