00:00As geopolitical rivalries intensify in the South China Sea, Malaysia's fractured politics
00:21is leaving its national oil company dangerously exposed, says a senior fellow of the Malay
00:26Economic Action Council. Yazid Uthman said Malaysia's fragmented political landscape
00:32since 2018 has weakened the federal government's hold on Petronas at a time when external powers are
00:37showing greater interest in the region's energy assets. He said this fragmentation occurred when
00:44Sarawak's ruling parties left Barisan Nacional to form Gabungan Party Sarawak and began pressing
00:50for more control over local resources. Yazid said for decades under BN rule, Petronas functioned as a
00:56national institution, consolidating petroleum resources from producing states under an exclusive
01:02mandate vested in the company by the Petroleum Development Act 1974, delivering billions in
01:08dividends to fund development. He said Section 6 of the PDA ties Petronas to the Prime Minister's
01:14authority, making the company's fortunes dependent on political stability.
01:30On August 28, former Law Minister Zaid Ibrahim and Pasir Gudang MP Hassan Karim called for greater
01:36transparency in Petronas-Petros negotiations with Zaid proposing a bipartisan parliamentary caucus for oversight.
01:44The survival of Petronas is important for Sarawak and for us all. It is important to be transparent if there is no
01:50way to protect the stability of Sarawak. It is important to protect the stability of Sarawak.
01:59If there is no way to protect the stability of Sarawak, there is no principle to protect the stability of Sarawak.
02:09With Malaysia's maritime borders increasingly contested and foreign players watching closely,
02:14Yazid warned that political fragmentation has evolved from being a domestic concern to becoming a strategic
02:20vulnerability. Natasha Bust, FMG
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