Where did Wong Chen get his RM60bil figure from, Petronas CEO asks

 

Petronas CEO Tengku Taufik Aziz said the national oil and gas company was audited by the ‘big four’. (Bernama pic)

PETALING JAYA: Petronas CEO Tengku Taufik Aziz has asked how Subang MP Wong Chen arrived at his conclusion in claiming that listing the firm on Bursa Malaysia would earn it an additional RM60 billion in revenue every year.

Tengku Taufik was quoted by Bernama as saying: “I do not know how he concluded this or where the numbers are drawn from, but again, we have to remind parliamentarians, analysts, and commentators that this is a highly cyclical market.

“People have short memories,” Tengku Taufik, who is also Petronas president, added.

Pakatan Harapan’s Wong Chen had last week cited the figure when proposing that the government conduct a feasibility study for an initial public offering (IPO) for Petronas.

He said the listing of Petronas on Bursa would provide a massive cash injection and help pare down the national debt, ensure more financial transparency and better governance for the oil and gas company, as well as improve overall fiscal revenue for the government.

Tengku Taufik also commented on Wong Chen’s inference that Petronas “did not pursue best practices or does not follow international disclosures” when the latter touched on ensuring greater financial transparency.

Petronas, he said, was audited by the “big four”, referring to Deloitte, PwC, Ernst & Young (EY) and Klynveld Peat Marwick Goerdeler (KPMG).

“We report our results four times a year, and even those results are reviewed by the ‘big four’ firms. We answer to Parliament.

“We have responded to ministries openly and transparently every time a matter of national importance comes to our desk.”

Tengku Taufik added that Petronas was also scrutinised by local and international credit rating agencies and was notched against sovereign ratings. - FMT