Saturday, September 19

 CM suggests Sabah be given Petronas shares



KOTA KINABALU: Chief Minister Datuk Seri Shafie Apdal has suggested that Sabah be given shares in Petronas.

The 20 per cent royalty on oil and gas can be converted into shares, Shafie who is also Finance Minister said.

This way Sabah not only receives a dividend, it will also enjoy revenue from the tax collected, he said adding that Sabah as owners of Petronas also get a share of the tax collected.

“But this process is not easy and will take time,” he said.

Meanwhile he pointed out that Sabah’s oil and gas industry is still in the infancy stage in terms of developing oil resources.

“It is a very capital intensive sector therefore we depend on the federal government which will invest its finances and expertise required to develop an area,” he stressed.