Thursday, December 04, 2008

Petronas’ cash tops RM120bil

It is enough to pay off more than half the country’s debt

THE cash coffers of national oil corporation Petroliam Nasional Bhd (Petronas) has topped RM120bil, enough to pay off more than half the national debt of about RM220bil that comprises all government and private sector debts.

Cash, including fund investments and other investments, formed about a third of Petronas’ total assets of RM394bil, the group showed in its highly liquid balance sheet as at Sept 30 that was published on its website recently.

Petronas thus holds a huge amount of not only the nation’s oil and gas reserves but also its cash reserves. In line with its objectives, the cash is held for further investments in the oil and gas industry, after taxes have been paid to the government.

Petronas’ cash tops RM120bil
Malaysia Star, Malaysia