Blessed with sweet crude, but cursed with bitter debts

S Ramakrishnan

Modified 15 Jan 2016, 6:39 am

COMMENT Petronas has contributed about RM800 billion to the government since its inception in 1974.

In 2008 alone Petronas contributed about 44 percent of the federal government revenue, but this has dropped to 31 percent in 2014 and it expected to drop further to 22 percent in 2016.

Fossil oil, called black gold, was once priced at US$110 (RM482) a barrel is now hovering around US$30 (RM131.43) a barrel.

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