Petronas: We have three-pronged strategy

Wan Zulkiflee bin Wan Ariffin, president and chief executive officer of Petroliam Nasional Bhd (Petronas), poses for a photograph following a Bloomberg Television interview on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 23, 2018.

DAVOS: Petroliam Nasional Bhd (Petronas) says it has a three-pronged strategy this year which will help it focus on growth.

Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the national oil and gas firm wants to expand its core business as well as diversify but is mindful of its cash position.

“One, we are still looking at our cash. Secondly, we want to expand our core business. We are a fully integrated company and I believe in this business model.

“We are looking at ways to extend the value chain of our business,” Wan Zulkiflee was quoted as saying in an interview at the World Economic Forum here.

“Thirdly, we are looking into things that are new to Petronas. For example, we are looking at the potential of being involved in renewables such as solar and other new energies,” he said.

He said a congruence of many events, particularly the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec voluntary production cuts, has helped prop up oil prices.

“We also see some supply disruption in Libya. The demand side is looking good globally and we expect this to continue in the next few years.”

He said the national oil and gas company would continue to monitor events that were happening in the Middle East, North Korea and other parts of the world that could have an effect on crude oil prices.

Wan Zulkiflee said in the past few years, Petronas had taken various strategic initiatives in response to the fall in crude oil prices.