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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This entry was posted on Saturday, February 27th, 2016 at 6:44 am and is filed under Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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