Petronas Q1 revenue down, LNG sales up

Malaysia’s oil and gas giant Petronas said its revenue in the first quarter decreased 21 percent to 66.2 billion ringgit, as compared to the same period in 2014.

This was mainly due to lower oil prices, partially offset by processed gas trading, LNG sales volume, and favourable US dollar exchange rate against the ringgit, Petronas said in a report on Friday.

The company’s net income plunged to 9.3 billion ringgit, compared with 16.2 billion ringgit a year ago.

However, Petronas’ total LNG sales volume for the first quarter of this year rose 5 percent to 8.07 million tonnes, according to the report.

Petronas sold 7.65 million tonnes of LNG in the first quarter of 2014.

1 Malaysian ringgit = 0.278917 U.S. dollars

LNG World News Staff; Image: MISC

 

 

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