Petronas has been bailing out Putrajaya financially since 1985, says Ku Li

May 17, 2014

Dateline 2014-04-04, The Malaysian Insider:

The founding chairman and chief executive of Petronas yesterday lamented that Putrajaya has been treating the leading oil and gas company as a cash cow, especially in bailing out government-linked outfits of financial trouble.

Tengku Razaleigh Hamzah, or Ku Li, said since its inception in 1974 and until 2011, Petronas paid the government RM529 billion in dividends, taxes, petroleum proceeds and export duties.

He said the reliance of Petronas to help government-linked outfits out of financial trouble had been going on since 1985.

…

 

Leave a Comment » | Malaysia, Malaysian election | Tagged: , | Permalink
Posted by Wata

From Upstreamonline.com: PETRONAS founder heads royalty probe

November 27, 2009

Taken from upstreamonline.com, deadline Wed 25th Nov (original article source here):

The founding chairman of PETRONAS, Tengku Razaleigh Hamzah has agreed to head a Parliamentary Caucus mooted by Malaysian opposition coalition Pakatan Rakyat (PR) to redistribute oil royalties from the federal government to the state authorities.

PR leader Anwar Ibrahim said Razaleigh had accepted the invitation in the Parliament this morning.

The Caucus aims to draft amendments to the Petroleum Development Act to ensure that oil-producing states — including opposition-controlled Kelantan — receive royalties in line with the philosophy that constituted the Act in 1974, the Malaysian Insider reported.

And if you want Ku Li’s views, here’s a sample taken from his blog.

Me? I’ll enter politics when corruption makes it worth my while.

Leave a Comment » | Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata