Petronas’ to continue to grow downstream business

Petroliam Nasional Bhd (Petronas) will continue to grow its downstream business amid tight margins and a more challenging environment, Vice President for Corporate Strategic Planning Md Arif Mahmood, said. The downstream activities include oil refining and retailing of petroleum products. On the restructuring of Petronas, Mahmood said it should put the national oil firm on a better footing. Petronas, ranked 80th among the world’s top 500 companies, unveiled wide-ranging restructuring plans that will enhance its corporate governance and push it forward to meet new challenges facing the global oil and gas industry. (June 9, 2010)