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  • Petronas Allocate RM2 Billion

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    Danish Wafi
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    Petronas has agreed to allocate RM2.1 billion yearly for contracts exclusively to Sarawak-based contractors as an outcome of ongoing negotiations between Sarawak, the federal government, and Petronas for more oil royalties for the state. The Chief Minister of Sarawak pushed for a better deal for decades due to the state receiving a "poor deal" for its oil and gas resources. This allocation of contracts to local contractors will boost the state economy and benefit Sarawakian companies that have experience in the oil and gas industry for over 100 years but were previously just subcontractors.

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    Petronas allocate RM2 billion

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    Petronas has agreed to allocate RM2.1 billion yearly for contracts exclusively to Sarawak-based contractors as an outcome of ongoing negotiations between Sarawak, the federal government, and Petronas for more oil royalties for the state. The Chief Minister of Sarawak pushed for a better deal for decades due to the state receiving a "poor deal" for its oil and gas resources. This allocation of contracts to local contractors will boost the state economy and benefit Sarawakian companies that have experience in the oil and gas industry for over 100 years but were previously just subcontractors.

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    © All Rights Reserved
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    7 views2 pages

    Petronas Allocate RM2 Billion

    Uploaded by

    Danish Wafi
    Petronas has agreed to allocate RM2.1 billion yearly for contracts exclusively to Sarawak-based contractors as an outcome of ongoing negotiations between Sarawak, the federal government, and Petronas for more oil royalties for the state. The Chief Minister of Sarawak pushed for a better deal for decades due to the state receiving a "poor deal" for its oil and gas resources. This allocation of contracts to local contractors will boost the state economy and benefit Sarawakian companies that have experience in the oil and gas industry for over 100 years but were previously just subcontractors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Petronas to allocate RM2.

    1 billion yearly for Sarawak contractors


    by yu ji

    KUCHING:PetronashasagreedtoallocateRM2.1bilofitsoilandgascontracts
    exclusivelytoSarawakbasedcontractorsannually.
    AssistantStateCommunicationsMinisterDatukLeeKimShinrevealedthisduring
    ChineseNewYear,sayingitwasoneoftheoutcomesreachedintheongoing
    negotiationsbetweenSarawak,thefederalgovernmentandthenationaloilcompanyfor
    moreoilroyaltiesforthestate.
    LeecalleditaboonforthestateeconomyandattributedittoChiefMinisterTanSri
    AdenanSatemfortakingafirmstandonthe"poordeal"thestatehasbeengettingfor
    decades.
    "Itisduetohisstrongstandonoilroyalty.HeputupaverystrongpetitiontoPetronasto
    givemoreroyaltyorotherbenefitstoSarawak.
    "Forexample,Petronasnowhasagreedtoafewthings,forexample,aminimumof
    RM2.1bilworthofcontractstoSarawakiancompanies,"Leesaidhere.
    "Also,Petronaswillgivemoresharesofsubsidiarycompanies,meaningthatSarawak
    willbenefitmore.
    "Allthiswhile,Sarawakiancompanieswerejustsubcontractors.Themaincontractors
    camefromoutside.Mostofourcompanieshavebeenintheoilandgasindustryfor
    morethan100years.Wehavethemostexperience."
    LeewasspeakingtoreportersattheChineseNewYearopenhousebytheSarawak
    UnitedPeople'sParty(SUPP).
    InJanuary,theChiefMinistersaidamongotherrequestsbySarawakwasforPetronas
    tohelpsetupmoretechnicalcollegesandbranchcampusesinthestate.
    Lastyear,withinaweekofbeingswornintooffice,AdenantoldTheStarinanexclusive
    interviewthatSarawak's5%oilandgasroyaltyratefromtheFederalGovernmentwas
    notenough.
    Subsequently,thestatelegislativeassemblypassedalandmarkmotionurgingthe
    federalgovernmentformoreoilandgasbenefits.
    ThemotionwassupportedbyallelectedrepresentativesofBarisanNasionaland
    PakatanRakyat.

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