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).
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.
“The amount is, however, less than the estimated RM1.4 billion in petroleum and gas royalty tabled in the State Budget last year which was based on the oil price of a US$60 per barrel,” he added.
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.
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Syed Azman said Terengganu had been shortchanged since 2000, when the five per cent oil royalty it used to get was withdrawn and replaced with the so-called “wang ehsan” provided by Putrajaya.
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.
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.
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.
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.