Thursday, July 9, 2009

Dr M And Merican Hassan Owe Kelantanese An Explanation On Oil Royalty...

On May 9th, 1975, the Kelantan State authority went into an agreement with Petronas. The agreement gives Petronas the right to explore and extract oil and gas within Kelantan state coastal territory. And in return, Petronas has agreed to pay a 5% oil royalty over the F.O.B value of the extracted resources. This royalty payment is to be paid in Cash on a half yearly basis.
Now these questions remain... How much oil and gas have been extracted from Kelantan waters? Was there not exploration done within Kelantan waters? If there were, why were there no accountability? And where is the royalty payment?

But what we do know is that Petronas has gone into a 50:50 joint venture agreement with Thai authority over a disputed block off the coast of Kelantan, to explore, to extract and to share equally among them. And we do know that this venture has brought in some success, But where is the royalty payment owing to Kelantanese?

Perhaps, Hassan Merican and Dr M can help enlighten us on this issue. Or shall we wait for Muhyiddin's lame reason tomorrow?
For more detailed information, please visit HERE..


Hawkeye said...

Bro, Najib should just pay up and keeping silent is his trademark in avoiding the topic. How much oil is extracted will be top secret to this BN as they use the OSA.

Am just back in KL. take care and rest is important for the run up to the polling day.

zorro said...

Besides Tun and Hassan, Ku Li has to clear the air too....being a royal Kelantanese and longtime chairman of Petronas.