CEO Morning Brief

Federal Govt, Sabah Each Received Around RM23b in Petroleum Revenue Since 1976, Says PMO

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Publish date: Fri, 12 Jul 2024, 09:41 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (July 11): The federal government and the Sabah government have each received approximately RM23 billion in petroleum revenue payments from 1976 to the first half of 2024, according to the Prime Minister’s Office (PMO).

In a written response published on the Parliament website on Wednesday, the PMO said Petronas had consistently fulfilled all cash payment obligations from petroleum production, based on existing provisions and agreements, and in accordance with the federal government’s instructions.

“Additionally, Sabah has received approximately RM3 billion in sales tax revenue from Petronas, in line with the implementation of Sabah's sales tax since 2020," it said.

The PMO was responding to a question from Datuk Jonathan Yasin (Gabungan Rakyat Sabah-Ranau), who wanted to know the total petroleum revenue received by the federal government and Petronas from Sabah's oil or offshore resources each year from 1976 to the present.

Source: TheEdge - 12 Jul 2024

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