We’ll ensure Petronas returns to profitability, says finance minister

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Finance Minister Tengku Zafrul Tengku Abdul Aziz says the government does not rely only on Petronas’ dividends as these account for less than 20% of its revenue.KUALA TERENGGANU: The government is committed to ensuring that Petronas returns to profitability but global oil prices will be key, Finance Minister Tengku Zafrul Tengku Abdul Aziz said today. The loss announced by Petronas two days ago was due to the fall in oil prices in the second quarter but they had since risen, he noted. “If I am not mistaken, in March and April (Brent crude) oil price fell to US$20 per barrel. At least now there is an increase (in oil prices) in the global economy. “The projected oil price this year is about US$40 per barrel, so the projection is still within our range,” he told reporters here today. Tengku Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second…