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KUALA LUMPUR, MALAYSIA - MALAYSIA'S state energy firm Petronas has fought back against allegations of mismanagement and secrecy, saying some of its profits have been used for investment and exploration.
Petronas has faced public wrath since a recent 41 per cent petrol price hike, with the opposition demanding it open its accounts and explain how vast revenues from the nation's oil exports have been spent.
The chief minister of Penang state, Mr Lim Guan Eng, this week accused Petronas bosses of 'living like kings' and wasting money on sponsorship deals, private jets and luxury cars.
Petronas president Hassan Marican said in a television interview late on Tuesday that 'the high petrol price is a global problem' and not the fault of the energy giant.
He said Petronas used part of its profits for investment and to develop and explore new oil fields.
'If that is not done, we will not get the revenue in future, and we also have to remember that Petronas has been entrusted by the government and we have to think of the coming generation,' he said.
Since its creation in 1974, Petronas has recorded a profit of RM570 billion (S$240 billion) of which 336 billion has been paid to the government, he said.
It used the remaining income to invest locally, including laying gas pipelines and building processing and petrochemical plants.
Mr Hassan also defended the company's sponsorship of Malaysia's annual Formula One race since 1995, saying it had helped to create an international profile.
Malaysia is a net oil exporter and produces 700,000 barrels a day. The government has said it will become a net energy importer of oil and gas by 2014 as its reserves dry up.
The fuel price hike has triggered a string of public protests, and heaped pressure on Prime Minister Abdullah Ahmad Badawi, who has been facing calls to quit since the ruling coalition received a drubbing in March general elections. -- AFP
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