Malaysia PM says no plans to float Petronas

Tue Nov 11, 2008 5:54am ES

KUALA LUMPUR, Nov 11 (Reuters) - The Malaysian government has no plans to float state-owned oil company Petronas [PETR.UL], given its massive contributions to the national exchequer, Prime Minister Abdullah Ahmad Badawi said on Tuesday.

"The government will ensure Petronas continues to remain as a state-owned corporation," Abdullah said in a written response to a query by an opposition MP, state news agency Bernama said.

The MP had sought the government's response following a call by the Malaysian Investors' Association to float part of Petronas' shares on the local bourse for public ownership.

Petronas is the biggest contributor to the government's coffers, adding about 62.8 billion ringgit ($17.54 billion), or 44 percent of the government's total revenue, in 2008, Abdullah said.

Four of Petronas subsidiaries -- Petronas Dagangan Bhd (PETR.KL: Quote, Profile, Research, Stock Buzz), Petronas Gas Bhd (PGAS.KL: Quote, Profile, Research, Stock Buzz), MISC (MISC.KL: Quote, Profile, Research, Stock Buzz) Bhd and KLCC Property Holdings Bhd (KCCP.KL: Quote, Profile, Research, Stock Buzz) -- are already listed on Bursa Malaysia, he said. (Reporting by Faisal Aziz; editing by Simon Jessop)

source: Malaysia PM says no plans to float Petronas
Reuters

And please read earlier news on petronas

1. Shahrir: We can look at other alternatives if Petronas can’t deliver

Malaysia Star, Malaysia - 9 Nov 2008

By NELSON BENJAMIN JOHOR BARU: The Government may end Petronas’ monopoly of Avgas distribution at all airports if the company is unable to deal with supply ...

BERITADARIGUNUNG:

We really have to understand things in its critical timeline. A single snap of event is nothing, whats most important is to go through its totality. This particular announcement is by no means COMPLETE and FINAL. There will be more to come because we are just in mid-game (chess) or at par 3 hole 8. Score is counted till the white ball is in, no GIVEN is allowed. Of course, Mac 2009 is a long way to go........

Earlier chedet in his blog, cautioned on intention by certain quarters to chop PETRONAS into bit and pieces and drown or float it in the big pool of BURSA SAHAM for crazy rich guys to grab. As some kopitiam friends say, patriotism is just another commodity, can be bought and sold.