MOSCOW (MRC) -- Malaysia’s national oil company Petronas is required by 2020 to deliver USD43 billion of gross income to the state, reported Upstreamonline with reference to a company executive's statement.
The target may be achievable given that last year alone the company’s revenues were USD95 billion.
Vice president for exploration and production Dato' Wee Yiaw Hin, Malaysia's representative at the Ascope conference in Vietnam, told delegates at the chief executive summit that revenues were "very robust" and Petronas expects this to continue in 2013 and increase going forward.
Petronas generates much of its income from overseas assets, but there has also been success on the domestic front - Malaysia last year accounted for 72% of the oil and gas discoveries in the region.
As MRC informed before, in November, 2013, Petronas Chemicals agreed to sell its Vietnam polyvinyl chloride (PVC) assets to Asahi Glass and Mitsubishi as part of ongoing efforts to refocus its business on higher value products. The sale of its 93% interest in Phu My Plastics and Chemicals, which has a production capacity of 100,000 t/y of PVC, is expected to be completed in Q2 next year. Last year, the company had announced that it would close its vinyl business and has already ceased operations at its vinyl chloride monomer (VCM) and PVC plants in Kertih, Malaysia.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
MRC