There was a time when East Malaysians believed the promise of a 20% oil royalty by the Pakatan Harapan government would become a reality. But this hope is now a pipe dream. It is like a mirage disappearing in a desert storm, an optical illusion.In his Malaysia Day speech, Prime Minister Dr Mahathir Mohamad reiterated that Sabah and Sarawak are equal partners with the peninsula.
There is no point talking about the waning euphoria post-GE14. After an extended honeymoon, it has been a downhill trip all the way and some Sarawakians are boldly calling for a divorce. He also said the proposal could not be immediately implemented as it contradicts the Petroleum Development Act 1974. If Petronas were to increase this royalty to the state governments based on gross profit, it would have grave implications on the company as well as the finances of the federal government.
In March this year, Azmin told the Dewan Rakyat that Malaysia’s oil and gas reserves are expected to last 10 years based on the average annual production rate. By the time GE15 comes around, our reserves will last another five years, and Sabah and Sarawak will still be biting their fingers, waiting for the elusive increase in oil royalty.
After the Lim “mou chen” letdown, Mahathir announced the Shared Prosperity Vision in an effort to close the gap between the rich and the poor, and the urban and the rural. He said some states are very wealthy while some are poor. We have to reduce the gap between the rich and poor states. This means that focus will be given to poor states.
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