Latest news with #PetroliamNasional
Malay Mail
14 hours ago
- Business
- Malay Mail
Petronas not exiting Canada, says group CEO
KUALA LUMPUR, June 6 — Petroliam Nasional Bhd (Petronas) has reiterated that the company is not exiting Canada. 'Canada is not on our exit radar. We're not exiting Canada. We are constantly entertaining overtures and proposals. 'That is going to be the natural course of business and it (Canada) is a very resource-endowed geography,' president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said at an editors' briefing here yesterday. Tengku Muhammad Taufik said, in fact, liquefied natural gas (LNG) is coming on stream from Canada, with the first cargo in a couple of weeks. He said there will be a regular shipping out of LNG from Canada, which is at 25 per cent. 'We have 53 trillion cubic feet (TCF) of reserves. It is strategically positioned between that coast of Canada and Japan, South Korea, Taiwan, and even China. 'Some other LNG routes are compromised by geopolitical hostility... That is another advantage. That was the rationale to do this. We built that node. We wanted to make sure it's strategically positioned, having locational advantage. Petronas hopes to have more engagements and constructive dialogues for the national oil firm to activate additional LNG leverage in Canada. 'We hope that the Canadian (new) government will be more appreciative and supportive of it becoming a new, cleaner energy source for the rest of the developing world,' he added. Tengku Muhammad Taufik stressed that it was crucial for Petronas to preserve its position in market share in the LNG space in Canada while also looking at how to build its upstream portfolio effectively. Responding on a question whether Petronas will look to liquidate some assets or diversify, Tengku Muhammad Taufik said Petronas would continue its asset rationalisation to keep its operations lean. He noted that the divestment exercise was done in Argentina as Petronas could not make its assets worked in the country and found an interested party to acquire them. In April this year, Buenos Aires-based Vista Energy has reportedly acquired Petronas' 50 per cent stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion). The second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA, while the remainder will be paid in two instalments in 2029 and 2030. — Bernama
CNA
14 hours ago
- Business
- CNA
Malaysia's Petronas to cut 10% of workforce, not exiting Canada, CEO says
KUALA LUMPUR: Malaysian state energy firm Petroliam Nasional, or Petronas, will retrench about 10 per cent of its workforce in a restructuring exercise, its chief executive said on Thursday (Jun 5). Tengku Muhammad Taufik also denied at a media briefing that the state firm was exiting its business in Canada. Malaysian media had previously reported Petronas as saying it needed to "rightsize" its workforce to ensure the company's survival in the coming decades. Petronas has nearly 50,000 employees, according to its website. Bloomberg also reported on Tuesday that Petronas is considering a sale of its Canadian company, formerly known as Progress Energy Resources Corp.
Free Malaysia Today
20 hours ago
- Business
- Free Malaysia Today
Petronas's LNG venture in Canada to come on stream within a couple of weeks
Petronas president and group CEO Tengku Muhammad Taufik Aziz said its Canadian LNG reserves are strategically positioned for shipment to Japan, South Korea, Taiwan and even China. PETALING JAYA : Petroliam Nasional Bhd (Petronas) has reiterated it is not exiting Canada, stating its liquefied natural gas (LNG) venture there is coming on stream within a couple of weeks. 'Canada is not on our exit radar. We're not exiting Canada. 'We are constantly entertaining overtures and proposals,' Petronas president and group CEO Tengku Muhammad Taufik Aziz said at an editors' briefing in Kuala Lumpur today. 'That is going to be the natural course of business and it (Canada) has a very resource-endowed geography,' Bernama reported him as saying. Tengku Taufik said there would be a regular shipping out of LNG from Canada. Petronas has a 25% stake in LNG Canada. 'We have 53 trillion cubic feet (TCF) of reserves. It is strategically positioned between the coast of Canada and Japan, South Korea, Taiwan, and even China. 'Some other LNG routes are compromised by geopolitical hostility … That is another advantage. 'That was the rationale to do this. We built that node. We wanted to make sure it's positioned strategically.' Petronas hopes to have more engagements and constructive dialogues for the national oil firm to obtain additional LNG leverage in Canada. 'We hope that the (new) Canadian government will be more appreciative and supportive of it becoming a new, cleaner energy source for the rest of the developing world,' he added. Tengku Taufik said it was crucial for Petronas to preserve its position in market share in the LNG space in Canada while also looking at how to build its upstream portfolio effectively. Responding to a question on whether Petronas would look to liquidate some assets or diversify, Tengku Taufik said it would continue its asset rationalisation to keep its operations lean. He noted that a divestment exercise was carried out in Argentina as Petronas could not make optimal use of its assets in the country and found an interested party to acquire them. In April this year, Buenos Aires-based Vista Energy reportedly acquired Petronas's 50% stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion). Vista Energy, the second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA. The remainder will be paid in two instalments in 2029 and 2030.
Straits Times
a day ago
- Business
- Straits Times
Malaysia's Petronas to cut 10 per cent of workforce after profits slump
Malaysia's state-owned oil firm will reduce headcount by upward of 5,000 people. PHOTO: REUTERS Malaysia's Petronas to cut 10 per cent of workforce after profits slump Petroliam Nasional (Petronas) will cut about 10 per cent 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 Muhammad Taufik said in a briefing in Kuala Lumpur on June 5. It will also freeze promotions and hiring until December 2026, he added. Petronas' profits slid 32 per cent in 2024, following a 21 per cent drop in 2023. The challenges are slated to continue in 2025, in part due to a continued decline in Brent crude prices. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
a day ago
- Business
- Yahoo
Malaysia's Petronas to cut 10% of workforce, not exiting Canada, CEO says
By Ashley Tang KUALA LUMPUR (Reuters) -Malaysian state energy firm Petroliam Nasional, or Petronas, will retrench about 10% of its workforce in a restructuring exercise, its chief executive said on Thursday. Tengku Muhammad Taufik also denied at a media briefing that the state firm was exiting its business in Canada. Local media has previously reported Petronas as saying it needed to "rightsize" its workforce to ensure the company's survival in the coming decades. Petronas has nearly 50,000 employees, according to its website. Bloomberg had reported earlier on Tuesday that Petronas is considering a sale of its Canadian company, formerly known as Progress Energy Resources Corp. "Canada is crucial to our ambitions to preserve our position in the liquefied natural gas space," Tengku Taufik said.
