00:00A Sarawakian MP has dismissed claims that national oil company Petronas retains 95 percent of oil and
00:07gas revenue from East Malaysia, describing them as unfounded and a distortion of the country's
00:12petroleum fiscal regime. Chu Chunman said such claims did not reflect the realities of the
00:18operational costs and business risks involved in offshore petroleum exploration and production,
00:24the Borneo Post reported. He said between 70% and 80% of ONG revenue would be used to fund operations
00:31from offshore exploration up to production. Of the remaining 20% to 30%, about 5% would be directly
00:38channeled to the respective state governments, while another 5% would go to the federal government,
00:43he said. Chu said a portion of the remaining 10% to 20% revenue was shared with Petronas's
00:50production-sharing partners and further reduced by incidental costs, with the remainder going to
00:55the federal government through dividends and taxes for nation-building. He said he was dismayed that
01:01learned officials and politicians continued to make sweeping claims without fact-checking,
01:05adding that Sarawak's struggle for a just share should be based on truth rather than distorted facts.
01:11His remarks came two days after former economy minister Rafizi Romney said Petronas's profit
01:16margins from ONG projects were only around 10% to 15% after accounting for heavy development costs
01:22and dividend payouts. Rafizi was responding to Sarawak government legal advisor JC Fong,
01:28who reportedly said Petronas had taken 95% of the state's ONG business for the past five decades.
01:34So far, you can see if the federal government should be resigning.
01:36I am the chief of the federal government and the support of the United States.
01:37In this case, you should watch some of the federal government.
01:38Can you see some of the federal government's
01:41efforts to be rejected?
01:42What is it figure?
01:43You have been a representative of all the districts of the federal government in the Minnesota
01:44state?
01:45I'm the chief of the federal government.
01:46Please put a third-cycle government.
01:46The state is a federal government.
01:47What is it?
01:47The state is a federal government that has a state of federal government.
01:49It's a federal government.
01:50Manchester, which is a federal government-ne investigated that
01:52has been highly optimistic.
01:54It's a federal government.
01:55Our government has been a federal government-assвигin,
01:56the land-house pressurein, and have central government-assings.
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