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Russian state oil firm may buy Petronas' assets
Published:  May 23, 2016 10:31 AM
Updated: 10:46 AM

Russian state oil and gas firm Zarubezhneft may buy Petronas' assets, said Russian Energy Minister Alexander Novak.

Novak said Russia is also looking at increasing oil and oil products to Asia-Pacific region.

"Also, Zarubezhneft shows interest in studying the assets of Petronas. The parties are holding consultations about it," he is reported as saying on Friday by Russian news agency Tass.

"As for Zarubezhneft, it is studying opportunities to undertake projects in Malaysia.

"Zarubezhneft has a lot of experience to enhance the effectiveness of existing fields, and offers its services and participation," Novak is quoted as saying.

Novak did not specify which assets Zarubezhneft are eyeing.

He said this at the Asean-Russia Commemorative Summit in Sochi on May 20.
Prime Minister Najib Abdul Razak attended the two-day summit.

Petronas had in March said it will cut about 1,000 jobs in a bid to trim the fat amid crude oil price slump.

Petronas reported a 60 percent drop pre-tax profit of RM6.8 billion, for the quarter ending March 31, 2016, compared to the same quarter last year.

"Petronas will continue with its cost rationalisation efforts to remain competitive while pursuing efforts to drive operational efficiencies and effective delivery of growth projects that bring value," it said in a press statement last week. 

Malaysiakini has contacted Petronas for comment.

 

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