Yesterday, Petronas reported a record annual profit, with revenue rose 10 percent to RM184.1 billion (US$52.6 billion) and its net profit rose 7.7 percent to RM46.4 billion (US$13.3 billion) in the financial year ended March 31.
Petronas earnings help boost government coffers, with 48.3 billion ringgit (US$13.8 billion) in taxes, royalties, dividends and export duty.
Meanwhile, Petronas president Hassan Marican warned that if demand in Malaysia continues to grow 4 percent annually, the country will be a net importer of crude oil by 2010.
Currently, with Petronas as the landing cushion, this country still can afford to talk c**k like sing songs. A few more years down the road, when the Government coffers is out of supply, that’s when the real impact kicks in.
Merely by thinking about it, frankly speaking, I’m quite afraid that one day, the dagger will land on me.
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Petronas is a very opaque company. Nobody knows what they do with their stash of cash. :(