But the company, 100% owned by the NOC, does not have the financial or technical capabilities to take over the country's aging assets. Indeed, Petronas posted a loss of 21 billion ringgit ($5.06 billion) for the April-June quarter this year, compared with a profit of 14.7 billion ringgit for the same period last year. It marked the first loss since the fourth quarter of 2015 following a coronavirus-related demand slump and lower oil prices. Crucially, the NOC has already flagged production cuts and cost savings to mitigate the effects of the pandemic. It now plans to expand its renewable energy portfolio, and reassess its oil and gas positions, CEO Tengku Muhammad Taufik, who took over in July, told reporters in early September. Petronas, the world's fourth largest exporter of liquefied natural gas (LNG) has also formed a team to look into developing a "higher value" portfolio, he said.