Agreement Further Expands Mutually Beneficial Relationship Between Two Parties
 
KOTA KINABALU, Dec 7 (Bernama) -- The Sabah State Government and PETRONAS are pleased to announce the signing today of a Commercial Collaboration Agreement to further enhance the collaboration between the two parties in developing the oil and gas industry in Sabah.
 
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.
 
Datuk Seri Panglima Sr Haji Safar bin Untong 
State Secretary of Sabah

Datuk Tengku Muhammad Taufik
President and Group CEO
 
7 December 2021

Source: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Estee Aina Huslan
Tel: +(603) 2392 5645 / + (6012) 228 3377 

--BERNAMA