Petronas on an upward trajectory
The company is balancing its upstream ambitions with government debt obligations, while finalising a key domestic downstream project
The Malaysian government is once again turning to state-owned energy company Petronas to help fill its coffers, almost a year since the Perakan Herapan coalition returned veteran Mahathir Mohamad to the prime minister's office. This year the government is targeting a special dividend of MYR30bn ($7.5bn) to help settle excess tax refunds inherited from the previous administration, as well as a regular MYR24bn dividend. In total, proceeds from oil and gas activities are expected to comprise 30.9pc of government revenue in 2019, and 17.1pc of gross domestic product. The prospect of increasing its royalty payments to Sarawak and Sabah, the country's eastern states, also hangs over Petronas. Duri
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised