Sarawak to ease demands on oil royalty in light of price slump, says Chief Minister

Dateline 2016-01-11, Malay Mail:

Sarawak Chief Minister Tan Sri Adenan Satem said he will delay pushing Putrajaya to increase oil royalty payments to his state, after the falling price of the commodity forced the federal government to revise its Budget for the year.

“The present oil price is now under US$35 per barrel against US$115 per barrel over a year ago, so we have to go slow in our demand until the price has gone up to a certain level,” he said at the signing of a contract agreement between Talisman Malaysia Limited and OceanMight Sdn Bhd.

The contract is for the engineering procurement construction of a wellhead platform for the Kinabalu redevelopment project here.

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