CM sees no point in buying minority share in Petronas

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Abang Johari delivers his speech during the Pemimpin Bersama Rakyat in Krokong.

BAU: Chief Minister Datuk Patinggi Abang Johari Tun Openg appears to be not keen for Sarawak to buy a share of Petronas if it is just a minor stake holder.

“If it is just a minority stake, what’s the use? If you give us just two per cent or five per cent, what’s the use?” he said at the Pemimpin Bersama Rakyat in Krokong here yesterday.

Abang Johari noted that after the Sarawak government had brought Petronas to court for their refusal to pay five per cent sales tax on petroleum products mined in Sarawak, someone said why not Sarawak buy a share of Petronas.

Moreover, he said there is nothing much to comment as there was no official offer yet.

He also pointed out that he was also aware that under Petronas’ corporation laws, power is vested only for the Number one stake holder.

“It is there under Petronas constitution. The Board members also can’t talk.

“We in Gabungan Parti Sarawak (GPS) have to be very carefully in dealing with this matter,” he said.

Abang Johari, who is GPS chairman, said all leaders in Sarawak must also be very careful with regards to Sarawak’s rights.

He added that if that is Sarawak’s rights, they will protect those rights based on the law.

On Tuesday, Prime Minister Tun Dr Mahathir Mohammad told Reuters about a consideration to sell Petronas’ stake to states where the company’s oil and gas were, in an effort to raise funds for the debt-laden government.

He said such a move may provide Sarawak and Sabah a say in the running of the world’s third largest exporter of liquefied gas (LNG).

Both states have the country’s most abundant and productive oil and gas reserves.