Latest news with #PETROLIAMNasionalBhd
The Star
6 days ago
- Business
- The Star
PETRONAS said to seek US$1bil for Rio oil field stake sale
PETROLIAM Nasional Bhd is working with Bank of America Corp. to sell its 50% stake in the Brazilian oil field Tartaruga Verde, according to people familiar with the matter. Petronas, as the Kuala Lumpur-based company is known, is looking to get about US$1bil for the stake, the people said, asking not to be identified discussing non-public information. The discussions are at an early stage and a deal may not happen, the people said.
The Star
08-06-2025
- Business
- The Star
‘We have to build an energy superstar'
President Group CEO Tan Sri Tengku Muhammad Taufik. PETROLIAM Nasional Bhd (PETRONAS) has swiftly denied talk that its upstream arm in Canada will be sold, emphasising the importance of such an asset as the group navigates its journey as PETRONAS 2.0. PETRONAS Energy Canada Ltd (PECL) is the operator and majority stakeholder (72%) in the North Montney Joint Venture (NMJV) project, one of Canada's largest shale gas plays – or what an industry expert describes as 'crown jewel'. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
The Star
05-06-2025
- Business
- The Star
PETRONAS to cut 10% of workforce after profits slump
PETROLIAM Nasional Bhd. will cut about 10% of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits. Malaysia's state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze promotions and hiring until December 2026, he said. Petronas' profits slid 32% in 2024, following a 21% drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - Bloomberg
Malaysian Reserve
04-06-2025
- Business
- Malaysian Reserve
Petronas maintaining operations in Canada
PETROLIAM Nasional Bhd (Petronas) today denied news reports claiming the national oil firm is leaving Canada. 'Any reports that claim Petronas is leaving Canada are inaccurate,' Petronas said in a reply to Bernama's query. On Tuesday, Petronas was reportedly considering options for its Canadian company, formerly known as Progress Energy Resources Corp, including a sale, according to people familiar with the matter. Petronas stated it is committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development and is a major partner in the LNG Canada gas liquefaction facility in Kitimat, BC. 'With LNG Canada preparing for its first cargo this year, Petronas is proud to be providing lower-carbon, reliable Canadian liquefied natural gas to support global energy markets for decades to come,' it added. Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, significantly expanding its shale gas portfolio and strengthening its gas supply base. The national oil company also owns a 25 per cent stake in the LNG Canada project, a major liquefied natural gas joint venture alongside Shell Plc, PetroChina Co Ltd, Mitsubishi Corp, and Korea Gas Corp. –BERNAMA
