Malaysia's Petronas reports profit jump., doubles dividend to government

KUALA LUMPUR :Malaysian state energy company Petronas on Tuesday reported a jump in second-quarter profit on higher oil and gas prices and said it would double its dividend to the government this year.

Petronas will pay the government, its sole shareholder, a total of 50 billion ringgit in dividends this year, CEO Tengku Muhammad Taufik told a media briefing. Petronas is a key source of revenue for the Malaysian government, which is scrambling to fund a record US$18 billion in subsidies and cash aid to offset inflation.He also said Petronas was on guard against any attempt to seize its foreign assets by a former sultan's heirs, who this year won a US$14.9 billion arbitration award against the Malaysian government for reneging on a colonial-era deal.

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Malaysia's Petronas reports higher profit; doubles payout to governmentKUALA LUMPUR: Malaysia's state energy company Petronas on Tuesday (Aug 30) reported a surge in second-quarter profit, boosted by higher oil and gas prices and said that it would double its dividend to the government this year. The world's fourth-biggest LNG exporter said profit for the April-June period to
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