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Sarawak pitches new formula on 'revenue sharing' with Petronas - Abang Johari

Datuk Patinggi Abang Johari Tun Openg (two, right)

KUCHING, Sept 28 -- The Sarawak government has pitched a new formula to Putrajaya on ‘revenue sharing’ with Petronas in a bid to recover its revenue losses from oil royalty, said Chief Minister Datuk Patinggi Abang Johari Tun Openg.

Without specifying the date, he said the new formula had been submitted to the federal government.

He said he is aware that the government-linked entity is an international company but it did not mean that it can deprive the state of its revenue.

“While maintaining Petronas as an international company, there is a formula where Sarawak can take part too. I have submitted our own own formula; it is an entirely new module which I believe would not jeopardise Petronas as an international company.

“We are the one producing the raw material for Petronas in terms of gas as well as crude oil, particularly gas; so I have my formula which is commercial in nature,” he told reporters after delivering his speech at the Sarawak Women’s Day 2019 here today.

Prime Minister Tun Dr Mahathir Mohamad was reported as saying in New York yesterday that giving 20 per cent oil royalty to Sarawak and Sabah would mean that Petronas would no longer become the international oil company that it was.

Dr Mahathir was also quoted as saying that the government was trying to work out how it could give both states more money without undermining Petronas’ own strength.

Abang Johari said he could not disclose the details of the formula as it was still under negotiation with the federal government.

“But I am firm on the formula because it would not jeopardise Petronas…perhaps the federal government may lose some revenue but of course Sarawak also wants to earn revenue. It must be a fair formula,” he said.

-- BERNAMA

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