Date: 07 Mar 2000
Time: 07:46:44
Remote Name: 156.29.145.175
03/07/2000 Asia Pulse (c) Copyright 2000 Asia Pulse PTE Ltd.
KUALA LUMPUR, March 7 Asia Pulse - The Malaysian parliament was told today that national oil company Petronas will continue to invest in Iran and Sudan.
The United States' move to prohibit all foreign oil companies from investing in Iran and Sudan was a unilateral decision which did not have the blessing of the United Nations, the Dewan Rakyat was told today.
The minister in the Prime Minister's Department Bernard Dompok said the national oil company, Petronas, was just like oil companies from other countries which would continue to operate and seek business and investment opportunities in the two countries.
"So Petronas will not pay heed to the sanction imposed by the United States, because Petronas is a company which has been operating like other companies," he said in reply to a question on the effects of the American sanction on foreign companies operating in thee two countries.
Dompok said the United States' move to prohibit all foreign oil companies from investing in Iran and Sudan was a unilateral decision which did not have the blessing of the United Nations.
He also said Petronas had ventured overseas to diversify investments in line with its vision of becoming a multinational oil and gas corporation.
Dompok said Petronas had so far invested in South Africa, Argentina, Australia, Britain, China, the Philippines, India, Cambodia, Myanmar, Sudan, Thailand and Vietnam.
Its investments were in petroleum development and production activities, the transmission, marketing and distribution of gas, LPG and petroleum products.
Almost all investment activities were now in operation, he said.
Dompok said that for the financial year ended March 31, 1999, Petronas' international operations contributed RM14.3 billion or 33.7 percent to the group's revenue.
Dompok said he did not have details on losses suffered by Petronas in its investments following the depreciation of the ringgit.
However, he said the current price of oil was US$33 per barrel and when Petronas made the investments it was in the region of US$18 per barrel.
Therefore, any losses caused by the depreciation of the ringgit could be offset by the increase in oil price, he said.
On the interest shown by local entrepreneurs to become Petronas' business partners in its overseas investment activities, he said Petronas did not any objection.
(Bernama) e 07-03 1537