Petronas Denies Involvement In Bailing Sapura Energy With Equity Stake

Petronas has denied news reports that it has been in talks with the government to take up a significant stake in the beleaguered Sapura Energy.

This comes on the back of a recent viral message where certain politicians have suggested for the government to bail out the oil and gas company from its dire financial situation. However, on the speculation that Petronas will be stepping in to take up a major stake, the national giant has vehemently denied these reports and speculations.

It even added that it will continue to be strictly guided by an established framework for any investment or divestment consideration and emphasises that it remains committed to working closely together with the OGSE players, leveraging on their expertise and capability as activities increase with the industry recovering from the impact of COVID-19.

Sapura Energy which is majority owned by PNB, achieved a pre-tax loss of RM6.6 billion on the back of a turnover of RM453.1 million for the fourth quarter ending January 31, 2022, from a pre-tax loss of RM180.276 million on the back of turnover RM1,443,544 million for the same period previously.

For the current year to date, it achieved a pre-tax loss of RM8,797,402 million on the back of a turnover of RM4,126,771 from a pre-tax loss of RM31.725 million on the back of a turnover of RM5,375, 822.

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