Petronas to Contribute $13.25B to Malaysian Gov't Coffers in 2022

Mei Mei Chu
Friday, July 22, 2022

Malaysia's state energy firm Petronas is forecast to contribute to government coffers as much as 59 billion ringgit ($13.25 billion) this year, a cabinet minister said in a statement to parliament published Friday.

Petronas contributions are a significant source of revenue for the federal government, which is expecting to spend a record 77.3 billion ringgit ($17.37 billion) in subsidies and cash aid this year to help the public tackle inflation.  

In 2021, the company contributed 48.2 billion ringgit in dividends, taxes and cash payments to the government, its sole shareholder.

The contribution from Petronas in 2022 is estimated at around 55 to 59 billion ringgit, said minister for economy, Mustapa Mohamed. That includes dividends, taxes, petroleum cash payments, and export duties.

The estimates were based on Petronas' projections with the assumption that Brent crude oil prices remain at $100.03 a barrel and that production remains uninterrupted throughout the year, he said.

Petronas projects a total profit after tax of around 75-80 billion ringgit this year, Mustapa added.

Brent crude traded at $104.89 a barrel on Friday.

($1 = 4.4500 ringgit)

(Reporting by Mei Mei Chu; Editing by Kanupriya Kapoor)

Categories: Finance Energy Industry News Activity Production Asia

Related Stories

Velesto Completes Removal of Wrecked Naga 7 Jack-Up Rig Off Malaysia

TotalEnergies and Oil India to Jointly Tackle Methane Emissions Issues

Masdar, SOCAR and ACWA Set Sights on 3.5GW Offshore Wind Projects in Azerbaijan

Current News

Oil Edges to 2-Week High on Ukraine News

EMGS to Conduct CSEM Survey Offshore India

Poland to Open New Areas for Offshore Wind Development in Baltic Sea

Swedish Firm Eyes Multi-Megawatt Wave Energy Farm Off Grenada

Subscribe for OE Digital E‑News