Petronas, Malaysia's largest company, will release its financial results on Thursday."We expect very strong results because of the increase in crude oil prices. We're looking at a net profit of around 10 billion ringgit," said Imogine Baker, associate director of credit research at Barclays Capital.Petronas' principal revenue generators are export sales of crude oil and liquefied natural gas.

Its net profit dropped 32 per cent in the 1998-99 (April-March) financial year following a sharp decline in international crude prices which eroded margins."With the strong rebound in oil prices, obviously results will be very positive. We are probably looking at a 40 to 50 per cent increase in revenue," said an analyst with a foreign research house.

The average price of Malaysian crude had risen sharply to about $22 a barrel during 1998-99 against $12.97 a barrel a year earlier. Baker expects Petronas' revenue to increase to between 50 billion and 55 billion ringgit from 42 billion in the previous year.

She said Petronas' overseas operations were expected to account for 45 to 50 per cent of the group's revenue. In the 1998-99, international revenue accounted for 34 per cent of Petronas' group turnover, surpassing a 30-per cent global revenue target six years ahead of a 2005 deadline. Petronas is a fully-integrated oil and gas company whose activities range from upstream oil and gas exploration and production to downstream refining, processing, liquefaction, transmission, marketing and transportation.

It has operations, among others, in South Africa, Sudan, Iran and Vietnam. Its overseas investments include a 25-per cent stake in the UK explorer Premier Oil Plc.