Dear Big Brother, please stop squeezing PETRONAS until its last drop

Petronas looking at 30% dividend deal with government from 2013

KUALA LUMPUR: Petronas is looking at setting the amount of dividend to be paid to the government at 30% of the net profit from the 2013 financial year onwards.

"This will give some certainty and predictability," its executive vice-president of finance Datuk George Ratilal said here on Wednesday.

"Petronas has discussed this with the government and come to an understanding on the matter," he told reporters at the announcement of Petronas results for the financial year ended March 31, 2011.

The national oil firm declared RM30bil in dividend payment to the government for the year, which equals to 69% of the gross profit of RM97.8bil the national oil company registered for the financial year ended March 31, 2011.

Petronas also paid a similar dividend to the government for the financial year ended March 31, 2010, which was 63.6% of the gross profit of RM82.4bil.