Terengganu wants oil royalty based on production, not net profit

KUALA TERENGGANU: Terengganu is standing its ground on the oil royalty matter saying that the Government should honour agreements made with the state government and that the royalty should be paid based on gross production and not net profit.

“This follows what was agreed on before, that the state receives 5% of oil royalties based on production,” said Mentri Besar Dr Ahmad Samsuri Mokhtar on Wednesday (August 1).