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Agreement Further Expands Mutually Beneficial Relationship Between Two Parties
Kota Kinabalu, 7 December 2021 – The Sabah State Government and PETRONAS are pleased to announce the signing today of a Commercial Collaboration Agreement (“Agreement”) to further enhance the collaboration between the two parties in developing the oil and gas industry in Sabah.
Signing as a witness for PETRONAS was Senior Vice President, Malaysia Petroleum Management, Mohamed Firouz Asnan (extreme right) while Sabah Finance Minister II Datuk Seri Panglima Masidi Manjun (extreme left) signing as witness for the Sabah state government.
The Agreement, which was concluded under the steer of the Federal Government, is a testament of an expanding mutually beneficial relationship between the state and PETRONAS, as the national oil and gas corporation, in responsibly realising the full potential of the domestic oil and gas industry. Specifically, for the State of Sabah, the objectives of this Agreement are to increase the revenue for Sabah from oil and gas production in the state by increasing its participation in the oil and gas industry and its value chain and to have greater involvement together with PETRONAS in the oil and gas development in the state.
The State of Sabah, through its nominated State-Owned Entity will have the opportunity to increase its participation in upstream petroleum arrangements including in partnership with PETRONAS Carigali Sdn Bhd, the wholly owned subsidiary of PETRONAS, as well as in the midstream and downstream oil and gas businesses within the state.
The signing of this Agreement marked a new chapter of a closer collaboration between the Sabah State Government and PETRONAS. Towards achieving this objective, a consultative framework will be established whereby both parties will jointly engage on matters of importance to the industry to maintain a sustainable, conducive business and investment environment for the benefit of the state and the nation.
