It was reported that oil prices and larger volume of sales lifted Petroliam Nasional Bhd's (Petronas) full-year profit more than a third to RM63bil from RM45.5bil a year earlier. The national oil company said dividend payments to the Government would likely be 30% of the company's future net profit instead of a flat RM30bil annual payment.
Petronas will be increasing its capital expenditure and plans to invest RM300bil over the next five years in growing oil and gas production and reserves. Petronas' capital investments last year amounted to RM34.9bil.
Money spent to purchase oil and gas reserves internationally to improve the quality of such assets abroad will be in addition to its planned capex schedule.....
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