Petronas on an upward trajectory

The company is balancing its upstream ambitions with government debt obligations, while finalising a key domestic downstream project

The Malaysian government is once again turning to state-owned energy company Petronas to help fill its coffers, almost a year since the Perakan Herapan coalition returned veteran Mahathir Mohamad to the prime minister's office. This year the government is targeting a special dividend of MYR30bn ($7.5bn) to help settle excess tax refunds inherited from the previous administration, as well as a regular MYR24bn dividend. In total, proceeds from oil and gas activities are expected to comprise 30.9pc of government revenue in 2019, and 17.1pc of gross domestic product. The prospect of increasing its royalty payments to Sarawak and Sabah, the country's eastern states, also hangs over Petronas. Duri