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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