S&P said Petronas’ solid record of maintaining a strong balance sheet, and the company’s status as a dominant hydrocarbon producer in Asia tempered the incremental industry risk.
PETALING JAYA: S&P Global Ratings has raised the industry risk for the oil and gas (O&G) companies in the exploration and production (E&P) business to moderately high risk from intermediate risk on the greater shift towards renewable energy.
It said yesterday that the increasing adoption and transition of renewable energy alternatives to address climate change could affect the supply and demand for O&G, and therefore producers of fossil fuel.
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