Sidestepping poser on Ku Li offer, minister explains Petronas losses

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Minister in the Prime Minister’s Department for Economy Mustapa Mohamed has attributed Petronas’ second-quarter RM21.03 billion net loss to economic factors, not politics.Mustapa said this in a Dec 2 written parliamentary reply to Bagan MP Lim Guan Eng.Aside from asking for an explanation on the company’s latest performance, Lim had also sought confirmation on whether the Petronas chairperson role was offered to Gua Musang MP Tengku Razaleigh Hamzah.Lim, a former finance minister, further questioned if the “political transaction” had jeopardised market confidence in the oil and gas conglomerate, which has three subsidiaries on Bursa Malaysia.In his reply, Mustapha did not confirm or deny the offer but contended that market confidence was determined by other factors.“Offering positions to any individual will not affect market confidence in Petronas because Petronas is a well-ma…