MOSCOW (MRC) -- Tan Sri Wan Zulkiflee Wan Ariffin has pointed on that the higher dividend payment was on the back of an increase in profits and higher global crude oil prices, as per The Star.
Tan Sri Wan Zulkiflee Wan Ariffin pointed on that the higher dividend payment was on the back of an increase in profits and higher global crude oil prices.
Its group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin pointed on that the higher dividend payment was on the back of an increase in profits and higher global crude oil prices.
"We raised our dividend payment to the government to RM24bil, which is 50% higher than the RM16bil we paid last year," he told reporters after Petronas’ mid-year 2018 review.
For the second quarter ended June 30, Petronas saw its profit after tax almost double to RM13.63bil from RM7.06bil last year, driven by its cost-cutting measure and higher oil prices.
Its revenue for the quarter increased by 14.7% to RM59.3bil from RM51.6bil previously.
Cumulatively, for the first half of 2018, Petronas posted a 54% surge in profit after tax to RM.26.65bil from RM17.35bil a year ago.
Petronas executive vice-president Datuk Manharlal Ratilal said during the first half, the average crude oil price was at USD70.56 per barrel, compared to USD51.8 per barrel a year earlier.
Petronas saw its revenue in the first half rise by 8% to RM117.16bil from RM108.15bil.
Wan Zulkiflee said that the capital investment for the first half was RM19.8bil, which was mainly for its investment in the downstream at the Pengerang Integrated Complex (PIC) in Johor.
He said that the PIC project was progressing as plan, which was about 93% completed.
He said Petronas planned its capital expenditure based on the average oil price of "slightly below" USD73 per barrel for this year and US$66 per barrel in 2019.
"We like to remain conservative," Wan Zulkiflee said.
He also said that Petronas was targeting to finalise its final investment decision for its LNG asset in Canada in the next few months.
As MRC reported earlier, in January 2019, Malaysia's state oil firm Petroliam Nasional Berhad said its new USD27 billion refining and petrochemical complex project in the southeast Asian country is on track for start-up in 2019.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
MOSCOW (MRC) -- Punitive measures imposed on China as a result of the U.S. Section 301 investigation have incited retaliatory tariffs on USD11 billion in U.S. chemicals and plastics exports and put nearly 55,000 American jobs and USD18 billion in domestic activity at risk as a result of reduced demand for those products, said Hydrocarbonprocessing.
The release of the new data coincides with ACC’s filing of public comments on U.S. ‘List 3’ and follows on the heels of testimony given in August by ACC Director of International Trade, Ed Brzytwa, in which ACC called on policymakers to remove all 1,505 chemicals and plastics products, valued at USD16.4 billion, from List 3.
"It’s unavoidable that China’s tariffs on U.S. chemicals and plastics exports will result in reduced demand for those exports," said Emily Sanchez, ACC director of economics and data analytics and chief author of the new report. “Depending on the elasticity of demand for U.S. products in China, the retaliatory tariffs could result in substantial losses for American producers, their employees, and for the communities that depend on the economic activity that workers in the chemicals and plastics industry generate."
ACC’s analysis presents two potential scenarios: a "baseline case," in which Chinese importers are more challenged to find alternative sources to U.S. products; and a “worst case,” where Chinese customers can more readily adjust their supply chains to substitute for U.S.-sourced goods. In the baseline case, ACC estimates that the loss in U.S. chemicals and plastics exports to China would be equivalent to USD1.6 billion annually. Losses to U.S. chemical and plastics exports could reach as high as USD6.1 billion annually under a worst-case scenario, according to ACC.