Malaysia to cut reliance on petroleum revenues

Hahahahaha, ha (snort).

Dateline 2020-11-11, Argus Media:

Malaysia is seeking to reduce its reliance on oil and gas revenues, forecasting a near 25pc fall in total petroleum revenues to 37.8bn ringgit ($9.2bn) next year as the Covid-19 pandemic continues to batter global crude prices.

The drop, from petroleum revenues of 50bn ringgit this year, is largely driven by an estimated fall in dividends from state-owned oil firm Petronas to 18bn ringgit next year, down by almost 50pc from 34bn ringgit in 2020 and just a third of the 54bn ringgit paid in 2019, according to a fiscal outlook report that accompanied the government’s 2021 budget announcement on 6 November.

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