Petronas posts in­crease in prof­its

China Daily (Canada) - - BUSINESS -

Petronas, Malaysia’s state oil and gas com­pany, regis­tered a net profit of 23.5 bil­lion ringgit ($5.28 bil­lion) in the year of 2016, a 12-per­cent rise on the pre­vi­ous year, al­though rev­enues for the year dipped 17 per­cent to 204.9 bil­lion ringgit. De­scrib­ing 2016 as “one of the most chal­leng­ing years in re­cent his­tory”, Petronas Pres­i­dent and CEOWan Zulk­i­fleeWan Arif­fin told a news con­fer­ence on Tues­day that Brent prices fur­ther de­clined to be­low $30 per bar­rel in early 2016 be­fore av­er­ag­ing $44 per bar­rel for the year, as op­posed to $52 per bar­rel in 2015.

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