Petronas will pay 5pct to Terengganu if oil extracted there

Petroliam Nasional Bhd (Petronas) will only make a cash payment of five percent to the Terengganu government if petroleum is discovered and extracted within the state.

According to Minister in the Prime Minister’s Department (Law and Institutional Reform) Azalina Othman Said, this is based on an agreement between Petronas and Terengganu.

She said the agreement was...