Saving oil wealth for future generations

Dateline 2015-11-21, TMI:

The Edge weekly in its latest edition raised the question whether enough has been done to ensure Malaysia’s oil wealth lasts after the wells run dry, and if establishing a special oil fund is the answer to the conundrum.

In its cover story, the Edge’s Cindy Yeap wrote that Malaysia is blessed with rich biodiversity and natural resources — from minerals such as tin to crude oil and liquefied natural gas (LNG) reserves.

The magazine said the country’s oil and gas riches have fuelled the growth of national oil corporation Petroliam Nasional Bhd (Petronas), which last year was ranked 68th on the Fortune 500 list of the world’s largest companies.

It said that from its inception in 1974 to end-2014, Petronas had contributed RM881.3 billion in dividends, taxes, royalties and duties to federal and state coffers, according to company data.

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