Malaysia’s financially constrained Petronas seems set to fund its various investment commitments now that it is anticipated to garner US$1 billion through the partial sale of its most promising domestic shallow-water gas block.
“Petronas has always been a company burdened with heavy expectations,” said Lawrence Chong, CEO of Consulus. “It is a major contributor to the government’s coffers and unfortunately it is operating in an environment that shows no sign of sustained upswing.”
“With such demands in terms of government public spending, it is a pity that Petronas has to sell off a strategic and valuable gas field to monetise at a loss,” he added.
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