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Chong Chieng Jen's Blog

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Chong Chieng Jen's Blog


10% stake peanuts compared to 20% Oil & Gas Royalty

Posted: 21 Aug 2014 06:03 PM PDT

The Sarawak Government should not be so contented about the 10% share in MLNG 4 and treat it as a substitute for 20% oil and gas royalty. 

If we were to compare the revenue generated from the 10% equity and the 20% oil and gas royalty, there is a shocking disparity.


The Sarawak State Government's Financial Statement published in the 2012 Auditor-General's Report shows the following:

Dividend Paid by MLNG 1, 2 & 3 to the Sarawak State Government

Company
2008
(RM million)
2009
(RM million)
2010
(RM million)
2011
(RM million)
2012
(RM million)
Malaysia Liquefied Natural Gas SdnBhd
435.00
255.00
250.00
405.00
350.00
Malaysia LNG DuaSdnBhd
550.00
180.00
560.00
910.00
710.00
Malaysia LNG TigaSdnBhd
530.00
260.00
390.00
520.00
460.50

On the other hand, the 5% Oil and Gas Royalty revenue received by the Sarawak State Government over the same period as reported in the same report are as follows:


2008
(RM million)
2009
(RM million)
2010
(RM million)
2011
(RM million)
2012
(RM million)
Compensation in Lieu of Oil Rights
1,322.60
894.21
899.20
1,096.50
1,238.42
Compensation in Lieu of Gas Rights
819.69
970.73
830.81
953.48
1,387.14
Total Revenue from the 5% Oil & Gas Royalties
2,142.29
1,864.94
1,730.01
2,049.98
2,625.56


From these past records of revenues, it is obvious that revenue generated from the 10% shareholding in MLNG 2 or 3 (Sarawak has 10% stake in these companies) is only 1/10th of the potential revenue that can be generated from the additional 15% of the oil and gas royalty.

Moreover, to participate in the 10% stake, the Sarawak Government is expected to come up with capital contribution in the millions.


As the Opposition Leader of the Sarawak State, I advise the BN State Government to hold firm to the unanimous decision of the DewanUndanganNegeri in passing the resolution for the 20% oil and gas royalty for Sarawak and not be penny wise pound foolish by being veered from the 20% oil and gas royalty demand with this 10% stake in MLNG 4.

马液化天然煤气第四分厂10%股权,不能与砂20%石油天然气开采税相提并论

Posted: 21 Aug 2014 06:01 PM PDT


针对砂首长阿迪南于前日所宣布的,砂州将于马来西亚液化天然煤气第四分厂(MLNG 4)的股份提升至10%,我认为,这项宣布并没有为砂州在石油领域有任何加分性质。

事实就是,自1990年代,砂州在马液化天然煤气的第二和第三分厂,就已获得10%的股权。 因此,今天砂州政府得到马液化天然煤气第四分厂的10%股权,也即是说,我们在液化天然煤气领域,仍旧保持着1990年代的权益,即,10%的参股权,没有进步,也没退步。

反而是,若我们砂州在马液化天然煤气第四分厂得到少过10%的股权,那就代表说,我们在这方面的权益在开倒车。

所以,阿迪南今次宣布砂州在马液化天然煤气第四分厂得到10%的股权,极其量也只是代表我们砂州权益没有进一步的被联邦政府剥夺,并非如阿迪南所说的,砂州的权益得到提升。

另外,我也要提醒砂州政府,马液化天然煤气第四分厂的10%股权,与砂州议会今年5月所通过的争取20%石油和天然气开采税的议决案,根本就是两回事。

砂州政府获准持有马液化天然煤气第四分厂10%的股权,是砂州政府的投资,就如砂州政府投资一些公司的股票。 砂州政府也需注资去买这10%的股权。 之后,如果公司赚钱,砂州政府则分得公司扣除所有开支之后的盈利的10%股息。 如果公司没赚钱,则砂州政府这10%股权也没股息好分。

相比我们在州议会所通过的,那20%开采税是在砂州所抽取的天然煤气的价值的20%,只要PETRONAS有抽取天然气,不论它有没有赚钱,砂州政府就可得到20%的税收。

简单的对比就是: 马液化天然煤气第四分厂的10%股权时一项投资,而20%开采税是我们砂州人民的权力。

20%开采税谈判是否已触礁?

砂州议会在今年5月的州议会一致通过向联邦政府争取20%的石油天然气的开采税,至今也已3个月。砂州人民只听楼梯响,不见人下来。今天却看到砂州政府把原本享有的权益(10%的股权),当成是争取20%开采税谈判的成绩。

这是否意味着,砂州政府向联邦政府争取20%开采税的谈判已触礁。阿迪南应告诉砂州人民,最近一轮PETRONAS和砂州政府的会谈,到底谈出什么东西,为何3个月过了,只争取到自己原有的权益?


21-8-2014

张健仁
古晋市国会议员兼哥打圣淘沙州议员

民主行动党砂州主席兼全国副主席

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