The commercial settlement agreement signed between Sarawak and Petroliam Nasional Bhd (Petronas) on Monday signals a fresh start to the oil and gas (O&G) industry in the state, according to the Sarawak Petroleum Contractors Association (SPECA).
KUCHING: The commercial settlement agreement signed between Sarawak and Petroliam Nasional Bhd (Petronas) on Monday signals a fresh start to the oil and gas (O&G) industry in the state, according to the Sarawak Petroleum Contractors Association (SPECA).
SPECA president Datuk Rahman Lariwoo said the state government's greater involvement in O&G exploration and production based on the agreement, would pave the way for more local companies in Sarawak to venture into the development of the industry.
“With this agreement signed, I hope local O&G players will be given greater opportunities to be involved in O&G activities in the state. It marks another important milestone for the state to claim our rights as stipulated in the 1963 Malaysia Agreement, ”he told Bernama.
He said the agreement also marked the beginning of the active involvement of Sarawak state -owned O&G company, Petroleum Sarawak Bhd (Petros) in the near future.
"Through the role played by Petros as a state entity, other players will be open to venture into downstream and upstream O&G activities," he said.
The agreement, which was signed in Kuala Lumpur, was witnessed by Prime Minister Tan Sri Muhyiddin Yassin, Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg and Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Sarawak State Secretary Datuk Amar Jaul Samion represented the state government to sign the agreement, while Petronas was represented by group president and chief executive officer Tengku Muhammad Taufik Tengku Aziz. - Named
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