Petronas’ stellar 2021 yet to lift local contractors

Why would PETRONAS care about the welfare of local contractors? They’ve gone beyond their responsibilities in the Petroleum Act to squeeze renewable energy entrepreneurs.

Dateline 2022-03-14, The Edge:

LIKE other oil majors, Petroliam Nasional Bhd (Petronas) achieved an annual performance that exceeded pre-pandemic levels, with soaring oil and gas prices in 2021 the main fuel for earnings growth.

In the financial year ended Dec 31, 2021 (FY2021), Petronas’ profit after tax (PAT) came in at RM48.6 billion on revenue of RM247.96 billion, as the Brent crude oil price averaged US$70.91 per barrel and even exceeded US$86/bbl in the fourth quarter.

It was Petronas’ best performance since FY2018, when it booked RM55.31 billion PAT on RM250.98 billion in revenue, when Brent was averaging US$71.04/bbl.

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