Economists say that while revenue from the O&G sector has
benefited the people, steps must be taken to stem leakages.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/19/oil-brings-vast-economic-benefits-but-subsidies-pose-challenges/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/19/minyak-manfaat-ekonomi-melimpah-namun-dikekang-subsidi/
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#FMTNews #Petronas #OilAndGas #Subsidies
benefited the people, steps must be taken to stem leakages.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/19/oil-brings-vast-economic-benefits-but-subsidies-pose-challenges/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/19/minyak-manfaat-ekonomi-melimpah-namun-dikekang-subsidi/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
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Follow FMT on Facebook: https://bit.ly/49JJoo5
Follow FMT on Dailymotion: https://bit.ly/2WGITHM
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NewsTranscript
00:00Oil revenues have gone a long way in funding infrastructure development as well as small
00:07and large-scale social projects in many countries, including Malaysia. In Malaysia, the oil and gas
00:14sector is one of the largest contributors to the economy, accounting for up to RM300 billion in
00:20yearly revenues. The government uses the tax revenue collected from oil and gas to invest
00:26in other projects, including education, health, infrastructure development, and welfare programs.
00:33National oil corporation Petronas has also directly contributed to many social projects,
00:39according to Ugandan Siva Kumaran, an analyst at BAIT Al-Amanah Research Institute.
00:44The discovery of oil has also led to the development of upstream and downstream industries.
00:50States like Johor, which is not an oil producer, have also benefited, according to economist
00:56Niaz Asadullah, who said that Johor Bahru, which is emerging as Malaysia's second economic capital,
01:02can leverage on the ONG sector to transform into a regional storage and trading hub.
01:08Meanwhile, the government's decision to implement targeted subsidies have received
01:12widespread support, with the Consumers Association of Penang saying
01:16that the subsidies must reach those who need it.