Petronas’ quarterly LNG sales drop, profit surges

Malaysian energy giant Petronas reported a decrease in liquefied natural gas (LNG) sales due to lower demand, but the company’s profit surged on the back of higher prices.

Total LNG sales during January-March dropped by 10.6 percent to 8.93 million tonnes as compared to 9.99 million tonnes in the same period last year.

Petronas said gross LNG sales volume reduced by 1.06 million tonnes due to “lower production in line with lower demand.”

LNG sales increased slightly when compared to 8.84 million tonnes in the quarter before.

In addition, Petronas said post-tax profit reached 9.3 billion ringgit ($2.25 billion) in the first quarter, more than two times higher when compared to 4.5 billion ringgit in the same quarter last year.

However, the firm’s revenue of 52.5 billion ringgit decreased by 12 percent from 59.6 billion ringgit in the corresponding period last year.

Petronas attributed the decline to lower sales volume of petroleum products, LNG, and natural gas, coupled with the effect of the stronger ringgit against the US dollar exchange rate.

Most Popular

Update: Shell’s LNG Canada receives LNG cargo

Shell’s LNG Canada has received a cargo of liquefied natural gas as part of the commissioning and start-up phase.

Glencore seals LNG supply deal with China’s Shandong Order Group

China’s Shandong Order Group has signed a deal to buy liquefied natural gas (LNG) from a unit of Switzerland-based energy trader Glencore.

Venture Global LNG gets Calcasieu Pass approval from FERC

US LNG exporter Venture Global LNG has received approval from the US FERC to launch operations of its entire Calcasieu Pass LNG terminal in Louisiana.

More News Like This

Petronas to supply LNG to PetroVietnam Gas

Malaysian energy giant Petronas will supply liquefied natural gas (LNG) to PetroVietnam Gas, a unit of state-owned PetroVietnam, next month. The two firms will also look into the possibility of signing long-term LNG contracts.

Precious Shipping’s new Malaysian JV targets LNG and LPG carriers

Precious Shipping's new Malaysian joint venture with Emstraits Navigation and Lianson Fleet Group will be looking to acquire liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude tankers.

Eni and Petronas plan to create ‘major’ LNG player in Malaysia, Indonesia

Italy's Eni and Malaysia's Petronas plan to establish a joint venture company to oversee selected upstream assets in Indonesia and Malaysia.

Samsung Heavy launches Petronas’ third FLNG

South Korea’s Samsung Heavy Industries has launched the hull of the third floating LNG production unit being built for Malaysian energy giant Petronas.