PETRONAS payout to govt seen at RM55bil-RM59bil

The contribution from PETRONAS in 2022 is estimated at around RM55bil to RM59bil, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed. That includes dividends, taxes, petroleum cash payments and export duties.

KUALA LUMPUR: State energy firm Petroliam Nasional Bhd (PETRONAS) is forecast to contribute to government coffers as much as RM59bil this year, a cabinet minister says in a statement to parliament.

PETRONAS’ contributions are a significant source of revenue for the federal government, which is expecting to spend a record RM77.3bil in subsidies and cash aid this year to help the public tackle inflation.

In 2021, the company contributed RM48.2bil in dividends, taxes and cash payments to the government, its sole shareholder.

The contribution from PETRONAS in 2022 is estimated at around RM55bil to RM59bil, said Minister in the Prime Minister’s Department (Economy) Datuk Seri 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 US$100.03 (RM446.8) a barrel and that production remains uninterrupted throughout the year, he said.

PETRONAS projects a total pre-tax profit of around RM75bil to RM80bil this year, Mustapa added.

Brent crude traded at US$104.89 (RM467.2) a barrel yesterday. — Reuters