Petronas to Cut Spending by $11.4 Billion Over 4 Years, WSJ Says
- Crude drop deferring oil investments globally: Wood Mackenzie
- Petronas juggling long-term investments, government dividends
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Petroliam Nasional Bhd. plans to cut expenses by as much as 50 billion ringgit ($11.4 billion) over the next four years and defer some projects, the Wall Street Journal reported.
The Malaysian state oil company will go through another round of cuts to capital and operating expenditure, the paper said, citing an internal memo. A company spokesman confirmed the contents of the memo. Petronas faces two to three tough years and crude prices could average $30 a barrel in 2016, Chief Executive Officer Wan Zulkiflee Wan Ariffin said in a Bloomberg interview on Jan. 11.