Petronas reports heavy losses
Malaysia Despite the losses, Petronas president and CEO Wan Zulkiflee Wan Ariffin said on an earnings briefing that the company would still be able to pay its MYR26-billion ($6.38-billion) government dividends. In February, Petronas had already reduced its government dividend payment by about 10 percent in anticipation of a slow year. It also implemented a 15-percent decrease in capital expenditure.
“We will have to persevere with more austerity measures,” Wan Zulkiflee said.
The company is currently seeking approval for a its $11-billion Pacific Northwest LNG project from the Canadian government.
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