KUALA LUMPUR - Malaysian state energy firm Petronas will pay the government a dividend of RM34 billion (S$11.1 billion) in 2020, despite posting losses in the second quarter, the country's economic minister said on Monday (Nov 2).
The company, which paid RM54 billion in dividends in 2019, originally committed to pay RM24 billion this year, and said that any additional funding would depend on its affordability.
The state-owned firm posted a loss of RM21 billion in the April-June period, its first quarterly loss in nearly five years, amid weak demand and lower oil prices due to the coronavirus pandemic.
Mustapa's comments were contained in a written parliamentary reply, as the government prepares to announce its budget for 2021 on Friday.
The government is expected to see a reduction of RM6 billion in revenue this year due to lower oil prices, he added.
Petronas did not immediately respond to a request for comment.