Yong Teck Lee
KOTA KINABALU: The idea of Petronas selling its stakes to Sabah and Sarawak is devoid of logic as the oil and gas in Sabah and Sarawak belong to the two Borneo Territories in the first place.
“Why should Sabah pay for stakes in an organisation that derived its revenues and huge profits from the natural resources of Sabah in the first place? Any sale of sales stakes (or shares) in Petronas or its subsidiaries could also mean the transfer of debts and other liabilities to Sabah,” said Sabah Progressive Party (SAPP) president Datuk Yong Teck Lee in a statement yesterday.
He urged the two state governments to reject the idea outright so that we do not get bogged down in futile negotiations on the sale and purchase of Petronas stakes that could take years and years without any result.
“Instead, the Sabah and Sarawak governments should focus on the implementation of the 20% royalties without any further delay. Our MPs of all political parties, especially the ruling parties, should voice out at Parliament the issue of the 20% oil royalties promised so that this core promise is not ‘out of sight, out of mind’. I hope the ruling party MPs are not keeping quiet ‘out of fear’ of losing their jobs or offending of their political masters,” said the former chief minister.
“Further, the Sabah government should now embark on civil legal action to enforce the 40% nett revenue entitlement for Sabah as provided for in Article 112C of Part IV of the 10th Schedule of the Federal Constitution. Unlike the 20% oil royalty, which is an election promise, the 40% nett revenue is enshrined in the federal constitution and has the force of law,” said Yong.