Petronas in stronger position this year - CEO

National oil corporation, Petronas is in a stronger position, heading into 2017, after the transformation undertaken last year ensured group sustainability and future resilience.

Petronas President/Chief Executive Officer Datuk Wan Zulkiflee Wan Ariffin said with the key prerequisites in place to transform Petronas and with the anticipated recovery in the market, the group was well-positioned to face futures challenges.

"Our deliberate and sequential efforts to restructure Petronas, reduce costs and improve performance, has started to bear fruit in improving our underlying performance, as shown in the results.

"We are confident that the transformation we undertook will ensure Petronas' sustainability and future resilience," he told a press conference after announcing Petronas' performance for the financial year ended Dec 31, 2016.