The commercial settlement agreement signed between the Sarawak government and Petroliam Nasional Bhd today will open a new chapter in efforts to further stimulate the development of the oil and gas industry, including creating various business opportunities, as well as the development of related industries in Sarawak, the Prime Minister’s Office said.
“The settlement of the O&G management issue, along with the agreement reached previously on the introduction of petroleum products sales tax in Sarawak, will enable the Sarawak state government to expand its revenue collection intended for various development programmes for the well-being of people from all walks of life,” PMO said in a statement today.
PMO said the agreement struck would enable Sarawak government’s subsidiary Petroleum Sarawak Bhd to play a larger role in the O&G industry by collaborating with Petronas. “At the same time, Petronas will continue to play its role as the national oil company with full power to regulate the overall O&G industry development in line with the country’s laws,” it said.