KUALA LUMPUR (Aug 27): Petroliam Nasional Bhd (Petronas) is anticipating the price of crude oil to hover between US$55 and US$60 per barrel over the next five years, in accordance to its President and Chief Executive Officer Tengku Muhammad Taufik Tengku Aziz.
He added that given the present difficult instances amid the Covid-19 pandemic, Petronas stays dedicated to sustaining, encouraging and appearing as catalysts for the colourful oil and fuel sector, particularly in the direction of native trade gamers.
“In doing so, we’ve got resolved any earlier backlog of funds this yr to alleviate our liquidity challenges.
“We have helped SMEs when there have been points…the place there are contractual disputes, we introduced them to sooner decision. In that bracket alone, I believe shut to RM700 million price of funds have been resolved or launched.
“We have continued to make it possible for work is deployed and packaged and contracting methods contain native participation, to the extent that we’ve got formed bidding methods to embrace regional gamers,” he stated throughout a digital media briefing right now.
Meanwhile, Petronas additionally highlighted that in step with its aspiration in the direction of internet zero carbon emissions by 2050, it has accomplished two main Greenhouse Gas (GHG) emissions discount tasks, situated off the coast of Sarawak, in June this yr.
“The built-in Bokor-Betty undertaking achieved zero steady flaring and venting of hydrocarbons, whereas the undertaking in Baronia achieved zero steady venting of hydrocarbons,” it stated.
On the fuel and new power entrance, Petronas shared that it efficiently delivered over 11,790 LNG cargoes from the PETRONAS LNG Complex (PLC) in Bintulu throughout the first half of the yr (1H21).
It additionally recorded larger gross sales of fuel in 1H21 in contrast with the identical interval final yr, primarily due to larger demand from the facility sector.
“Petronas continues to present dependable provide of LNG to off-grid and marine trade prospects with a complete of 180 Virtual Pipeline System (VPS) deliveries accomplished in Peninsular Malaysia and 9 LNG Bunkering deliveries within the Straits of Malacca which incorporates Petronas’ first LNG bunkering operation in Port Klang.
“Petronas has additionally strengthened Malaysia’s place as an LNG ISO tank export hub following the graduation of the ISO tank facility in Pengerang, complementing our operations in Bintulu, Sarawak,” it added.