Pakatan Harapan had promised to increase oil royalties to Sabah and Sarawak, which hold more than 60% of Malaysia’s oil reserves.
Speaking to Reuters, the prime minister said Putrajaya could not meet the states’ demand to increase the royalties paid by Petronas to 20%.Sabah and Sarawak hold more than 60% of Malaysia’s oil reserves.“What we need is to reduce our involvement, the number of shares that we hold, in order to raise some funds for ourselves.” he said.
He said Petronas – Putrajaya’s biggest source of income – makes only 3.7% profit from local oil production, with 70% of oil revenue going towards production costs, which are higher when ultra-deep-water production is involved.
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