KUCHING: The Commercial Settlement Agreement signed by the Sarawak government and Petroliam Nasional Berhad (Petronas) will open a new chapter in efforts to further boost the development of the oil and gas industry in the state.
The Prime Minister’s Office (PMO), in a statement on Monday (Dec 7), said it would also open various business opportunities and development of related industry development in Sarawak.
It said resolved issues related to oil and gas management, including the agreement on the introduction of petroleum sales tax in Sarawak that had been achieved before, would enable the state government to expand revenue collection to be channelled to various development programmes for the welfare of all sections of the people.
“The agreement signed today also allows Petroleum Sarawak Berhad (Petros), a state-owned company, to play a greater role in the oil and gas industry through collaboration with Petronas,” it said.
PMO said in addition, it would open up wider opportunities for companies in the oil and gas services industry in Sarawak to venture into more business-related industries.
It said at the same time, Petronas would continue to play a role as a national oil company with full authority in regulating the development of the oil and gas industry as a whole in accordance with national law.
“The agreement and consensus of both parties in signing the commercial agreement really symbolise the federal government’s commitment to resolve the matter jointly with the state government.
“It is hoped that the solution to this issue will open a new chapter in the effort to achieve the Vision of Shared Prosperity 2030 besides ensuring inclusive regional development so that the development of the country can be enjoyed by all Malaysians in a fair and equitable manner,” the PMO said.
