Petronas gets 10%-15%, not 95% in O&G revenues, says Rafizi
Petronas’s profit margins from oil and gas (O&G) projects are only around 10% to 15% after accounting for heavy development costs and dividend payouts, said former economy minister Rafizi Ramli.
Rafizi was responding in the latest episode of his Yang Berhenti Menteri podcast to Sarawak government legal adviser JC Fong, who reportedly said Petronas had taken 95% of the state’s O&G revenues for the past five decades.
The Pandan MP contended that the assertion was inaccurate and based on “half-baked figures”, ignoring the hundreds of billions that Petronas had invested to build the O&G sector in East Malaysia.
Under the production sharing contract (PSC) framework, he said, an explored block provides 5% royalty each to Sarawak and Putrajaya, with the balance covering costs and shared with partners.
“If you take…
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