Higher royalty won't affect Petronas: DAP
Published on: Wednesday, October 17, 2012
Kota Kinabalu: Increasing the oil royalty from five to 20 per cent for all oil producing states in Malaysia is a piece of cake for such a big and profitable company like Petronas.DAP Sabah Publicity Secretary, Chan Foong Hin, said there is no such thing that the increase in oil royalty would harm or affect the profit earnings of Petronas. "In fact, instead of investing on those big projects like F1 Circuit or on the RM60 billion Pengerang refinery project which had been protested against by local people, Petronas should return the revenue from such huge investments to the oil producing states.
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"Without us (the oil producing states), Petronas would not exist," he said. "The oil and gas should belong to the oil producing states, but unfortunately the uneven wealth distribution had caused its own rakyat to survives below the poverty line," he said.Meanwhile, Pakatan Rakyat Sabah will be unveiling the State Alternative 2012 Budget today (Tuesday) with one of the highlights in the budget being the utilisation of the extra oil money following an oil royalty increment. Stay up-to-date by following Daily Express’s Telegram channel.
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And we are confident that we can do better than BN," he said.
