Why does PBK call RM2.9 billion Petronas tax payment undeserving of celebration?

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PBK Views RM2.9 Billion Petronas Tax Payment as Insufficient

Parti Bumi Kenyalang (PBK) president Voon Lee Shan has stated that the RM2.9 billion received from Petronas for the state sales tax on petroleum products in 2019 is not a cause for celebration. Voon believes that all profits derived from the state's oil and gas resources should be returned to Sarawak, and considers the RM2.9 billion to be a fraction of what rightfully belongs to the state.
State Entitlement to Oil and Gas Profits

Voon Lee Shan articulated that the fundamental issue lies in the state's ownership of its oil and gas resources. He expressed a strong conviction that the entirety of the profits generated from these resources should be repatriated to Sarawak. The RM2.9 billion payment, in this context, is seen as a minimal return on what PBK perceives as the state's inherent assets.
Insignificant Percentage of Due Revenue

The RM2.9 billion figure, while substantial in isolation, is considered by Voon to represent only a small portion of the revenue that Sarawak is entitled to. This perspective suggests that the state has been undercompensated for the extraction and sale of its petroleum products over the years, and the recent payment does not rectify this perceived imbalance.
Call for Re-evaluation of Federal Acts

Furthermore, Voon Lee Shan indicated that the Petroleum Development Act (PDA) 1974, Territorial Sea Act (TSA) 2012, and Continental Shelf Act (CSA) 1966 should be deemed invalid. His reasoning is that these federal legislations impede Sarawak's ability to regain full control over its oil and gas resources, thereby limiting the state's potential revenue and autonomy.

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Why does PBK call RM2.9 billion Petronas tax payment undeserving of celebration?

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