Jeffrey claims Sabah losing RM15m daily

Kota Kinabalu: 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.

"This would mean even if Sabah were to get 50 per cent oil royalty then, it wouldn't amount too much if the oil wells in Sabah had already dried up."

Dr Jeffrey said the MPs should also think that the window of opportunity might be closed by August considering the potentials of current developments.

Therefore, he said a brave step from the MPs now would open new formula of leadership-sharing at the Federal and State levels such as six appointments from Sabah in the Federal Cabinet including a Deputy Prime Minister including more ambassadorial appointments from Sabah and Sarawak.

He said they should be aware of the historic significance of taking or missing this opportunity and that they will have to face the rakyat in the future for failing to grab the rare opportunity to create change that the people have been dreaming for generations.

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