Beri Petronas ruang kewangan untuk kekal kukuh, kata penasihat DPMM

Petronas is not merely a conventional oil company, but a strategic asset of the Malaysian nation that has played a crucial role in the country's financial stability and economic development for many years. A businessman leader emphasized that the government and other stakeholders should not view Petronas as a source of additional funds to be tapped into whenever needed.

He stressed that Petronas must remain financially robust to continue investing and helping Malaysia face future crises. As the advisor to the president of the Malay Businessmen Council (DPMM), Abd Halim Husin explained that any demands on Petronas, whether from the federal government, states, or others, should be seen in the broader context of Malaysia's overall interests and long-term needs.

He reminded that Petronas' cash position and cash flow are just part of the nation's strategic strength and that the company must always be in a strong position. He referred to Petronas' financial decisions for the first half of the year, which recorded RM152.4 billion in revenue and RM27.2 billion after-tax profit. However, the operating cash flow of RM47.5 billion, and capital expenditure (capex) reaching RM41.4 billion, highlight that profit does not equal freely available cash.

He emphasized that Petronas still needs to finance exploration, new well and field development, LNG, asset management, national energy security, debt repayment, and future investments. Halim pointed out that while the government as a shareholder is entitled to a return from Petronas, the dividend base and any other payment commitments need to consider the company's true ability, capex requirements, and national energy security needs.

He warned that if Petronas' financial situation becomes strained, the impact could be significant, not just for the company itself. He stressed that it could have far-reaching consequences, affecting various sectors, including Malay and non-Malay contractors, PKS, engineers, skilled workers, logistics, manufacturing, and professional services.

However, he affirmed that Petronas holds a unique interest for the Malay and Bumiputera business community. The Malay Businessmen Development Program, initiated in 1993, was created to build strong and competitive Bumiputera companies. He noted that this has led to Bumiputera companies expanding to international markets in over 30 countries.

Despite this success, Halim cautioned that the Malay business community cannot always assume such opportunities will always be guaranteed. He noted that Petronas now uses a competitive bidding system, even in its development program for vendors, while Malaysia's commitment under the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) could bring some sectors closer to increased competition and open market access.

He stressed that maintaining Petronas' financial strength is also part of preserving the national industrial ecosystem and Bumiputera company development.