Anwar-Najib debate: Petronas should take over Sapura until it recovers, Najib says

KUALA LUMPUR: Petronas should take over the ailing Sapura Energy Bhd until it fully recovers, says Datuk Seri Najib Razak

The former prime minister explained that this was because Petronas has the right expertise to assist Sapura.

"Petronas can guarantee that Sapura will have enough working capital.

"When the company has recovered and the stock improves, Petronas can sell it back on the market.

"In the end, Petronas will make money," he said during the live debate with Opposition leader Datuk Seri Anwar Ibrahim on Thursday (May 12) night.

Meanwhile, Opposition leader Datuk Seri Anwar Ibrahim said Petronas belongs to the government, which means it also belongs to the people.

He said Sapura being a Bumiputera company should not be used as an excuse to save it.

Sapura Energy posted a net loss of a whopping RM8.9bil for the financial year ended Jan 31, 2022, compared to RM160.87mil a year ago.

Revenue for the period under review fell by 22.8% to RM4.13bil from RM5.35bil.

The oil and gas service provider is also saddled with debt to the tune of RM10.3bil.

On March 30, the firm announced that it has refinanced it’s RM10.3bil debt for a tenure of seven years by executing multi-currency financing facilities agreements—signed with a consortium of Malaysian, regional and international banks.

This was done through its wholly-owned Sapura TMC Sdn Bhd and included a Conventional Facility Agreement and an issuance of unrated Sukuk Murabahah.

The company and several of its subsidiaries were also recently served with winding-up petitions over non-payment issues.