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Petronas giving out royalties to states
Home away from home
2007/9/14 14:16
Posts: 228
Petronas declares RM6 billion special dividend to government

KUALA LUMPUR ( July 15, 2008 ) : National oil company Petronas will pay a special dividend of RM6 billion to the government this year.

Petronas president and chief executive officer Tan Sri Mohd Hassan Marican who announced this today said the special dividend was worked out, after Petronas took into account its capital expenditure needs.

"We are owned by the government and our financial result has been exceptionally good this year," he said, when announcing the financial results for the year ended March 31.

"We don't need that much to reinvest for the future, so, we are able to increase our dividend for the government," he said at a press conference.

Overall, an "exceptionally good financial year" due partly to high crude oil prices, has enabled Petronas to contribute RM62.8 billion to the federal government's coffers for the year.This represents 44% of the federal government's revenue.

Petronas also paid RM4.8 billion in royalties to the state governments of Terengganu, Sarawak and Sabah.

The RM67.6 billion paid to the federal and state governments represented 63.1% of the group's profit.

Mohd Hassan said overall, RM403.3 billion had been paid to the federal and three state governments since 1974.

Petronas is giving out royalties of RM4.8 billion. I wonder if the amount is to each state or shared among 3 states.
I also wondering what Sarawak will do with the amount of money....give back to Sarawakians?

Funny, just after the hot debate Petronas is declaring giving back money to the government, wonder if the government plan to reduce fuel price. But I think they'll go ahead with the Penang project.

Posted on: 2008/7/16 9:28
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