Introducing Petros – Sarawak’s own oil & gas company

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Chief Minister Abang Johari Openg says the firm’s board members will consist only of Sarawakian professionals and non-politicians.

PETALING JAYA: Sarawak has set up a wholly state-owned oil and gas company named Petros to conduct fossil fuel explorations within its territorial waters.

Chief Minister Abang Johari Openg announced the formation of the company yesterday, saying that its board members would comprise Sarawakian professionals within the industry.

The Borneo Post reported him as saying that there would be no politicians on the board, and that only those with substantial experience in the oil and gas industry would be chosen to serve in it.

However, he did not reveal the name of the members, and holders of other posts such as that of chairman and chief executive officer.

“We have officially formed our oil company, Petros,” he was quoted as saying during an appreciation dinner organised by his office.

“The formation of Petros is an unprecedented step taken by the state government to enable Sarawak to actively participate in the extraction of oil and gas in Sarawak while still pursuing its request for a 20% royalty from Petronas,” he added.

Abang Johari also reportedly said that the newly-formed Development Bank of Sarawak (DBOS) would begin operations soon, and that its CEO has been appointed but did not disclose the name.

Like Petros, the bank would have board members only from among Sarawakians who are professionals and non-politicians, he said.

The DBOS chairman’s seat is held by state secretary Mohamad Morshidi Abdul Ghani.

“We have appointed the CEO already and this CEO will have his team under the supervision of the state secretary while the board members are all non-politicians and professionals who will carry out activities of the bank to develop our state,” he was quoted as saying.

On June 10, Abang Johari had announced the state’s plans to establish its own firm to work with Petronas to conduct explorations, saying that the national oil and gas company was agreeable to the proposal.

He said the move was in addition to the state’s call for an increase in oil royalty for extractions made within its borders, from 5% to 20%.

He also said it was part of the state’s initiative to have a more significant stake in the industry within its borders.

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Source: http://www.freemalaysiatoday.com/category/nation/2017/08/07/introducing-petros-sarawaks-own-oil-gas-company/

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