Govt commits to turn Petronas around after RM21b loss in Q2

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The government is committed to ensuring that Petroliam Nasional Bhd (Petronas) is able to return to profitability, but it depends on world oil prices. Finance Minister Tengku Zafrul Abdul Aziz said the quarterly loss announced by Petronas two days ago was due to the fall in oil prices but for now, they have shown an increase. "If I am not mistaken, in March and April (Brent crude) oil price fell to US$20 (RM83) per barrel. At least now there is an increase (in oil price) in the global economy... the projected oil price this year is about US$40 per barrel, so the projection is still within our range,” he told reporters today. Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second quarter (Q2) ended June 30, dragged by huge impairments on assets and weaker oil prices, against a profit of RM14.7 billion in the same quarter last year. It was…