Set up Sarawak sovereign or oil fund — Ting

SARAWAK government should consider setting up a Sarawak sovereign fund or oil fund to generate income from oil and gas revenues.

Datuk Sebastian Ting ( SUPP- Piasau) said such fund is to ensure that future generation will continue to benefit from the oil and gas revenues and at the same time, provide financial security for Sarawak in the event there is an unforeseen economic challenge.

“The oil fund can also be invested in stocks, bonds and real estate locally and abroad for higher return on investment and I believe that our Development Bank of Sarawak (DBOS) should be the right government arm to handle such investment,” he said when debating the Oil Mining ( Amendment) Bill, 2018 at the State Legislative Assembly ( DUN) Sitting yesterday.

Ting pointed out that oil and gas revenues can also be used to improve public transportation, clean water distribution, power distribution and health care in addition to the improvement on public infrastructures for communities in the rural and semi-rural areas.

He also suggested that shares in Petroleum Sarawak Berhad ( Petros) be issued to every Sarawakian including all newborns in the future.

“As part of efforts to be transparent and accountable, every year Petros should present report on its revenues for the year to the legislative assembly and with the approval of the legislative assembly, dividend will be paid out to all Sarawakians,” he said