Petros board formed, members all Sarawakians

Abang Johari (second left) accompanied by Unimas Vice Chancellor Professor Dato Dr Mohamad Kadim Suaidi (left), Minister in the Chief Minister’s Office (Integrity and Ombudman) Datuk Talib Zulpilip (on Abang Johari’s left) and others, tours the book exhibition area after opening the International Conference on Language Studies. — Photo by Muhd Rais Sanusi

KUCHING: The board of the newly formed Petros, Sarawak’s own oil and gas company, is made up of five Sarawakians who have retired from Petronas and Shell.

Chief Minister Datuk Amar Abang Johari Tun Openg highlighted this yesterday as he brushed aside rumours that Sarawak Energy Berhad (SEB) chief executive officer (CEO) Sharbini Suhaili might be appointed to the top position.

“No, he is the CEO of energy. We have formed Petros and appointed the board. For a start, we have five members. They are all Sarawakians who have retired from Petronas and Shell,” he told reporters after opening the International Conference on Language Studies (ICLS 2017) at Riverside Majestic Hotel here.

“We will work together to find the best person with experience to be appointed the CEO. The board will decide later,” he assured.

Most importantly, he pointed out, was forming and registering the company with the board first in order to look after Sarawak’s interest in the oil and gas sector.

“Now, it (Petros) is in the formative stage. We must have our own vehicle, after which we will work with Petronas to explore the upstream activities particularly,” he added.

Abang Johari disclosed that the government already has something in the pipeline which will be announced later and the State Legislative Assembly (DUN) would be informed of Petros structure in November when the sitting commences.

He also confirmed that the state government will take up 10 per cent share of the LNG Train 9.

“Petronas has confirmed and now it is just a matter of price,” he said.

Source: http://www.cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&nid=1586

PKR welcomes set-up of Petros by Sarawak govt

State PKR vice chairman See Chee How urges Sarawak government to administer Petros as a sovereign wealth fund answerable to the Sarawak Legislative Assembly, to avoid the problems besetting 1MDB.

PETALING JAYA: Sarawak PKR has welcomed the establishment of Petros to drive the state’s direct participation in the extraction and development of petroleum and gas resources in Sarawak.

State PKR vice chairman See Chee How, who gave Petros the thumbs-up, urged the state-owned entity to assume control over the awarding of production sharing contracts in the remaining areas with oil and gas potentials, onshore and offshore, within Sarawak’s borders.

“The petroleum resources are depleting and we have already been deprived of this wealth for the past five decades.

“We must manage and develop whatever petroleum resources zealously to ensure that the wealth generated from now on is not only beneficial to us but sustainable for future generations of Sarawakians,” he said in a statement today.

He also advised the state government to administer Petros as a sovereign wealth fund answerable to the Sarawak Legislative Assembly.

Chief Minister Abang Johari Openg announced the incorporation of Petros in Kuching at a dinner on Sunday night to the applause of the guests who included state ministers.

According to a report by Borneo Post, he said the board members of the company had been appointed and were drawn from Sarawakian professionals with experience in the oil and gas industry, and none of them were politicians.

However, he did not name the board members or the CEO.

“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 said in the report.

See said Petros would enable the Sarawakian administration to become a strong partner to Petronas to jointly undertake all exploration and development of upstream and downstream petroleum-related projects in Sarawak.

“With the incorporation of Petros, it is imperative that all individually or separately arranged collaboration, joint ventures and any form of undertakings for upstream and downstream petroleum development projects with Petronas must go through Petros.

“Petros should give Sarawakian private and public corporations the edge in bargaining power, the financial backing and institutional support to maximise returns from all the petroleum-related development projects in Sarawak, for all Sarawakians,” he said.

See pointed to the recently announced methanol and methanol derivatives project as an example.

He said the Petronas-related project in Sarawak involved China Huanqiu Contracting and Engineering Co Ltd and peninsular Malaysia-based MACfeam Sdn Bhd, a subsidiary of Pegasus Diversified Bhd.

“The eventual shareholdings of the various parties in the project has not been revealed, but any such arrangement will not be able to maximise returns for Sarawak.

“I am hopeful the chief minister will devise a comprehensive masterplan to safeguard our sovereign rights to the valuable resources,” he added.

Source: http://www.freemalaysiatoday.com/category/nation/2017/08/09/pkr-welcomes-set-up-of-petros-by-sarawak-govt/

Sarawak’s own oil and gas firm Petros officially formed

Abang Johari and Juma’ani perform a song on stage as their granddaughter Nazla Badia Boutflika looks on.

Abang Johari (seventh left) together with other VIPs sing along on stage. He rendered some of his favourite Pop Yeh Yeh numbers to the delight of the diners.

KUCHING: Chief Minister Datuk Amar Abang Johari Tun Openg officially announced the formation of Sarawak’s wholly-owned oil and gas company Petros at an appreciation dinner organised by his office on Sunday night.

“Tonight (Sunday night), I want to tell you that we have officially formed our oil company, Petros,” the Chief Minister said to the applause of the crowd comprising ministers, assistant ministers and staff members of his ministries and office at a leading hotel here.

He said all the board members of the company had been appointed, revealing that they were drawn from among Sarawakian professionals with wide experience in the oil and gas industry and that none were politicians. The Chief Minister, however, did not reveal the names of the board members, the chairman, or the chief executive officer (CEO) of the company.

“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 per cent royalty from Petronas (National Petroleum Corporation).”

On the newly-formed Development Bank of Sarawak (DBOS), Abang Johari said the CEO has been appointed and that the bank would start its operation soon. However, he did not reveal the identity of the CEO.

He pointed out that like Petros, all the board members of DBOS under the chairmanship of Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani, who is the State Secretary, were professionals and non-politicians.

According to the Companies Commission of Malaysia (CCM), the Development Bank of Sarawak Bhd (DBOS) was officially incorporated on May 11, 2017 with Sharkawi Alis, Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani, Datu Laura Lee Ngien Hiong, Christopher Adrian and Voon Jan Moi (secretary) as its appointed directors. Its total paid-up capital is RM2 and is solely held by the Capital Development Resources (Sarawak) Sdn Bhd (Capital Development Resources).

Meanwhile, Capital Development Resources was incorporated on March 24, 2017, and its appointed directors are Datu Junaidi Reduan, Dr Muhammad Abdullah Zaidel, Voon Jan Moi (secretary) and Rafidah Nawawi @ Narawie. Its total issue and paid-up capital of RM1 is being held by the state government under the State Financial Secretary.

The Chief Minister also told the audience that steps were being taken to strengthen the state’s human capacity by giving Sarawakians opportunities to pursue postgraduate studies locally and overseas.

He said Sarawak Foundation, of which he is the chairman, would increase scholarships and loans to Sarawak students who are eligible to be admitted to local as well as foreign universities for postgraduate studies.

“And I have requested Sarawak Foundation to give all postgraduate scholarships, particularly PhDs, because giving our children opportunities to study to PhD level will give birth to new researches and researches are important in order to add value to our resources,” he pointed out.

He reiterated that a state research council under the chairmanship of the Minister of Education, Science and Technological Research would be set up to oversee all future research efforts and how they could benefit the state.

He said for a start, he had personally instructed that a research be carried out in collaboration with Swinburne University on prototyping an oil palm fruit harvesting machine that would be equipped with a sensor to automatically determine the ripeness of fruit.

He added that he had also instructed that a research be conducted on the search for protein materials among the state’s rich biodiversity resources that could replace human DNA protein in a joint effort with research being carried by Swinburne University main campus in Australia.

He expressed confidence that the identification of such a protein and its extraction would bear great significance on the continuing search for the treatment of cancer.

He thanked all the ministries for their support in the pursuit of new policies, approaches and technologies to transform Sarawak into a digital economy.

He encouraged other ministries to hold similar gatherings to honour their staff and appreciate their support towards the government’s effort to leapfrog the economy from conventional economy to one that is based on digital technology.

The reception coincided with Abang Johari’s 67th birthday which fell on Aug 4.

Apart from Morshidi, others present included Abang Johari’s wife Datin Amar Dato Juma’ani Tuanku Bujang; Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan; Minister of Utilities Datuk Dr Stephen Rundi Utom; Minister of Education, Science and Technological Research Dato Sri Michael Manyin Jawong; Minister of Local Government and Housing Datuk Dr Sim Kui Hian; Minister of Integrity and Ombudsman Datuk Talip Zulpilip; Minister of Tourism, Arts, Culture Youth and Sports Datuk Abdul Karim Rahman Hamzah and assistant ministers.

Source: http://www.cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&nid=1579

Introducing Petros – Sarawak’s own oil & gas company

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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Selling off Sarawak’s oil and gas assets: Myth or reality?

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

Petros nama rasmi syarikat minyak Sarawak, kata Abang Johari

Ketua Menteri juga dilaporkan berkata, Bank Pembangunan Sarawak (Dbos) akan memulakan operasinya tidak lama lagi.

PETALING JAYA: Sarawak menubuhkan syarikat minyak dan gas milik penuh milik – yang dikenali sebagai Petros, untuk menjalankan penerokaan bahan api di wilayahnya.

Ketua Menteri Datuk Amar Abang Johari Openg mengumumkan pembentukan syarikat itu semalam, dengan mengatakan ahli lembaga pengarahnya akan terdiri daripada profesional Sarawak dalam industri.

Akhbar Borneo Post memetik beliau berkata, tidak akan ada ahli politik dalam lembaga pengarah, sebaliknya hanya mereka yang mempunyai pengalaman luas dalam industri minyak dan gas akan dilantik untuk berkhidmat di syarikat tersebut.

Bagaimanapun beliau tidak mendedahkan nama ahli lembaga pengarah dan pemegang jawatan lain seperti pengerusi dan ketua pegawai eksekutif.

“Kami telah secara rasmi membentuk syarikat minyak kami, Petros,” katanya.

Pembentukan Petros merupakan 1 langkah yang belum pernah dilakukan oleh kerajaan negeri untuk membolehkan Sarawak mengambil bahagian secara aktif dalam pengekstrakan minyak dan gas di Sarawak sambil terus meminta royalti 20% daripada Petronas, kata beliau.

Abang Johari juga dilaporkan berkata, Bank Pembangunan Sarawak (Dbos) akan memulakan operasinya tidak lama lagi.

Katanya, ketua pegawai eksekutifnya telah dilantik tetapi tidak mahu mendedahkan nama buat masa sekarang.

Seperti Petros, bank itu akan mempunyai ahli lembaga yang hanya terdiri daripada kalangan rakyat Sarawak yang profesional dan bukan ahli politik, kata beliau.

Kerusi pengerusi Dbos akan diterajui oleh Setiausaha Kerajaan Negeri Datuk Mohamad Morshidi Abdul Ghani.

“Kami telah melantik ketua pegawai eksekutif dan ketua pegawai eksekutif ini akan mempunyai pasukannya di bawah pengawasan setiausaha kerajaan negeri manakala semua ahli lembaga adalah kalangan bukan ahli politik dan kalangan profesional yang akan menjalankan aktiviti bank untuk membangunkan negeri kita,” katanya,

Pada 10 Jun, Abang Johari mengumumkan rancangan Sarawak yang mahu menubuhkan firma sendiri untuk bekerjasama dengan Petronas bagi menjalankan aktiviti eksplorasi.

Beliau berkata, langkah itu adalah tambahan kepada tuntutan kerajaan untuk meningkatkan royalti minyak dari 5% hingga 20%.

Beliau juga berkata ia adalah sebahagian daripada inisiatif negeri untuk mempunyai kepentingan yang lebih besar dalam industri di sempadannya.

Source: http://www.freemalaysiatoday.com/category/bahasa/2017/08/07/petros-nama-rasmi-syarikat-minyak-sarawak-kata-abang-johari/

A different approach to develop Sarawak

BINTULU: The state government will continue to develop the state like what has been implemented by the previous chief minister the late Datuk Patinggi Tan Sri Adenan Satem and also carry the task entrusted by Head of State Tun Pehin Sri Abdul Taib Mahmud.

“I have a different approach to develop the state and within 100 days of me at the helm, all the necessary things have been implemented to improve the state’s economy.

“The economy should be developed holistically with the existing resources and add value to the resources,” he said at the Ramah Tamah Aidilfitri gathering organised by Bintulu Islamic Welfare Trust Board and PBB Jepak at Parkcity Everly Hotel here yesterday.

Present were Abang Johari’s wife Datin Amar Dato Juma’ani Tun Tuanku Bujang, Minister in the Chief Minister’s Office (Integrity and Ombudsman) Datuk Talib Zulpilip and wife Datin Dr Zaliha Abdullah, Minister of Utilities Dato Sri Dr Stephen Rundi,  Minister of Welfare, Community Well Being, Women and Family Childhood Development Datuk Fatimah Abdullah, Bintulu MP Datuk Seri Tiong King Sing, Samalaju assemblyman Majang Renggi, Murum assemblyman Kennedy Chukpai Ugon, Bintulu Resident Muhamad Yakup Kari, and director of Islamic Education Bureau of Sarawak Islamic Council Datu Dr Adi Badiozaman Tuah.

Abang Johari said among the approaches (to develop the state) were to increase internet speed for the community without segregating the people in urban and rural areas and upgrading physical development in rural areas.

He also said he would continue the efforts of ‘Tok Nan’ to protect and preserve the state’s biodiversity by freezing the issuance of timber licences, adding value from its natural resources related to research on drugs, improve the timber industry, and forest protection and preservation.

“Borneo, which is rich in biodiversity, needs replanting of trees with the cooperation of Sarawak Forestry Corporation (SFC) and Universiti Putra Malaysia (Bintulu) with the establishment of a relevant laboratory,” he said.

Abang Johari said he had drawn up a plan that emphasises education with the establishment of the state Ministry of Science and Technology, and the upgrade of 460 dilapidated out of 960 schools using the state’s fund.

He said the prime minister also agreed for the state government to set up its own bank (Development Bank of Sarawak) which would operate in January next year, with professionals identified to lead the bank.

“From DBOS, the state will have its own funds to manage the strategic development of education and other industries. It will also boost the state’s economy apart from upgrading internet speed with an allocation of RM1 billion.

“Some people say I’m too brave to do it but we have a way to accelerate the state’s development and improve the level of education which is important to eradicate poverty,” he said.

He said Sarawak had also set up its own oil company under the name of Petroleum Sarawak (Petros) with the state government working with Petronas to explore for oil and gas in the state.

“With Petros we can be involved in the upstream sector with Petronas exploring our oil reserves to benefit Sarawak.”

He added that local companies could be involved in the maintenance work and so on.

Abang Johari also talked about the construction of a bridge across Sungai Kemena to Kampung Jepak, which was approved under the Public Works Department for implementation within three years, which would open new settlement areas in Jepak and the transfer of the administrative office to Jepak.

“All these efforts will spur the economy and development of Jepak area, thus more new land will be opened up.

“The opening of new land is important so that development will not only concentrate in one place. It will also increase the price of land due to high demand,” he said.

Source: http://www.cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&nid=1548

‘PBB’s strength the pillar of political stability’ — Abg Johari

Abang Johari (fourth right) leads senior PBB leaders in opening the ‘lemang’ kept in bamboo to mark the Raya celebration.

MIRI: PBB’s strength is the pillar of political stability, essential in achieving greater and uninterrupted progress to benefit all communities in the state.

In stating this, PBB president Chief Minister Datuk Amar Abang Johari Tun Openg said although leaders come and go, the spirit of championing the people’s interests would always remain intact in the party to push the state to greater heights of development.

“Smooth power transitions of PBB leadership from Tun Taib Mahmud (Tun Pehin Sri Abdul Taib Mahmud) to the late Tok Nan (Datuk Patinggi Tan Sri Adenan Satem) and now me — the captain of Tok Nan team — have put the party on a solid foundation for all members and BN (Barisan Nasional) component parties to continue to spur the state to greater heights,” he said during the ‘Majlis Ramah Mesra Aidil Fitri Miri 2017’ at Pullman Hotel here on Monday night.

The dinner was jointly hosted by PBB Bekenu, Lambir, Senadin, Pujut and Piasau.

In attendance were Deputy Chief Ministers Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan, State Legislative Assembly Speaker Datuk Amar Mohamad Asfia Awang Nassar and Works Minister Datuk Seri Fadillah Yusof.

Others present included organising chairman Ahmad Lai Bujang, who is Sibuti MP; Tourism, Arts, Culture, Youth and Sports Minister Datuk Abdul Karim Rahman Hamzah, Bekenu assemblywoman Rosey Yunus and Lambir assemblyman Ripin Lamat.

According to Abang Johari, leaders in PBB change but the spirit of the party is strong to continue its struggle for Sarawak to move forward with experienced and innovative leaders.

He recalled the smooth transition of power from Taib to the late Tok Nan and the change of guard to him, which he said proved that the party had the people’s interests first, making the party united and unique as the backbone of Sarawak BN.

“The culture of giving way to experienced party leaders to lead the party shows that PBB is mature and strong, like during the late Tok Nan’s tenure, Awang Tengah and I supported Tok Nan as the fifth Sarawak Chief Minister and I later replaced him after he died,” Abang Johari said.

With himself as the captain of Team Adenan, he has from PBB Uggah, Awang Tengah, Fadillah and Abdul Karim as part of the team, he added.

“Douglas (Uggah) is the striker, (Awang) Tengah can be in the midfield or even be the striker and also Fadillah, who keeps the PBB team strong and united,” he said.

The PBB president assured that the present PBB leaders have the dynamism to bring the state to greater heights.

“I will not be long as Sarawak chief minister as I’m currently 66 years old and I have to face the fact that I won’t be long — we must not be greedy and prepare for those after us “ he said.

Commenting on the future development of Sarawak, he said the state would switch from conventional to digital technology to spur economic development in both rural and urban areas.

On Miri and Sibuti, he said the state would further promote Miri as a resort city to the world through e-tourism to attract more tourists and the state government had allocated RM1.5 million for the Sungai Tujuh CIQ, Miri Wireless Walk, RM5 million to develop Tusan beach, RM5 million for Bakam Point and RM24 million for Sibuti bridge.

“I have a master plan for greater Miri and its outskirts in Sibuti to focus on tourism and services to support the needs of the business community and the people here,” he added.

Commenting on Sarawak’s own oil and gas company Petros, he said there would be no problem in getting engineers and skilled oil and gas workers as many Sarawakians are working in Sarawak Shell Berhad and Petronas in the country and abroad.

As for dilapidated schools, he said they would be repaired or rebuilt through the state’ own Development Bank of Sarawak (DBOS) next year.

On the request by youths in Sibuti and Bekenu for a football field, he said the state government would allocate RM3 million to set up an open stadium like those in Lawas, Limbang and Betong with track, football field and a stage.

This was Abang Johari’s first Hari Raya visit to Miri since becoming the sixth chief minister of Sarawak.

Source: http://www.cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&nid=1523

Syarikat minyak baharu Sarawak mula operasi 6 bulan lagi

Syarikat baharu itu akan menggunakan tenaga profesional daripada kalangan anak Sarawak.

KUCHING: Syarikat cari gali minyak dan gas luar pantai milik Sarawak akan memulakan operasinya dalam masa 6 bulan lagi, kata Ketua Menteri Datuk Abang Johari Openg.

Kerajaan kini dalam proses menubuhkan syarikat berkenaan, Petroleum Sarawak (Petros), 100% milik kerajaan negeri, yang akan bekerjasama dengan syarikat minyak nasional, Petronas, katanya.

Menurut beliau, perkara berkaitan pelaburan awal syarikat itu masih dibincang.

Abang Johari berkata, sebelum ini, syarikat minyak dan gas dari Sarawak hanya terlibat dengan aktiviti minyak dan gas hiliran di Bintulu, dengan pelaburan dianggar berjumlah AS$2 bilion.

Petros, katanya, akan terlibat dalam aktiviti huluan cari gali minyak dan gas serta pengeluaran gas dan minyak di kawasan perairan Sarawak.

Beliau berkata syarikat itu akan menggunakan tenaga profesional daripada kalangan anak Sarawak yang sudah terlibat dalam industri berkenaan, termasuk mereka yang kini bekerja dengan Petronas, Shell dan Murphy Oil.

“Kami ada anak Sarawak yang terdiri daripada jurutera dalam bidang ini dan ini akan memberi peluang kepada rakyat Sarawak untuk bekerja dengan syarikat itu,” katanya.

Beliau berkata kerajaan negeri menggunakan pendekatan holistik dan akan bekerjasama dengan Petronas untuk mencari gali serta mengeluarkan minyak dan gas di perairan Sarawak.

“Tiada gunanya menyalahkan orang lain. Kami perlu gerakkan inisiatif sendiri dan mempersiapkan diri kami untuk terlibat dalam industri ini,” katanya.

Beliau berkata keuntungan yang diraih akan dikongsi antara kerajaan negeri dan Petronas berdasarkan ekuiti.

Source: http://www.freemalaysiatoday.com/category/bahasa/2017/07/05/syarikat-minyak-baharu-sarawak-mula-operasi-6-bulan-lagi/

Venturing upstream through Petros

CM says state-owned company to start exploration as well as extraction of O&G from within the state waters early next year

Datuk Amar Abang Johari Tun Openg

KUCHING: The state-owned oil and gas (O&G) company is expected to commence operations early next year.

According to Chief Minister Datuk Amar Abang Johari Tun Openg, ‘Petroleum Sarawak’ – or Petros – is going to be ‘100 per cent owned’ by the state government, which would then work together with national petroleum company Petronas.

“Hopefully, the name (Petroleum Sarawak) is OK – nobody will be using that name, Petros.

“The company is expected to be in operations within six month because we must get our side ready for us to get involved in the upstream oil and gas activities,” he told reporters after the launch of Board of Engineers Malaysia (BEM) roadshow here yesterday.

Abang Johari, who is also in-charge of Sarawak O&G, said at the moment the state does not have its own company that solely looks after upstream operations.

He said Sarawak already has equities in companies that look after the downstream activities such as the Liquefied Natural Gas (LNG), Asia Fertilizer and Shell Middle Distillate Synthesis (Shell MDS).

However, he stressed that now Sarawak is going for upstream – the exploration as well as extraction of O&G from within the state waters.

Moreover, he assured all that the company would primarily employ Sarawakians.

Adding on, he said because the people wanted the state to participate in O&G, it was necessary to have a very holistic approach to this.

“We need the expertise; thus, our approach must be correct – the one I’m taking is our own state-owned company, which will work together with Petronas.

“Petronas has the expertise, and we also have our own experts and engineers who are working in Petronas, Shell and other O&G companies.

“So these are the kind of organisations and people that we need so that we can go upstream together. By doing so, we are also creating job opportunities for Sarawakians,” he said.

Abang Johari said Petros would adopt a normal business model based on equities, adding that the government would not take all of it as Sarawak is not a socialist state, or country.

He pointed out that although the company might be 100-per cent owned by the state government, it would still have to work with other partners to explore and extract O&G.

“For example, say we discover oil on Marudi land – the oil would be ours but together with Petronas, we would extract the oil from there because they (Petronas) have the technology at the moment.

“If it’s shallow (digging), the cost would be cheaper (but) if it’s in the deep sea, the cost would be higher. The average now is about US$22–US$24 per barrel, in terms of cost.

“If we got O&G reserve on land, the cost would be cheaper and if the price is US$50 per barrel, we would still get some margins based on our equity and that would be the revenue to the state,” he said.

Source: http://www.cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&nid=1492

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