Buying even a tiny percentage of a stake in Petronas would bankrupt the two Borneo states. FMTNews SabahSarawak
Anger is building up again in the East Malaysian states with Dr Mahathir Mohamad’s statement this week on the oil royalties.
The Borneo states claim territorial rights to its oil and gas resources within the state boundary under the Malaysia Agreement 1963, and is unlikely to compromise on anything less than 20% oil royalty. Mahathir has now come clean and confessed that the government cannot meet the demand by the states to quadruple the royalties.
If Petronas still claims sole oil rights to oil and gas resources in Malaysia under the Petroleum Development Act 1974, the full argument has still yet to be tested in court and will be subject to legal challenge. Sabah seems always to be on the receiving end of Putrajaya’s failures. Under Najib Razak, we had the Trans Sabah Gas pipeline project costing billions, paid on timeline basis but without work done. The whole project was a sham.
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