Petronas logs decline in LNG sales, profit climbs

Malaysia’s Petronas reported a decline in its quarterly liquefied natural gas (LNG) sales as its total earnings and profit rose on higher prices.

The energy company’s revenue for the third quarter was 63.9 billion ringgit ($15.2 billion), up by 19 percent from the corresponding period in 2017. Profit after tax rose by 43 percent to 14.3 billion ringgit, Petronas said on Tuesday.

Total LNG sales for the third quarter stood at 6.31 million tonnes, down 0.91 million tonnes when compared to the same quarter last year.

Petronas attributed the decline to lower volumes from its Bintulu LNG complex in Malaysia and the Santos-operated GLNG project in Australia.

LNG sales in the first nine months of this year declined by 1.11 million tonnes to total 20.79 million tonnes, Petronas said.