00:00Former Prime Minister Dr Mahathir Mohamad Berkata, Sarawak, which is now a high-income country,
00:07must support the development of underdeveloped countries.
00:11Sarawak by itself is already making a lot of money.
00:15Its budget is 11 billion, which is very high compared to, say, Kedah.
00:21Kedah's budget is only 700 million.
00:25Initially, of course, both Sarawak and Sabah were poor,
00:30and the federal government had to support them.
00:33But now, of course, they have become rich,
00:36and it is time that they support the other poor countries also, poor states.
00:43Recently, Sarawak's wealth has increased rapidly,
00:46when a large part of its income in 2023 is closely related to the production in the oil and gas sector.
00:54In that year alone, Sarawak acquired 2.8 billion ringgit,
00:59through royalties under the Petroleum Development Act 1974,
01:03as well as additional sales interest on oil and gas revenues,
01:07which saw it acquire an additional income of at least 3.4 billion ringgit.
01:13Former Finance Minister Tengku Razali Hamzah also recalled
01:17that at the beginning of Malaysian growth, all 13 countries had limited resources,
01:22pushing for the decision to collect resources for the benefit of the country.
01:26The Petroleum Development Act has been revoked,
01:28subsequently brought to Petronas,
01:31and the entity is given the sole right to manage oil and gas activities
01:35both inside and outside of Malaysia.
01:38With the resources available,
01:41we could have a start, a new beginning.
01:48We could really make use of the oil wealth
01:52for the building up of the country, let it grow together,
01:56and let people benefit.
01:58The revocation of the Petronas Law and Formation
02:01marked a change in the direction of nationalizing oil resources
02:04with the agreement on the distribution of revenue to the country.
02:07And it became what it is,
02:10because it's Raman Yaakob who proposed.
02:13Tengku Razali said this formula ensures an equal payment
02:17for all countries.
02:18Every oil producer gets 5% of their oil value,
02:23as agreed by all state governments and cabinet.
02:28Several countries have been pushing for greater oil royalties,
02:33including Sarawak which is trying to transfer power
02:36and oil and gas revenues from Petronas to Petros,
02:40an entity owned by the state government.
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