KUCHING, May 5: Starting today, all Petros’ red and Petronas’ green gas-filled cylinders will be marketed by PETROSNiaga and all existing Petronas LPG dealers are now Petros LPG dealers.
This was announced today following the completion of the Business Transfer and Share Subscription Agreement (BTSSA) for PETROSNiaga Sbn Bhd (PNiaga) which marked the operationalisation of the partnership between Petronas Dagangan Berhad (PDB) and Petroleum Sarawak Berhad (Petros) for the liquified petroleum gas (LPG) business in Sarawak.
Petros Group chief executive officer (CEO) Janin Girie emphasised that the operationalising of this strategic partnership fulfills the Sarawak government’s aspiration for a Petros-operated LPG business statewide and realising the intent of the State’s Distribution of Gas Ordinance 2016.
“It is our joint commitment to better serve our LPG customers in Sarawak, by making an essential everyday fuel for Sarawakians, more equitably available, especially for those in rural areas,” he said in a statement.
Meanwhile, PDB managing director and CEO Azrul Osman Rani said the partnership is a strategic move to combine the strengths, experience and competencies of both oil and gas companies to deliver superior service and value for its customers, while elevating the LPG market in Sarawak.
“We at PDB are committed to continue to serve the community in Sarawak,” he added.
The completed BTSSA with Petros involves the divestment of PDB’s Sarawak LPG business to PNiaga and subscription of 49 per cent equity stake in PNiaga.
The joint entity features a joint Board of Directors chaired by Petros senior vice president for Corporate Strategy Abang Arabi Abang Narudin and shareholder representatives from Petros and PDB.
Existing director Bong Siet Fah who is Petros’ chief financial officer is joined by the new appointments of PBD LPG Business head Pramela Vallinayagan and PBD chief financial officer Farzlina Ahmad Murad.
Lai Ah Kiaw is appointed CEO of PETROSNiaga Sdn Bhd. — DayakDaily
