Petronas faces ‘great reset’

Loss-making: Petronas’ losses were caused by huge impairments to its assets, indicating a deep-rooted set of problems that is not unique to it.

IT was not how any new CEO would have liked to deliver a message in his first major media engagement but Petroliam Nasional Bhd (Petronas) president and CEO Tengku Mohammad Taufik Tengku Aziz knows these are not normal times for the under-pressure oil industry.

In announcing a huge loss of RM21bil for its second quarter financial results, Tengku Taufik signalled the bitter dose of reality that has set into the hugely important oil and gas industry.