Petronas ownership stays federal, states gain participation
Azalina said the federal government's approach is aligned with an inclusive federal structure and ensures sustained benefits for all parties.
The minister said that the federal government is currently the sole owner of Petronas, which is incorporated under the Companies Act 1965 as the national oil and gas company.
'The Petroleum Development Act 1974 (Act 144) entrusts Petronas with ownership of petroleum, along with the exclusive rights, powers, freedoms, and privileges to explore, manage, and develop the country's petroleum resources, whether onshore, offshore, or in Malaysian waters,' she said in a response posted on the Parliament's website today.
Azalina was responding to Datuk Seri Dr Jeffrey Kitingan (GRS-Keningau), who asked whether the government could consider distributing 50 per cent shares in Petronas to oil- and gas-producing territories and states, namely Sarawak, Sabah, Terengganu, and Kelantan.
According to Jeffrey, the distribution is a fundamental step to strengthen the Malaysian Federation moving forward, while easing politicisation and dissatisfaction over oil and gas rights.
Azalina said that although the ownership of Petronas is under the federal government, the current approach allows producing states to receive direct benefits from the petroleum industry through cash payments and various forms of commercial cooperation.
'At the same time, overall revenues from the sector are fairly distributed across the country in line with national development needs,' she added. - Bernama
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