Petronas doubles net profit last year

Recently, the performance statistics released by Petronas show that in 2022, the company will achieve a net profit of 92.3 billion ringgit, which is 2.1 times that of the previous fiscal year; sales will reach 333 billion ringgit, a year-on-year increase of 49%. Both figures hit record highs, helped by a surge in energy prices.

The company plans to increase equipment investment in the next five years by about 40% compared with the past five years, starting in 2023, to ensure new revenue and accelerate the implementation of decarbonization projects, such as renewable energy power generation and carbon dioxide capture and storage Business investment, and strive to achieve the goal of net zero greenhouse gas emissions by 2050.

Statistics from Petronas show that it is the natural gas sector, mainly liquefied natural gas transportation, that will drive the performance in FY2022. The division's profit was as high as 43.2 billion ringgit, an increase of 1.9 times compared to the previous fiscal year. The company said it was cautious about its fiscal 2023 results given the potential for lower oil and gas prices due to a slowing global economy.