Petronas’ royalties increased 60 folds – CM

Dateline 2016-04-22, Borneo Post:

ROYALTIES paid by Petronas to Sabah has increased by 60 folds over the last four decades.

Chief Minister Datuk Seri Musa Aman in his Ministry of Finance’s winding up speech yesterday said although the rate of the royalty given to Sabah had not been revised, the revenue given back to the State had continued to increase year by year.

“The royalty received by Sabah for the oil extracted from its waters was only RM15 million in 1976 and has increased to about RM900 million in the recent years,” he told the State Assembly sitting yesterday.

However, he said the state government wanted the benefits Sabah could derive from the oil and gas industry developed on its soil to not be limited to only royalties.

He stressed that projects such the Sabah Oil and Gas Terminal (SOGT) and the Sipitang Oil and Gas Industrial Park (SOGIP) are capable of providing various employment opportunities and spillover effects that will serve as a catalyst for Sabah economic development.

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