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May 24, 2008

Jeffrey claims Sabah losing RM15m daily

malaysiatoday - Parti Keadilan Rakyat (PKR) Vice-President Datuk Dr Jeffrey Kitingan claims Sabah will be losing a huge revenue of RM15 million daily if the 20 per cent oil royalty demand is not entertained by the Federal Government.

Based on the current world price of petrol at US$100 per barrel and Sabah oil wells' daily production of at least 400,000 barrels per day, he said this loss amounts to a staggering RM4.5 billion a year.

"This is another compelling reason for the Sabah MPs to cross over to the Pakatan Rakyat. Their continued loyalty to the BN is actually causing tremendous and unconscionable losses for the people of Sabah," he said in a statement, Thursday.

He said there is also another frightening dimension to the whole scenario in that the oil wells in Sabah are projected to go dry within the next six years.

Dr Jeffrey said this means if they wait for another term for the BN to be in power, Sabah will accumulate a loss of RM22.5 billion in the next five years.

So, even if the Pakatan Rakyat takes over the Federal Government in five years from now, he said Sabah and Sarawak will only enjoy the promised 20 per cent royalty for only one year, he said. ... selanjutnya.


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