Latest news with #Act144
The Sun
4 days ago
- Business
- The Sun
Petronas ownership stays federal, states gain participation
KUALA LUMPUR: The ownership of Petroliam Nasional Bhd (Petronas) remains with the federal government, although steps were taken to enhance the participation of states through strategic collaboration platforms, joint project implementation, and involvement in the value chain, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. 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
Borneo Post
4 days ago
- Business
- Borneo Post
Azalina: Petronas ownership remains under federal govt, steps taken to enhance participation of states
Azalina said the federal government's approach is aligned with an inclusive federal structure and ensures sustained benefits for all parties. — AFP photo KUALA LUMPUR (Aug 15): The ownership of Petroliam Nasional Bhd (Petronas) remains with the federal government, although steps were taken to enhance the participation of states through strategic collaboration platforms, joint project implementation, and involvement in the value chain, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. 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 yesterday. 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 Azalina Othman Said lead Petroleum Development Act Petronas
New Straits Times
4 days ago
- Business
- New Straits Times
Petronas ownership remains under Federal govt: Azalina
KUALA LUMPUR: The ownership of Petroliam Nasional Bhd (Petronas) remains with the federal government, although steps were taken to enhance the participation of states through strategic collaboration platforms, joint project implementation, and involvement in the value chain, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. 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
Barnama
4 days ago
- Business
- Barnama
Petronas Ownership Remains Under Federal Govt, Steps Taken To Enhance Participation Of States -- Azalina
Petronas Ownership Remains Under Federal Govt, Steps Taken To Enhance Participation Of States -- Azalina KUALA LUMPUR, Aug 14 (Bernama) -- The ownership of Petroliam Nasional Bhd (Petronas) remains with the federal government, although steps were taken to enhance the participation of states through strategic collaboration platforms, joint project implementation, and involvement in the value chain, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. 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
Borneo Post
12-08-2025
- Business
- Borneo Post
Petroleum Development Act 1974 will remain in force, says Azalina
Azalina says Petronas is vested with ownership of petroleum, and the rights, powers, freedoms, and exclusive privileges to explore, exploit, obtain, and acquire petroleum, whether onshore or offshore Malaysia, as provided under Act 144. – Bernama photo KUALA LUMPUR (Aug 12): The Petroleum Development Act 1974 (Act 144) will continue to be in force in accordance with the existing legal provisions, said Minister in the Prime Minister's Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said. She said that Petronas is vested with ownership of petroleum, and the rights, powers, freedoms, and exclusive privileges to explore, exploit, obtain, and acquire petroleum, whether onshore or offshore Malaysia, as provided under Act 144. Azalina said this in a written reply to an oral question uploaded on the Parliament website yesterday. She was responding to a question from Hassan Abdul Karim (PH–Pasir Gudang), who asked for clarification on the extent to which the Federal Government will defend Act 144 as a foundation of the country's economic sovereignty in the oil and gas industry, in light of the claims by the Sarawak Government and Petroleum Sarawak Bhd (Petros) which challenge and dispute the position of Petronas under the Act. Meanwhile, Azalina said that Petronas has signed two key agreements to strengthen cooperation with oil-producing states, namely a Commercial Collaboration Agreement with the Sabah state government and a Commercial Settlement Agreement with the Sarawak state government. Both agreements outline the framework of commercial cooperation between Petronas and state-owned companies such as SMJ Energy and Sabah Energy Corporation in Sabah, and Petros in Sarawak, she added. 'The landscape of the oil and gas industry, as well as the policies of each state government, have resulted in different cooperation structures in terms of ownership, revenue, and profit distribution,' said Azalina. She was answering a question from Isnaraissah Munirah Majlis (Warisan–Kota Belud), who asked about the differences in terms of ownership, revenue, and profit distribution between Petronas–SMJ Energy and Petronas–Petros, and the understandings or agreements between the respective parties. Azalina said the key factors influencing the differences in cooperation structure include the level of equity participation by SMJ Energy and Petros in upstream and downstream sector projects, as well as the strategic cooperation structures formed between Petronas and the respective state entities. She added that although Petronas' cooperation approach with Sabah and Sarawak is based on the principles of inclusiveness and shared values, the implementation and outcomes may vary depending on the oil and gas industry landscape. economy Petroleum Development Act 1974 Petronas sabah Sarawak
