Petronas didn't hide financial performance, says Mustapa

Petronas did not hide its financial performance and achievements as alleged by some quarters, Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed said.

He said Petronas had cultivated accountability as a company practice with regular reporting on its progress and achievements, especially quarterly and annual financial performance, on a website that is accessible to the public even though Petronas is not listed on the stock exchange.

“Besides that, Petronas announces its financial performance through media statements on a quarterly basis and also briefings to the media on a semi-annual basis,” he said during a question-and-answer session in Parliament today.

Mustapa was replying to a question from Madius Tangau (Harapan-Tuaran) who questioned why Petronas’ financial performance via the annual report was concealed.

“Petronas’ effectiveness and capability in developing the oil and gas sector over the years have contributed a lot to the development of the country,” he said.

Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed

He said Petronas has upstream operations in more than 20 countries and downstream operations in more than 90 countries.

“As of 2020, a total of RM1.2 trillion has been contributed to the federal and state governments in the form of dividends, cash payments and taxes,” he said.

He said Petronas is committed to maintaining a stable business and investment ecosystem that is conducive to the growth and sustainability of the country’s oil and gas industry.

“This, in turn, enables the active involvement of state governments in investment opportunities in the oil and gas industry based on commercial terms and technical feasibility,” he added.

- Bernama