Uncertain days for Malaysia's oil industry
The surprise victory of the opposition alliance in Malaysia could lead to a new relationship between the government and Petronas
Malaysia's new prime minister, Mahathir Mohamad, has moved quickly to make good on an election campaign pledge to scrap a goods-and-services tax (GST) blamed for rising living costs. Speculation is now mounting over whether state-controlled oil and gas giant Petronas could be tapped to fill any resulting hole in the country's finances. The 6% tax, which is to be abolished on June 1, was introduced by the coalition government led by Mahathir's predecessor Najib Razak in 2015 in an effort to counter falling government income from Petronas, at a time when the firm's revenues were hit by the oil price collapse. However, GST ramped up costs right along the supply chain from manufacturers to consu
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