Oil brings vast economic benefit

Free Malaysia Today

Economists say that while revenue from the O&G sector has  benefited the people, steps must be taken to stem leakages.   Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/19/oil-brings-vast-economic-benefits-but-subsidies-pose-challenges/   Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/19/minyak-manfaat-ekonomi-melimpah-namun-dikekang-subsidi/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #Petronas #OilAndGas #Subsidies

Transcript

00:00Oil revenues have gone a long way in funding infrastructure development as well as small

00:07and large-scale social projects in many countries, including Malaysia. In Malaysia, the oil and gas

00:14sector is one of the largest contributors to the economy, accounting for up to RM300 billion in

00:20yearly revenues. The government uses the tax revenue collected from oil and gas to invest

00:26in other projects, including education, health, infrastructure development, and welfare programs.

00:33National oil corporation Petronas has also directly contributed to many social projects,

00:39according to Ugandan Siva Kumaran, an analyst at BAIT Al-Amanah Research Institute.

00:44The discovery of oil has also led to the development of upstream and downstream industries.

00:50States like Johor, which is not an oil producer, have also benefited, according to economist

00:56Niaz Asadullah, who said that Johor Bahru, which is emerging as Malaysia's second economic capital,

01:02can leverage on the ONG sector to transform into a regional storage and trading hub.

01:08Meanwhile, the government's decision to implement targeted subsidies have received

01:12widespread support, with the Consumers Association of Penang saying

01:16that the subsidies must reach those who need it.

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