Malaysian state open to buying Petronas stake after Mahathir comment

February 6, 2020

Didn’t 1MDB start out in Terengganu? Just saying.

Dateline 2019-12-11, Reuters:

Malaysia’s Terengganu state said on Wednesday it was open to buying a stake in national energy giant Petronas, after Prime Minister Mahathir Mohamad said he was considering such a sale to raise funds for his heavily-indebted federal government.

Petronas, the world’s third-largest exporter of liquefied natural gas, is one of the biggest sources of revenue for the federal government that has a debt pile of more than 1 trillion ringgit ($239 billion).


Terengganu received RM1b in oil royalty last year, says MB

May 17, 2019

Dateline 2019-04-03, Malay Mail:

Terengganu received RM1.053 billion in oil royalty payment from the federal government last year, Mentri Besar Dr Ahmad Samsuri Mokhtar told the State assembly today.

He said the payment was made in stages, with RM603 million made before the 14th general election, RM100 million on Aug 21, RM200 million on Oct 8 and RM150 million on Dec 12.

He was responding to an oral question from Bazlan Abdul Rahman (BN-Batu Rakit) on the petroleum and gas royalty given to Terengganu last year.

..


Syed Azman: T’ganu should emulate S’wak

November 17, 2016

Must be time to prep for the General Election.

Dateline 2016-09-29, FMT:

A Terengganu lawmaker, inspired by Sarawak’s push for a larger share of oil and gas royalties, is embarking on a signature drive to get his state a better deal for its resources.

Speaking to FMT, Batu Burok Assemblyman Syed Azman Ahmad said Terengganu needed to emulate Sarawak and beckon the Federal Government and Petronas to the discussion table.

Sarawak’s push for greater state rights, especially those pertaining to oil and gas, has been a cornerstone of Adenan Satem’s tenure as Chief Minister of the state.

Syed Azman said Terengganu had been shortchanged since 2000, when the five per cent oil royalty it used to get was withdrawn and replaced with the so-called “wang ehsan” provided by Putrajaya.

 


1MDB predecessor tried to use T’ganu’s oil and gas

June 13, 2015

Really? I did not know that TIA morphed to 1MDB.

Dateline 2015-05-12, Malaysiakini:

Terengganu Investment Authority (TIA) – the predecessor of 1Malaysia Development Bhd (1MDB) – tried to use Terengganu’s oil and gas assets as collateral, way back in 2008, former Terengganu menteri besar Ahmad Said revealed yesterday.

TIA was renamed as 1MDB in 2009 after it was taken over by Putrajaya.

Speaking in the Terengganu state assembly yesterday, Ahmad said the state government, however, pulled out of the deal due to a numerous problems.

“This was one of the reasons the Prime Minister (Najib Abdul Razak) was angry with me, including other problems which ended with (the state government) pulling out,” Ahmad (right) is quoted as saying by Malay daily Sinar Harian.


Terengganu reviews budget after oil prices drop – Bernama

March 21, 2015

Note that the article mentions oil prices ‘dropped slightly’. Wonder what a significant drop is?

Dateline 2015-01-16, TMI:

The Terengganu government will review its 2015 state budget tabled in December, after the recent drop in oil prices.

Menteri Besar Datuk Ahmad Razif Abdul Rahman said prior to this, the RM2.37 billion state budget was tabled with a target to continue the policy of managing a surplus budget.

He said the budget which was tabled was based on past acquisitions, adding there might be some differences as the oil prices dropped slightly.


The roads that lead to the Terengganu of old

September 7, 2013

Not really O&G focused, but what the heck, Terengganu is where it’s at, petroleum, politics and diving. And here’s the Youtube video to prove it.

Dateline 2013-07-24, The Star:

THE deep seas off Terengganu may be rich in oil and gas reserves, making the east coast state among the region’s leaders in the oil, gas and petrochemical industry, but some argue that its real treasures are all found on the mainland.

With a documented history reaching as far back as the 2nd Century, Terengganu certainly has accumulated a wealth of heritage influenced by the Langkasuka and Srivijaya kingdoms it was part of, and the Majapahit, Khmer and Chinese empires it traded with. Despite modern developments, the old Terengganu still remains – and the best way to explore it? Via Federal Route 3 – approaching a hundred years old, but still one of Malaysia’s most scenic highways.

Having served for economic and political purposes in the past, it must be said that Route 3 today is best suited for more leisurely pursuits. The relatively flat and straight two-lane single carriageway road provides an easy, scenic drive.

 


Why Terengganu Malays should no longer vote for UMNO/BN

May 11, 2013

History, but an interesting post.

Dateline 2013-04-28, Malaysian Chronicle:

In the first part of this article (see Why Malays should no longer vote for UMNO/BN), I highlighted the historical aspect of the general election in Malaysia and linked the election promises made by Umno/BN to certain policies of the government like the NEP and the mega projects.

The conclusion of the article was that the Malay voters should have rejected leaders from Umno/BN a long time ago for their failure to fulfil the targets and objectives of the various policies including the NEP. Also, many of the Umno leaders from that era were enriching themselves under the guise of the NEP implementation.

 


Pahang, an oil producing state?

October 9, 2012

Dateline 2012-09-17:

Recently it was announced that the Umno-led government would form a special commission to review oil royaties to the east coast states.

Two issues struck me – the Terengganu ‘sham’, and two, how did Pahang end up as an oil state?

Terengganu has received its payment on the quiet side. The money is vested in the hands of the local kingpin and Terengganu Menteri Besar, Ahmad Said.

So the inclusion of Terengganu is just window dressing, a ‘sham’.

When Idris Jusoh was MB, the federal government insulted the Terengganu people imputing they don’t know how to manage the oil money by allowing ‘Patrick Lim’ to decide where the money should be applied.


Another ‘robbery’ of Kelantan’s oil wealth?

September 17, 2012
 Oh, please, what do you mean ‘claim’?
Dateline 2012-09-08:
Kelantan state exco Husam Musa has claimed that plans are afoot to build pipes to channel oil resources extracted from Bunga Kamelia zone in Kelantan to Kemaman in Terengganu.

Husam said starting next year, national oil giant Petronas would land gas in Terengganu, after extracting it from Block PM301 in Bunga Kamelia zone, which falls under Kelantan’s territory.


Embrace the spirit of Petroleum Development Act

September 2, 2012

Dateline 2012-08-15:

ONE of the topics that have dominated media space in recent days has been the oil royalty issue. Putrajaya has pledged to look into a mechanism that will ensure fair distribution of oil and gas revenue to producer states in Peninsular Malaysia. A special committee will be set up to carry out a comprehensive study, taking into account all aspects of the claims, and will make appropriate recommendations to the federal government.

The committee will be chaired by former chief justice Tun Abdul Hamid Mohamad and members will comprise legal experts from within and outside the country as well as representatives from the Terengganu, Kelantan and Pahang governments, according to reports.

With few details for now, one wonders why the committee’s scope covers only the eastern states of Peninsular Malaysia and not also the oil-producing states of Sabah and Sarawak. If that is the case — covering only Terengganu, Kelantan and Pahang — then would the original agreement that paved the way for cash payments for oil and gas discovered in the states, which was governed by the 1974 Petroleum Development Act (PDA), be more relevant?