Malaysia's Petronas to boost international portfolio to 60% over next decade
The firm will build on its current international portfolio, which now accounts for around 40% to 50% of its investments, by integrating its domestic expertise with global partnerships, it said in a fact sheet shared with Reuters.
In a volatile market, Petronas is upgrading its upstream operation portfolio to focus on high-quality assets while at the same time ensuring that energy supplies for Malaysia remain reliable, the company added.
"Malaysia remains a core part of our investment portfolio, and we are committed to this market," executive vice president and chief executive officer of upstream business Mohd Jukris Abdul Wahab said in the fact sheet.
Malaysian state news agency Bernama reported that Mohd Jukris saying Petronas would review its operations including maintenance, field operations and others in order to mitigate the impact of lower crude oil prices.
Crude oil prices are currently trading at US$66.68 per barrel as of 1006 GMT.
Mohd Jukris said Petronas would consider partnering with other firms to reduce its risk exposure, especially for projects requiring high capital investment.
He added that Petronas is also considering expanding its presence in Canada, given that the country has now become one of its major liquefied natural gas suppliers, Bernama reported.
In July, Petronas delivered its first LNG Canada cargo to Japan from its newly operational LNG facility in Kitimat.
Petronas has a 25% stake in the Kitimat LNG plant in British Columbia on Canada's west coast.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
11 minutes ago
- The Independent
China Evergrande to be delisted from Hong Kong stock exchange following debt woes
China Evergrande on Tuesday said it will be delisted from Hong Kong's stock exchange on Aug. 25, more than a year and a half after the city's court ordered the heavily indebted real estate developer to be liquidated in another setback to mainland China's property sector. Evergrande was the world's most heavily indebted real estate developer, with $300 billion owed to banks and bondholders, when the court handed down a liquidation order in January 2024. The court ruled the company had failed to provide a viable restructuring plan for its debts, which fueled fears about China's rising debt burden, and trading of its shares has been halted since the ruling. The city's listing rules stipulate the listing of companies may be cancelled if trading in their securities has remained suspended for 18 months consecutively. China Evergrande Group received a letter Aug. 8 from the city's stock exchange notifying the firm of its decision to cancel the listing as trading had not resumed by Jul. 28. The last day of the listing will be Aug. 22 and Evergrande will not apply for a review of the decision, the company said in a statement. 'All shareholders, investors and potential investors of the company should note that after the last listing date, whilst the share certificates of the shares will remain valid, the shares will not be listed on, and will not be tradeable on the Stock Exchange," the statement said. Evergrande is among scores of developers that defaulted on debts after Chinese regulators cracked down on excessive borrowing in the property industry in 2020. Unable to obtain financing, their vast obligations to creditors and customers became unsustainable. The crackdown also tipped the property industry into crisis, dragging down the world's second-largest economy and rattling financial systems in and outside China. Once among the nation's strongest growth engines, the industry is struggling to exit a prolonged downturn. Home prices in China have continued to fall even after the introduction of supportive measures by policymakers. The Hong Kong court system has been dealing with liquidation petitions against some Chinese property developers, including Country Garden, which is expected to have another hearing in January. Evergrande, founded in the mid-1990s by Hui Ka Yan, also known as Xu Jiayin, had over 90% of its assets on the Chinese mainland, according to the 2024 judgement. The firm was listed in Hong Kong in 2009 as 'Evergrande Real Estate Group' and suspended its share trading on Jan. 29, 2024, closing at 0.16 Hong Kong dollars ($0.02). Hui was detained in China in September 2023 on suspicion of committing crimes, adding to the company's woes. In 2024, the China Securities Regulatory Commission issued a fine of 4.2 billion yuan (about $584 million) against the firm's subsidiary, Hengda Real Estate Group Company, over violations including falsifying financial records. Hui was fined 47 million yuan ($6.5 million) and barred from China's securities markets for life. Some other executives were also penalised Chinese authorities in September 2024 banned the accounting firm PwC for six months and fined the company more than 400 million yuan ($56.4 million) over its involvement in the audit of the collapsed property developer.
Reuters
43 minutes ago
- Reuters
India's Nykaa posts two-fold rise in quarterly profit on beauty products demand
Aug 12 (Reuters) - FSN E-Commerce Ventures, the parent of Indian beauty products retailer Nykaa, posted a quarterly profit on Tuesday that more than doubled, benefiting from new brand tie-ups and steady demand for makeup and skincare. The company, which retails an array of brands such as Estee Lauder (EL.N), opens new tab and actor Katrina Kaif's Kay Beauty both online and offline, said profit rose to 233.2 million rupees ($2.66 million) for the first quarter ended June 30, from 96.4 million rupees a year ago. Indians, especially the affluent, have not shied away from spending on skincare and cosmetics — a category that outperforms others even during a consumption slowdown — helping prop up the $28-billion beauty and personal care industry in India. Nykaa added brands such as luxury offering Chanel, Korean skincare label Aestura and sunscreen maker Supergoop to its product line-up, lifting revenue in its beauty business 24% to 19.75 billion rupees. The growth was driven by a focus on reaching more customers across online and offline stores and offering higher-end products, Nykaa said. That, coupled with a 15% rise in its fashion business, which sells apparel and accessories from brands such as Victoria's Secret and Titan's ( opens new tab Mia, pushed overall revenue up 23% at 21.55 billion rupees. ($1 = 87.7080 Indian rupees)
Reuters
43 minutes ago
- Reuters
Shopee, 'Free Fire' game demand help Sea beat revenue estimates
Aug 12 (Reuters) - Sea Ltd (SE.N), opens new tab topped market estimates for quarterly revenue on Tuesday, powered by strong demand in its Shopee e-commerce business and its gaming division, sending the company's U.S.-listed shares up 9% premarket. Shopee, a popular e-commerce platform in Southeast Asia and Taiwan, is seeing strong consumer demand, thanks to the company's efforts to offer competitive pricing and improved customer experience. The company has been working to improve user acquisition, traffic and engagement on its Shopee app by introducing social elements like live-streaming and mini-games with redeemable coins and prizes. Revenue from Sea's e-commerce unit, which turned profitable last year, jumped 33.7% to $3.8 billion in the April-June quarter. Gross merchandise value - a measure of the total value of products sold on the platform - rose 28% to $29.8 billion. "All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year," CEO Forrest Li said. "Our company has reached a stage where we can pursue growth opportunities while improving profitability." Meanwhile, revenue at Sea's digital entertainment unit rose 28.4% to $559.1 million. The segment houses online game developer and publisher Garena, widely known for its popular mobile shooter game "Free Fire". "Free Fire has established itself as an evergreen franchise, both sustaining its user engagement and growing its appeal in more markets globally," Li said, adding that bookings at Garena are now expected to grow more than 30% this year. Garena reported a 17.8% jump in paying users and a 23% increase in bookings for the June quarter. Sea's digital financial products arm, home to its Monee app that offers services including payment processing and credit products, reported a 70% rise in revenue to $882.8 million. Singapore-based Sea reported a 38.2% rise in total second-quarter revenue to $5.26 billion, beating estimates of $4.98 billion, according to data compiled by LSEG.
