5% oil royalty is the agreement, not ‘wang ehsan’, says Ku Li

January 6, 2022

And history repeats itself, I think it was the exact same quote back then.

Dateline 2021-11-29, FMT:

There is no such thing as the payment of “wang ehsan” (compassionate money) to states under the Petroleum Development Act, says Tengku Razaleigh Hamzah, founding chairman of Petronas.

The veteran politician said the agreement between Petronas and the respective state governments was for the oil company to pay the states 5% in cash payments in exchange for them vesting their hydrocarbon or oil and gas rights in Petronas.

There was no mention of any wang ehsan in the Act’s vesting deed, he maintained, while the 5% figure came out of calculations performed by former Sarawak chief minister Abdul Rahman Ya’kub, which was jointly agreed upon by the states and Petronas.

Petronas denies oil field find

March 28, 2010

My take: PETRONAS might be coy with this information until the current royalty issues are sorted out. Or maybe they don’t want to be seen as bailing out the nation in the near future. Or maybe Kuli was just plain wrong.

Can anyone donate a copy of ‘The Young Turks of PETRONAS‘? I’ve been meaning to read it, but haven’t been able to get my hands on it yet. Maybe if it gets translated to the Kindle
, and maybe when the Kindle finally gets to our shores…

Taken from The Star, deadline 2010-03-25:

KUALA LUMPUR: Petronas has strongly denied reports that it has made a big discovery of an oil field which is said to be one of the biggest in the world.

“We adopt a well-established reporting process whereby we make progress report to the board and stake holders as well as to the Government.

“There is no way we are hiding any information with regards to the discovery as we have no intention to hide any news,” exploration and production business vice-president Ramlan A Malek told a media briefing yesterday.

He added that an announcement would have already been made if the company had found a big oil field.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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.