Petronas Sees Three More Tough Years in `Unsettling Environment'
- Crude oil may average $30/barrel in low-price scenario
- Company plans to keep 60-70 billion ringgit annual capex
Bloomberg's Best Photos 2014: The pinnacles of the Petronas Twin Towers protrude through low clouds in Kuala Lumpur, Malaysia, on Tuesday, March 18, 2014. Malaysia, aspiring to become a developed nation in six years, is finding that more than 50 years under one coalition and tight control over information is a mismatch for handling a rapidly growing crisis followed across the world.
Photographer: Charles Pertwee/BloombergPetroliam Nasional Bhd. said crude prices could average $30 a barrel this year and warned the Malaysian state oil company faces two to three tough years.
Just two months after the company was assuming an average price of $48 a barrel, Chief Executive Officer Wan Zulkiflee Wan Ariffin laid out the new "low-price" scenario for 2016. Petronas remains committed to its multi-billion dollar projects as it sticks to its capital expenditure plan of as much as 350 billion ringgit ($80 billion) over the next five years, he said Monday.