Thursday, 25 October 2012

Raise Sabah’s oil royalty, urges assemblyman

Datuk Syed Abas Syed Ali has called for a doubling of Sabah’s oil royalty payments by Petroliam Nasional Bhd (Petronas) from the present five per cent, saying it would enable more effective implementation of the state’s development agenda.

“Failing that, a 50 per cent increase to 7.5 per cent would also be good. I am confident this matter can be negotiated, and the increase need not be implemented immediately,” he said when debating the Sabah State Budget 2013 at the State Legislative Assembly here today.

Syed Abas also expressed gratitude to the corporate sector for investing in the state, citing Petronas which he said has helped the state government’s efforts to develop the state’s economy and enhance the people’s well-being.

 – Bernama