Stop dilly-dally in fulfilling the promise of oil royalty & # 39; s: Yong

Stop dilly-dally in fulfilling the promise of oil royalty & # 39; s: Yong

Published on: Monday, September 17, 2018

Kota Kinabalu: Sabah Progressive Party (SAPP) President Datuk Yong Teck Lee (pictured) said that Parti Warisan Sabah must stop dilly-dallying in the promise of a 20 percent oil royalty increase for Sabah and his people.

He said that since the general elections of May 9, the party has made many U-turns to his promises such as on the Kaiduan Dam, Sabah ICs and the 20 percent oil royalty's.

"Perhaps it's easier said than done, that's why Prime Minister Tun Dr Mahathir Mohamad agreed on a profit of 20 percent, because royalty is not economically viable at 20 percent.

"Warisan seems to be playing in the public gallery because saying" to give and to give can be two different things. "Sabahans are aware that the growth of oil and gas is vital for our social and economic development.

"The issue of oil royalty has long been a painful point for Sabah, but simply promising a 20 percent increase in oil royalty is not good enough, that's just lip service to create a temporary feel-good factor. "he said in a statement.

Yong reminded Parti Warisan Sabah President Datuk Seri Shafie Apdal as promising that the party would demand that the oil royalty from Sabah rose from the current 5 percent to 20 percent if it won in the state elections.

Warisan, he said, had described the current royalty rate as an injustice suffered by both Sabah and Sarawak, saying that the Borneon states were deprived of what was legitimate under the Malaysia Agreement of 1963.

"What has become of this election promise for the 20 percent oil royalty?" My question is in the light of what the federal minister of Economic Affairs Datuk Azmin Ali Saturday revealed that, after a two-hour conversation with Shafie, "Petronas might close because Petronas can not afford to pay 20 percent oil royalty on the basis of net profit," he said.

Instead, Yong complained that Sabahans is now being forced to wait until a committee submits its report in six months to a federal cabinet committee, which in turn will submit it to the federal cabinet.

"We will also have to wait to hear what Kelantan, Terengganu and Sarawak have to say, and we will now see how to comply with the Petroleum Development Act of 1974, which began the exploitation of our oil reserves in the first place.

"I would like to know how and when Warisan will fulfill his promise for the 20 percent oil royalty for Sabah and his people.

It is not necessary for a committee of trained ministers to count 20 percent of 5 percent.

"A telephone calculator will tell you that 20 percent is four times 5 percent, and the mechanism and formula to count the 5 percent or 20 percent according to the Petroleum Development Act 1974 are already in place and are already in use for 40 percent 20 percent. royalty means four times as much as Petronas Sabah has paid based on production volumes and market prices, even a toddler boy can count that, "Yong said.

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