Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 30): Petronas has not received any proposal by the government to reduce its stake in the national oil company, said group president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin.  

“No, there is nothing on the table. We are not in discussion with the shareholders on the matter,” said Wan Zulkiflee at Petronas’ financial result briefing today. 

He was responding to suggestions in the media for the federal government — the sole shareholder in Petronas — to divest a portion in the company to state governments to address the issue of oil royalty and concurrently help contribute to Putrajaya’s coffers.  

The media reports, quoting investment bankers, speculated a disposal of a 25% stake in the national oil firm could raise between RM150 billion and RM200 billion. This would give the company a market value of RM600 billion to RM800 billion. 

On a separate matter, Wan Zulkiflee confirmed the tenure of Petronas’ advisor Tun Abdullah Ahmad Badawi will end this month.  

“We have been informed that the government has decided the current advisor will cease his duties by end of this month,” he said. 

“I would also like to take this opportunity to thank Tun Abdullah for his services [with Petronas] over the years,” he added, without mentioning Abdullah’s successor.  

Abdullah was appointed as Petronas' group advisor on April 1, 2016, a month after the Cabinet decided to terminate the services of then-advisor and current prime minister Tun Dr Mahathir Mohamad.  

Abdullah had served as Malaysia’s fifth prime minister from 2003 to 2009. 

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