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KUALA LUMPUR, September 4 – The national oil company, Petroliam Nasional Bhd (Petronas) says that the payment of dividends to the government this year will depend on its affordability in light of falling oil prices and the Covid-19 pandemic , which has affected your finances. performance.
The group’s president and CEO, Tengku Muhammad Taufik Tengku Aziz, said that Petronas’ year-end results would be the guide in setting expectations and that the group would have to deliberate on the board subject to the affordability of the company.
He also noted that there is no government pressure on this given the unprecedented challenges oil and gas companies face.
“This industry is volatile and, like other oil and gas companies, shareholders tend not to see as many returns.
“The government did not force us to pay a dividend until now … they are aware of our investment commitments (capital spending), investments and financial obligations,” he said.
He spoke to reporters after announcing the group’s financial performance during the first half of 2020 here today.
Tengku Muhammad Taufik said that despite a volatile market condition and smoother results during the period, Petronas still has a positive cash flow at RM26.3 billion.
He said the group is committed to taking all necessary steps on its path to recovery that will evolve by reshaping the portfolio mix, restructuring the human capital equation and emphasizing paced execution. – Bernama
