KUCHING: Pusaka Capital Group marked another milestones in its oil and gas business when its wholly-owned subsidiary, Pusaka Integrated Resources Sdn Bhd, acquired the Bintulu Liquefied Petroleum Gas (LPG) Terminal from Petroliam Nasional Berhad (Petronas) Dagangan Berhad (PDB).
The group’s chairman Datuk Naroden Majais said as an investment arm for Sarawak Timber Development Corporation (STIDC), Pusaka Capital Group’s involvement in downstream oil and gas sectors since 2017 has proven to be significant for the group to generate steady revenues.
“Up to date, Pusaka Capital has shown its capability in running the business and managed to put Petronas Bitumen as the market leader in Sarawak since 2018.
“Thus, I am very grateful that Sarawak government and Petronas Dagangan have provided another opportunity for Pusaka Capital to get involved in another venture in oil and gas related sector, that is to own and operate the LPG terminal.”
Naroden said this in his welcoming speech ahead of the signing ceremony of a sales and purchase agreement for Bintulu LPG Terminal Sarawak between PDB and Pusaka Integrated Resources Sdn Bhd held at Dewan Seminar, Sarawak Timber Industry Development Corporation (STIDC), yesterday (Nov 1).
He said that the terminal later will support the LPG business run by the state owned entity, Petroleum Sarawak Berhad (PETROS) to fill up the Petros red cylinders, for them to distribute in the central and northern regions of Sarawak.
Naroden added that this opportunity provides another good platform for the group to get involved further in the oil and gas related businesses, especially LPG.
“This is also for the group to grow in line with the Sarawak government’s aspiration, for Sarawak to be a developed state of economic prosperity, social inclusivity and sustainable environment by 2030.
“At the same time, this participation by Pusaka Capital Group’s subsidiary company will add to the number of Sarawak companies registered with Petronas to participate in oil and gas as pledged by Petronas to the Sarawak government under the RM2.1 billion baseline of works for Sarawak local companies since 2017,” he said.
The sales and purchase agreement was signed by Datuk Hashim Bojet, Director of Pusaka Integrated Resources Sdn Bhd and Azrul Rani Osman, Vice President and Managing Director/Chief Executive Officer of PDB and witnessed by Deputy Premier Datuk Amar Awang Tengah Ali Hasan.
The Bintulu LPG terminal has been owned and operated by PDB over the last 20 years and with the acquisition, the LPG terminal is now owned and operated by local Sarawak companies which are subsidiaries of STIDC.
Meanwhile, Azrul said for the past 20 years, PDB has been able to grow the LPG business in Sarawak.
“With the strong foundation including skilled talent and advanced facilities that we have developed, this will further support the state’s aspiration to become the oil and gas hub in the region,” said Azrul.