Petronas special dividend to help ease people’s burden

The Malaysian government will use the six billion ringgit (US$1.79 billion) in special dividend paid by Petronas to ease the people’s burden in the wake of the recent fuel price hikes, Deputy Prime Minister Seri Najib Tun Razak said in mid-July. Petronas announced a total of 62.8 billion ringgit (US$18.7 billion) payment to the federal government, comprising among others 30 billion ringgit (US$8.9 billion) in dividend, including the six billion ringgit (US$1.79 billion) special dividend. Parti Keadilan Rakyat advisor Datuk Seri Anwar Ibrahim suggested that all Petronas profits be utilized to reduce fuel prices. However, Najib said the Barisan Nasional, as a responsible government, would not be doing so for the benefit of the future generation and not just focusing on the present situation. He said if all Petronas profits were used for the purpose, the company would not be able to invest in the future. (July 17, 2008)</P>