KUCHING: Petroliam Nasional Bhd (Petronas) will prioritise its spending and put on hold higher-risk ventures, as the current low crude oil prices might persist, said vice-president of the technical global upstream business Mazuin Ismail.
He said another focus would be on cost reduction and that some of the projects would be deferred, as crude oil had dropped sharply from around US$115 to below US$50 per barrel, or by some 65%, in six months.
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