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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Like Norway, create Malaysian millionaires with special oil fund, MP suggests

Posted on 21 February 2014

A federal lawmaker urged Putrajaya today to set up a special oil fund for Malaysians like Norway’s pension fund, which recently ballooned to USD828.66 billion (RM2.7 trillion) and turned every Norwegian into theoretical millionaires.
PKR’s Lembah Pantai MP Nurul Izzah Anwar said most of the revenue from Malaysia’s national oil company Petronas should not continue to be spent, but be set aside for rainy days in the future like Norway’s oil fund. “Petronas cannot continue to be the prime minister’s and his Cabinet’s personal bank, with almost 40 per cent of the revenue from petroleum being used in the country’s budget,” she said……………………………………….Full Article: Source


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