KUCHING: Kota Sentosa assemblyman Wilfred Yap rebutted remarks made by Miri MP Chiew Choon Man on Petronas’s oil and gas revenues, insisting that Sarawak’s demands are about fairness and transparency rather than charity.
Chiew had earlier dismissed claims that Petronas retains 95 percent of Sarawak’s oil and gas revenue, calling such assertions ‘distortions’ of the petroleum fiscal regime and arguing that most of the revenue is consumed by operating costs and risks.
Responding, Yap said, “Sarawakians are not asking for charity as we are asking for fairness. We recognise that oil and gas exploration is capital intensive and that risks are involved. However, if Petronas is truly operating on razor-thin profit margins of only 10 to 15 percent, how is it possible that Petronas continues to be one of the largest contributors to the federal budget every year? The figures simply do not add up.”
Yap stressed that transparency is essential to resolve the issue. “If Chiew’s claims are accurate, then Petronas should have no hesitation in allowing independent scrutiny of its accounts. The Sarawak government or reputable independent auditors must be allowed to review the actual breakdown of costs, revenues and profit allocations. If Petronas has nothing to hide, disclosure will only strengthen public trust,” he said.
He also reminded that risks are not borne by Petronas alone. “Sarawak bears its share of risks, they are on environmental, economic, and the long-term impact of seeing our natural wealth fuel the federal coffers while our people receive only a fraction in return. To dismiss Sarawak’s grievances as baseless is both unfair and irresponsible,” he added.
Yap further emphasised that Sarawak’s struggle for a fair share of its resources is guided by law, citing the Oil Mining Ordinance 1958, the Distribution of Gas Ordinance 2016, and the Malaysia Agreement 1963 (MA63).
Yap added that Sarawak GPS will continue to pursue the state’s rightful share of oil and gas revenues “openly, transparently and responsibly,” saying anything less would be unacceptable to the people.
By Connie Chieng