KUCHING: Kota Sentosa state assemblyman, Wilfred Yap Sau Sin, has criticised a proposal for Sarawak to take a 30 per cent equity stake in PETRONAS, calling it impractical.
Yap was responding to a suggestion by Sarawak Democratic Action Party (DAP) Chairman, Chong Chieng Jen, and referenced Chong’s earlier 2017 claims on taxes and oil royalties.
“While some politicians may seek relevance, it cannot come at the expense of sound policy, factual accuracy, and responsible governance,” said Yap.
“PETRONAS is not an ordinary company, and transferring 30 per cent equity would require major legislative and structural changes with constitutional and fiscal implications.
“Claims that Sarawak would receive 50 per cent taxes and 20 per cent oil royalty were never supported by law and remain unfulfilled.”
He further stressed that the real issue is securing clear acknowledgement that oil and gas resources found in Sarawak belong to Sarawak.
“Once ownership is recognised, Petronas and Petros should cooperate to explore and exploit resources for mutual benefit of Sarawak and the nation.
“Assuming a 30 per cent share guarantees stable revenue or control is misleading because dividends fluctuate and minority equity does not confer control,” Yap reiterated.
“Sarawak deserves solutions grounded in law and realism, and legislators must put forward proposals that withstand scrutiny instead of political theatrics.”
