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

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

Shell’s LNG Canada expansion project to get boost from government

Canadian Prime Minister Mark Carney named the planned second phase of Shell's LNG Canada export project as one of the major projects the federal government would help fast-track.

More News Like This

Woodside, Petronas seal 15-year LNG SPA

Australia's Woodside has signed a long-term deal with Malaysia's Petronas to supply the latter with liquefied natural gas (LNG) from its global portfolio. The deal may include supplies from Woodside's Louisiana LNG project in the US.

Petronas says Bintulu LNG operations not affected after security threat

Operations at the giant Bintulu LNG plant in Sarawak remain uninterrupted following the Malaysian National Security Council’s announcement regarding a potential security risk, according to Malaysian energy giant Petronas.

LNG Canada sends tenth cargo

Shell-led LNG Canada has shipped the tenth cargo of liquefied natural gas from its Kitimat facility on the west coast of Canada.

Malaysia’s Petronas logs lower LNG sales in H1

Malaysian energy giant Petronas reported a decline in its liquefied natural gas (LNG) sales and net profit for the first half of this year compared to the same period last year.