Lim Sian See
Petronas has just reported a 64% surge in after-tax profits for Q3 2017 to RM10bil from RM6.10bil last year. Overall, for the 9 months period, after-tax profits have more than doubled to RM27.3bil compared to RM12.5bil last year.
Significantly, Petronas also reported that it had cash of RM129.2 billion as at end Sept 2017 – higher than the RM121.5 billion last year and even higher than the RM113.6 billion as at Sept 2013 when oil price had not tumbled or the RM108.5 billion in 2012.
This shows that the government has not forced Petronas to give up all their cash as dividends – despite allegations by Pakatan that the government has “run out of money”.
Najib’s govt differs significantly from Mahathir’s govt, who had liked to raid Petronas for bail-outs (like his son’s company) or to do dodgy projects such as over-paying a private entity significantly for KLCC’s land or to fund other projects.
Najib prefers to let Petronas to grow its business and just take normal dividends from Petronas.
The question that people should ask Pakatan is this: With Petronas having RM129 billion in cash and RM600 billion in total assets, how exactly will 1MDB, which currently still have long-term debts of RM25 billion (but with significant assets higher than the debt) make Malaysia bankrupt or force the govt to collect GST to pay for its debt?
Significantly, Petronas current asset is RM600 billion, which is not far from our total govt debt. So how can our allegedly “Huge” govt debt make Malaysia bankrupt?
Countries such as Thailand or Singapore of Japan do not even have such a national oil company of such size.
If the govt is truly going bankrupt and so desperate for money , we could easily float the whole Petronas just like what the Saudis are doing with their national oil company Aramco.
If Najib was truly a dictator, he would do what Mahathir did and raid Petronas to pay 1MDB but he didn’t and preferred to allow 1MDB to solve its own problems.
Use logic, bro and do ask Mahathir and gang these questions.
Source: Lim Sian See
