KUALA LUMPUR, Dec 7: National oil corporation Petroliam Nasional Bhd (Petronas) has agreed to a commercial settlement that will provide the Sarawak government with a greater share of revenues from oil and gas (O&G) found and produced in the state.
Petronas and the Sarawak government, in a joint statement, said the commercial settlement agreement was signed today witnessed by Prime Minister Tan Sri Muhyiddin Yassin and Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg.
They added the agreement provides for a more active involvement by Sarawak in the O&G industry through the management of onshore O&G resources by Petroleum Sarawak Bhd (Petros) and investment by Petros in the upstream ventures in the offshore areas.
“Both the Sarawak state government and Petronas, continuing its current role as Malaysia’s national oil company, remain committed to working together to create and maintain a stable, conducive business and investment environment for the sustainable growth of the O&G industry, both upstream and downstream in Sarawak.
“Towards this objective, the agreement provides for a consultative framework whereby both parties will be able to jointly discuss and deliberate on matters of importance to the O&G industry including those which affect the interests of the state,” they said in a statement issued by Sarawak State secretary Datuk Amar Jaul Samion and Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz. — DayakDaily