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“The proposal cannot be carried out (now) as it contravenes the Petroleum Development Act (PDA). “For this to be done (20 per cent royalty), it will take time as amendments need to be carried out on the PDA,” he said during the question-and-answer session at the Dewan Rakyat, NST reports. He was answering a question from Datuk Seri Panglima Madius Tangau (Upko-Tuaran), who asked when the Federal Government could implement the 20 per cent royalty promised to oil-producing states. Azmin said the Act fixed the oil royalty at 10 per cent of net profit to the Federal Government and oil-producing states. He said Pakatan Harapan’s Blue Book merely promised a fair distribution of oil royalty to these states. “At this time, Petronas needs to pay 10 per cent cash payment of gross production in oil and gas to the (Federal government). From this amount, 5 per cent is taken by the Federal Government and State Government respectively. “Petronas makes this payment twice a year, in February and August. The 10 per cent cash payment is the gross value per barrel at market value. “Payment is made regardless of whether oil production at the (drilling) site is profitable or not. “From this value per barrel, 70 per cent from the gross production of oil and gas is actually the cost of recovery that is borne by Petronas,” he said, adding that the oil company is further saddled by other necessary payments like the Petroleum Income Tax Act.
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That move has derailed Barcelona’s plans, with the La Liga giants now looking at Liverpool’s Simon Mignolet instead. Arsenal and Chelsea could reportedly see their respective plans for Petr Cech ruined by Roma. Roma are on the lookout for a new goalkeeper following the world-record sale of Alisson to Liverpool. And The Sun claim they have identified Arsenal’s Cech to be the Brazilian’s replacement at the Stadio Olimpico. Cech may be up for a move to Serie A – which would put paid to Arsenal’s hopes of keeping him on as Bernd Leno’s No 2. Chelsea, meanwhile, have looked at Cech as a bargain replacement for Thibaut Courtois, who appears bound for Napoli. Arsenal boss Unai Emery has bemused scouts with three signings this summer. Stephan Lichtsteiner, Sokratis Papastathopoulos and Bernd Leno were the first three signings of the Emery era. And the Daily Mail say: “Arsenal’s business is the talk of bemused scouts in Europe.” Onlookers reportedly feel Arsenal could have used their funds differently. Arsenal transfer news LIVE: Gunners in ‘advanced talks’, Real Madrid raid, Seaman warning (Image: GETTY) Arsenal could launch a raid on Real Madrid for wantaway midfielder Mateo Kovacic, reports in Spain claim.
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