Tue, 18 Feb 2025
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How Petronas came about
Published on: Monday, July 15, 2024
Published on: Mon, Jul 15, 2024
By: Sherell Jeffrey, James Sarda
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How Petronas came about
Razaleigh said Razak shared Rahman’s threat to make a claim in the Supreme Court (now the Federal Court), thus testing the Federal Government’s constitutional rights regarding oil sharing in Sarawak waters.
Kota Kinabalu: Former Finance Minister Tengku Razaleigh Hamzah said he was entrusted with two major tasks by then Prime Minister Tun abdul Razak in 1972 – reclaiming oil rights from foreign companies and the takeover of the New Straits Times from foreign ownership.

Around that time, world oil prices soared (because of the Arab oil embargo) but Malaysia could not enjoy the benefits as its oil rights were owned by foreign parties.

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To expedite negotiations to return these rights, the Petroleum Development Act (PDA) needed to be urgently enacted.

It was drafted and written by Razaleigh, himself.
Keywords:
PETRONAS
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