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Malaysia's state owned oil company, Petroliam Nasional Berhad,Petronas' net profit for the first quarter ended in March soared 62percent to 20.7 billion ringgit (6.5 billion U.S. dollars) fromlast year on higher margins led by stronger crude prices and gainsfrom stake disposal. Group revenue grew 14.6 perent to 75.2 billion ringgit (23.65billion U.S. dollars) from the previous corresponding period onhigher trading volume and favourable product prices, Petronas saidon Thursday. Operating profit for the quarter rose about 44 percent year-on-year to 30.5 billion ringgit (9.6 billion U.S. dollars). The group's crude production however fell almost half to 116, 000barrels a day in the quarter from 223,000 barrels a day from theprevious corresponding period due to stop order instructions inSudan. Petronas' president and chief executive Shamsul Azhar Abbas told apress conference that he expects the group's performance for therest of the year would be affected by weaker crude prices and SouthSudan's crude oil shipment dispute with North Sudan. "The first quarter came in as a surprise. Mind you the heat we aregetting from Sudan, we are losing about 120,000 barrels a daycoming out of Sudan alone, that is going to be reflected from thesecond quarter onwards, we don't see there would be any amicablesolution between the north and south for the whole of this year,"Shamsul said, adding that the Sudan oil transit row would cost thecompany at least three billion ringgit in bottom line. South Sudan had stopped its oil production earlier this year afterit accused North Sudan of stealing its crude in transit. Shamsul said the sharp decline in benchmark Brent crude oil stokedby the European debt crisis, Saudi Arabia's increased outputdespite low oil prices and the U.S. move to increase natural gasproduction would put pressure on oil prices for the remaining ofthe year. "Moving forward to the end of this year, I do not see there isgoing to be any much improvement compared to the first quarter. Inthe first quarter, we were lucky," Shamsul said. He predicts the Brent crude oil to average 80 to 90 U.S. dollarsper barrel this year. It was trading just above 103 U.S. dollars a barrel on Thursday. I am an expert from seamless-titaniumpipe.com, while we provides the quality product, such as China Titanium Foil Sheet , China Titanium Precision Parts, Titanium Rod Bar,and more.
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