KUCHING: The Sarawak government may propose a new petroleum royalty formula to the federal government following the latest discovery of rich deposits of crude oil and gas in Miri, said state housing minister Datuk Amar Abang Johari Tun Openg on Sunday.
He said the new formula might not involve the demand for an increase in the current five percent royalty received by Sarawak, but instead, for a certain percentage in share equity in any future discovery of rich deposits of crude oil and gas in the state.
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