UPDATE 2-Malaysian govt may seek more revenue from Petronas as profit jumps


Dateline 2018-05-30, Reuters:

Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.

The new administration led by Mahathir Mohamad is relying more on Petronas – a significant contributor to government revenue and the country’s largest employer – to offset a revenue shortfall from the government’s plan to scrap a consumption tax.

Oil prices were trading close to 3-1/2-year highs on Wednesday as Petronas reported a 26-percent surge in first quarter profit.

With oil prices improving, Malaysia may collect 8-9 billion ringgit ($2-$2.26 billion) more in revenue from Petronas this year, Ong Kian Ming, a special officer to the finance minister, told Reuters.

 

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