September 6, 2020 2:12 PM
The loss announced by Petronas two days ago was due to the fall in oil prices in the second quarter but they had since risen, he noted. Tengku Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second quarter ended June 30, due to huge impairments on assets and weaker oil prices, against a profit of RM14.7 billion in the same quarter last year.
The minister said although Petronas did not make a profit, Terengganu will still be getting its share of oil royalties in September as decided by the government, but the amount still needs to be refined due to the current situation. He reminded that the government does not rely only on Petronas’ dividends as these account for less than 20% of revenue.