Petronas Q3 Profit After Tax Jumps 64% on Year

Petronas has recorded a 64% rise in profit after tax of ringgit 10bn ($2.43bn) for Q3 that ended September 30 on the back of higher oil prices and expects the full year performance to be better than last year, it said November 23.

Revenue during Q3 was ringgit 53.7bn, up by 14% from the corresponding quarter last year.

For the 9M, the state-owned entity recorded a 15% increase in revenue ringgit 161.8mn, mainly thanks to higher average gas prices and the foreign exchange rate. Profit after tax was ringgit 27.3bn compared with ringgit 12.5bn in the same period last year, mainly thanks to lower asset impairments and well costs. 

Ship to ship transfers for Labuan

Petronas LNG, a subsidiary of Petronas, has signed a two-year service agreement with Malaysian Argo Engineering and Eastport Marine to provide LNG ship-to-ship transfer services in Labuan, Malaysia, Petronas said in a separate statement November 22.

"This ship-to-ship transfer service agreement is Petronas’ first collaboration in providing flexible delivery solutions that goes beyond the conventional selling and delivering of LNG," said Petronas LNG chairman Ahmad Adly Alias. "LNG ship-to-ship transfer services is an emerging trend to cater to the needs of small scale LNG requirements.”

Petronas LNG expects the partnership to enable it to respond to new market requirements in the changing LNG industry landscape which includes LNG shipping solutions.