Malaysia’s OIL WEALTH must be controlled by Parliament – Nurul


Nah, use minyak as your personal piggy bank.

Dateline 2014-02-20, Malaysia Chronicle:

An opposition MP has proposed setting up a sovereign wealth fund to prevent the government in power from abusing Malaysia’s oil riches as a personal piggy bank.

Compared to oil-rich Norway which today has the richest sovereign wealth fund in the world at RM2.7 trillion, PKR MP Nurul Izzah Anwar lamented the fact that Malaysia’s equivalent oil fund, the Petronas-backed Kumpulan Wang Amanah Negara (Kwan), only has RM5.43 billion.

Nurul asked where did Malaysia’s oil wealth go, considering that Petronas had declared an accumulated profit of more than RM700 billion since its inception some 40 years back.

“Petronas cannot continue to serve as a private fund for the prime minister and the cabinet, with the use of nearly 40 percent of the revenue generated by the petroleum revenue in the government budget, compared with Norway which only allows four percent to be used.

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