Friday, February 05, 2010

Give Oil Royalty

Former Petronas chairman and former finance minister Tengku Razaleigh Hamzah (Ku Li} says it again that Petronas must pay oil royalties to the relevant state govts .

State govts are entitled to a 5% royalty for petroleum extracted off their waters. There is no mention in the Petoleum Development Act of wang ehsan (goodwill payments) that the Federal Govt insisted that states such as Kelantan was only qualified for,

Ku Li told the new Petronas CEO and president Shamsul Azhar Abbas to work in accordance to the law and not to follow directions of politicians.

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