Companies & Finance

Petronas reports 6.7% decline in earnings for 2016

Malaysia’s state-owned Petronas reported a 6.7% decline in earnings before EBITDA to $15.9 billion for 2016.
By Staff reporter 16 March 2017 0 25090

Malaysia’s state-owned Petronas has reported a 6.7% decline in EBITDA, to MYR 70.4 billion ($15.9 billion), for 2016.

Ratings agency Moody’s described the decline as “modest”, with Brent averaging $43.69 per barrel in 2016 compared with $52.46/bbl in 2015. 

“We expect the LNG earnings contribution to increase with the company’s ninth liquefaction train (Train 9) already becoming operational in early 2017 […] The train has an additional annual LNG capacity of 3.6 mtpa, around 12% of Petronas’ current annual LNG sales volume,” Petronas said in a release.

“Assuming full capacity utilisation...