Kota Kinabalu: Sabah has signed a deal with a Petronas subsidiary to acquire a 25-percent stake in the energy giant's chemicals and fertiliser firm in the state.
Sabah through its company SMJ Sdn Bhd (SMJSB) and Petronas Chemicals Group Berhad (PCG) have signed a Heads-of-Agreement document for the acquisition of 25pc equity interest in Petronas Chemicals Fertiliser Sabah Sdn Bhd (PC FSSB).
The agreement was signed by SMJSB Chief Executive Officer Dr. Dionysia Aloysius Kibat and PCG Managing Director and Chief Executive Officer Mohd Yusri Mohamed Yusof in the presence of Sabah Minister of Local Government and Housing/Minister of Finance II, Datuk Masidi Manjun and Petronas Senior Vice President, Project Delivery & Technology, Datuk Bacho Pilong.
“The acquisition of equity interest in PC FSSB will give Sabah State greater revenue sharing in the oil and gas industry in Sabah,” Dionysia said in a statement.
“This in addition to the recent acquisition of selected downstream gas pipeline assets and supply of natural gas contracts by Sabah Energy Corporation Sdn Bhd (SEC), which makes SEC the largest domestic supplier and transporter of natural gas in Sabah."
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