KUALA LUMPUR: Malaysian state energy firm Petronas said oil prices would stay above $100 over the next few months as it posted a 74 percent jump in net profit, partly helped by the rising cost of crude. In the three months ended December, the oil giant made 21.21 billion ringgit ($6.99 billion), compared with 12.19 billion a year earlier, while revenue rose 12 percent to 60.04 billion from 53.44 billion, it said in a statement. But Malaysia's biggest company warned it would need to start refurbishing or replacing some of equipment, with many of its oil and gas producing assets between 19 and 28 years old." The next five years will be all about (capital expenditure)," chief executive Shamsul Azhar Abbas was quoted as saying by state media, adding that it was planning to spend 50-55 billion ringgit a year over the next five years. The company, in Wednesday's statement, said it had made one-time gains of 9.3 billion ringgit by listing two of its units in the third quarter. Petronas Chemicals Group Berhad made its market debut in November while Malaysia Marine & Heavy Engineering Holdings Berhad listed in late October. Shamsul said the rising price of oil, caused by uprisings across the crude-rich Middle East and North Africa, had boosted profit in the quarter, although that was partially offset by the ringgit strengthening against the dollar. He added the price of the black gold would likely remain above $100 a barrel over the fourth quarter, helping the firm post "strong" results and putting it on course to meet its fiscal 2011 pre-tax profit target of 80 billion ringgit.
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