Page 7 - AsianOil Week 36
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AsianOil SOUTHEAST ASIA AsianOil
market, propelling us to become one of the Malaysia, following the start of production from
most significant gas producers in the coun- the SK310’s B15 gas field.
try and in the region, which would further Besides upstream assets in Malaysia, Sapu-
cement our position as a trusted and reliable raOMV also owns exploration interests in Mex-
oil and gas company.” ico, Australia and New Zealand. The company
The SK408 gas fields are SapuraOMV’s has said it wants to expand into Asia-Pacific and
second major gas development in East become a leading independent developer.
Petronas may shelve dividend
FINANCE & MALAYSIA’S state-owned Petronas has warned MYR121.1bn ($29.13bn) a year earlier, as a result
INVESTMENT the government that it could struggle to pay this of the collapse of oil and gas prices and sales vol-
year’s annual dividend after the company posted umes in the second quarter. Petronas posted a
a first-half net loss of MYR16.5bn ($3.97bn). MYR21bn ($5.05bn) net loss in April-June,
Petronas will review the “affordability” of after recording a MYR14.7bn ($3.54bn) net
such a payment following the release of its profit in the same period of 2019. Second-quar-
fourth-quarter results, company president and ter revenue, meanwhile, tumbled 42% year on
CEO Tengku Muhammad Taufik Tengku Aziz year to MYR34bn ($8.18bn) from MYR59.1bn
said on September 4. ($14.22bn).
“Our dividend payout is governed by our Taufik said that while the pandemic had
affordability and will need to take into account put additional financial pressure on the gov-
our business-as-usual capex and immediate finan- ernment, the board had to review Petronas’
cial obligations,” Taufik said at Petronas’ first-half finances before committing to any payment.
results briefing. “Our year-end results would be the He then noted that the board was contem-
guidance to set the expectation. That dialogue will plating a company-wide salary cut in order to
continue as this industry is volatile and, like other avoid redundancies.
oil and gas companies, shareholders will tend to not “We have explored possible [cost-cutting]
see so much returns.” options. We also want to be a responsible man-
Petronas’ dividend was MYR24bn ($5.77bn) agement,” the executive said. He added: “As such,
in 2019, but 2020 is proving to be a much more we would not take this decision lightly and we
challenging year, owing to the coronavirus will deliberate on all possible options. With
(COVID-19) pandemic. regard to the current position, I do not want to
The state major’s first-half revenue shrank pursue the path of retrenchment or layoffs. We
by 23% to MYR93.6bn ($22.52bn), down from have to share the pain.”
Week 36 10•September•2020 www. NEWSBASE .com P7
