Business

Sarawak CM wants a strong, effective, efficient Petros

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Written by Syndicated News

KUCHING, March 7 2018 : Sarawak Chief Minister, Datuk Patinggi Abang Johari Tun Openg wants Petroleum Sarawak Bhd (Petros), to be strong, effective and efficient in performing its mandated role in the oil and gas (O&G) industry.

He said to achieve this, the delegation of oil and gas regulatory and supervisory authority by the state to Petros is mandatory.

“With this in mind, Petros must build on its strategic presence in Sarawak to grow and deliver sustainable economic benefits via its business model, while at the same time, safeguarding the interest of the state government and its resources,” he said at the launch of the state-owned oil company here last night.

Abang Johari also announced that Sarawak is to assume full regulatory authority over the upstream and downstream aspects of the O&G industry in the state by July this year, as part of the devolution of powers from the Federal government.

He said Sarawak would exploit its natural resources of oil and gas as provided for constitutionally under the State List in the Ninth Schedule of the Federal Constitution.

The devolution of powers was in keeping with the agreement by Prime Minister Datuk Seri Najib Razak to return to Sarawak the powers provided for in the Malaysia Agreement 1963 (MA63) that had been inadvertently eroded over the years, he added.

Abang Johari said to ensure that Petros performs its mandated roles in a prudent manner the company is required to seek guidance from the state government for broad policy direction in the execution of its strategic roles and responsibilities.

“With the continued support of the people for the Barisan Nasional, more progress will be made, so as to meet the aspirations of Sarawakians in attaining the level of development of the more developed states in the peninsular, through more revenue from our oil, gas and other mineral resources to fund the development agenda and initiatives launched by me for a digital economy for Sarawak,” he said.

He reiterated the importance of all Malaysians working together to address the common challenges and striving to enable Sarawak to benefit from the limited natural resources management initiative.

The launch of Petros, he said, marks yet another milestone in the state’s O&G inclusion efforts and for Sarawak, simply because it has a new source to enable it to increase the depth of the state’s resources management model.

“The state Cabinet and I are very happy indeed because we are taking the bull by the horns in our efforts to transform our economy to leapfrog to new heights. So, this event is a momentous occasion not only for Sarawak, but also Malaysia,” he added.

At the function, Abang Johari also announced the appointment of Saau Kakok as Chief Executive Officer of Petros. He has spent almost 40 years of his career in the oil and gas industry.

His last position was as Vice-President for Asia of a US-based independent oil company.

“Petros is fortunate to gain Saau’s experience, talent and vision. I am confident that he is the right person to lead the company into the future, while adding value to the career of talented young Sarawakians and making Petros the best place to work,” Abang Johari said.

He said Sarawak had a good talent pool with the experience and expertise in the O&G industry and their involvement would be further enhanced via participation in contracts and supply of services offered by Petros.

He also said the state government would issue guidelines to Petros to ensure greater and more meaningful participation by Sarawakians and Sarawak companies in this sector.

“Since 1975, Liquefied Natural Gas from Sarawak has been exported by Petronas and the revenue so derived, contributed tremendously to the national economy and development of the Federation.

“By the exercise of our constitutional rights, the state government is fulfilling the aspirations of the people of Sarawak that the additional revenue from oil and gas, accelerates industrial development and economic progress, so as to enable Malaysia as a whole to achieve a high income economy by 2030,” Abang Johari said.

He said the state government would like to see Petros work alongside Petronas, both in the upstream and downstream sectors of the O&G industry.

“Both companies can contribute significantly to the advancement of the industry in Malaysia and the economic progress and prosperity of the country,” he added. – Bernama

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