By CHONG POOI KOON
Petroliam Nasional Bhd., Malaysias state oil company,
said its in talks to sell an additional stake in a
Canadian gas project
Petronas may sell as much as a 12% in the proposed liquefied
natural gas (LNG) facility in British Columbia, CEO Shamsul
Azhar Abbas told reporters in Kuala Lumpur. Discussions are
on with at least three parties, he said.
We are in no hurry to sell, Shamsul said.
We will take our time. If the price is right well
Petronas, which began a review of its assets four years ago,
last month cut its stake in the Canadian project
to 62 percent, having
concluded deals with buyers from China, India
, Brunei and Japan. Its
also looking to sell stakes in exploration and production
projects in Vietnam and last month said it would proceed with
a $27 billion investment in a refining
and petrochemicals project
in the southern state of
Johor, bordering Singapore.
The company said first-quarter net income fell 8% to 16.2
billion ringgit ($5 billion) in the three months through
March, from 17.6 billion ringgit a year earlier. Revenue
increased 9.6% to 84 billion ringgit.
The drop in first-quarter profit was due to increased
operating costs after the company booked impairment expenses
mainly in Egypt, Petronas said. It also incurred costs for
LNG imports at a new regasification terminal in Malaysia, the
Total production rose to 2.26 million bpd of oil equivalent
in the first quarter from 2.16 million a year ago, the
company said. Oil in New York trading averaged $98.61/bbl
during the three-month period, compared with $94.36 a year
earlier, according to data compiled by Bloomberg.
Petronas has $1.5 billion of dollar-denominated Islamic bonds
maturing August this year and another $625 million debt due
in 2015, according to data compiled by Bloomberg.
The company will redeem the papers due this year and
doesnt plan to refinance them, chief financial officer
George Ratilal said.