Kota Kinabalu: Warisan has been accused of politicising Sabah’s oil and gas matters without understanding the industry’s realities.
Parti Gagasan Rakyat Sabah (Gagasan Rakyat) Youth Exco Gordon Horace Chin said recent remarks by Warisan’s Datuk Azis Jamman on Sabah’s role in oil and gas were misleading and could harm public understanding.
“Azis talks about upstream involvement, but ignores that Sabah already holds significant stakes, including 50 per cent in Samarang PSC, 10 per cent in LNG9, and 25 per cent in Samur under the agreement with Petronas,” he said in a statement.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});He said SMJ Energy, established by the GRS-led government, has delivered RM160 million in dividends to the State and was valued at RM5 billion. Chin said oil and gas exploration comes with high risks and costs, and SMJ’s approach of acquiring producing assets first was a responsible strategy.
He also addressed criticisms over the RM900 million sukuk used to acquire Sabah International Petroleum (SIP), calling it a market-backed refinancing, not a bailout.
“At the time, SIP was burdened with RM1.7 billion in debt and posed a risk to Sabah Development Bank. The restructuring, rated AAA and oversubscribed nearly four times, helped avoid a financial crisis,” he said.
The restructuring saved the State over RM60 million in interest in one year, and allowed the bank to resume lending.
He said Warisan attempted a RM10 billion sukuk when in power but failed to secure investor confidence. Chin also refuted claims that Warisan had settled the RM1 billion bond in 2019, saying it was done through a sinking fund set up since 2014.
“Sabah is recovering from years of mismanagement. Warisan should stop misleading the public with half-truths,” he said.
He urged the public to focus on long-term solutions and support efforts to stabilise the State’s finances and oil and gas sector.
