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Petronas reports lower profits, could scrap $19-billion Rapid project

7:09 AM MDT | August 26, 2013 | Natasha Alperowicz

Petronas Group (Kuala Lumpur), Malaysia’s energy major and parent company of Petronas Chemicals, today reported a 4% drop in second quarter pretax profit, to 21.98 billion ringgit ($6.64 billion) on revenues 5% higher, at ringgit74.42 billion, driven by higher crude oil sales and gas trading volume, as well as higher petroleum products sales volume. The company’s marginally lower net profit, ringgit15.26 billion, was due to lower margins primarily due to higher operating expenses and lower gain on disposal of investments.   Lower average price...

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