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Malaysia's Petronas sees energy price declines ahead as profit soars

State oil and gas company's top executive says outlook depends on war in Ukraine

Petronas President and Group CEOTengku Muhammad Taufik, third from left, says elevated energy prices are likely to slowly ease from early next year. (Photo by Hakimie Amrie)

KUALA LUMPUR -- Malaysian state energy company Petronas said on Tuesday first-half net profit more than doubled from the same period last year on high oil and gas prices, but expects those to ease from next year on more stable supplies.

For the first half of 2022, Petronas recorded a net profit of 46.4 billion ringgit ($10.4 billion), compared with 18.8 billion ringgit in the corresponding period of 2021. It said revenue rose 57% to 172.1 billion ringgit from 109.6 billion ringgit.

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