95 Of Sarawak S Oil Revenue Went To Petronas Says State S Ex Ag

JC Fong says the Sarawak government only received RM49 billion over the past 50 years or so.JC Fong, legal adviser to the Sarawak government, said all Sarawakians want is for Petronas to respect the Bornean state’s laws.PETALING JAYA: About 95% of revenue generated from Sarawak’s oil and gas resources has gone to Petronas, with the Bornean state only receiving RM49 billion for nearly 50 years, according to a former Sarawak attorney-general
JC Fong, legal adviser to the state government, said the sum of RM49 billion channelled to Sarawak might seem substantial but was a small portion of the value of its oil and gas resources.
“From 1975 until 2024, Sarawak received approximately RM49 billion in cash payments from Petronas.
“The remaining 95% from the oil and gas resources found in Sarawak went to Petronas,” he was quoted as saying by Dayak Daily.
Prime Minister Anwar Ibrahim reportedly said that Sarawak had received more than RM96 billion in financial benefits from the oil and gas sector as of 2024.
Anwar, who is also the finance minister, said this comprised RM49 billion in cash payments and RM28.6 billion in dividends from the Sarawak government’s shareholding in Malaysia LNG Sdn Bhd.
He said the Bornean state also received RM18.66 billion in sales tax from the sector as of the third quarter of 2024.
Fong said that these billions fell short of the true value of Sarawak’s oil and gas resources, adding that the funds had been spent on key infrastructure projects in the East Malaysian state.
Regaining control of gas distribution through Petroleum Sarawak Bhd would further empower the state government to channel revenue to programmes beneficial to the people, he added.
“All Sarawakians want is due respect from Petronas for Sarawak’s laws, sustainable use of the state’s gas resources, and adequate gas allocation to support the state’s gas roadmap.
“If implemented successfully, the roadmap could contribute RM130 billion annually to the national gross domestic product,” said Fong. - FMT

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