KUCHING: Petroleum Sarawak Berhad (PETROS) is poised to become an important effective engine of growth for the development of the state economy.
In stating this, Head of Oil and Gas Association, Datuk Rahman Lariwoo said in reaction towards PETROS’s achievement over the past five years.
“PETROS is able to move forward and I hope that they are able to bring the oil and gas company to the global stage,” he said.
In the meantime, secretary general of Associated Chinese Chambers of Commerce and Industry Sarawak (ACCCIS) Datuk Jonathan Chai added that this is a significant achievement for company that was formed for only five years.
“And hopefully through this joint venture with PETRONAS, it will create some positive spill over by creating more jobs and business opportunities,” he said.
Chai then added with the revenue that PETROS gained in the past five years, he hoped that the company could contribute and allocate some of their revenue to corporate social responsibility (CSR).
“This could be a good move so that CSR, local NGOs, especially those involved in charitable and voluntary organisation would receive some financial assistance from PETROS,” he added.
Rahman then added the steps of PETROS to raise the equity from 51 per cent to 75 per cent are a good move for full involvement among the Sarawak contractors.
“This is because we want to look out for their best interest and importance,” he said when contacted by New Sarawak Tribune yesterday.
From this also, Rahman then said that this will further fasten the objective of Sarawak becoming the development state by the year 2030.
When asked on whether PETROS could be a great competitor towards other oil and gas company such as PETRONAS and SHELL, Rahman then said he did not rule out the possibilities of it.
Chai also shared the same sentiment, but at the same time with proper management of the resources and training towards local in the state, the company could stand on their own.
“It will take time, even though we have the rights on the onshore oil and gas resources, and with the joint venture with PETRONAS, this could be a transition period before they’re becoming big player, to go on their own,” he said.
Earlier, Petroleum Sarawak Berhad (PETROS) has entered into a production sharing contract (PSC) with Petroliam Nasional Berhad (PETRONAS) to acquire 45 per cent equity in Block SK407 located offshore Miri effective Jan 1, next year.
This was announced by PETROS chairman Tan Sri Hamid Bugo who described the move as a pivotal step by the state oil and gas company.
He said it improves Sarawak’s access to adequate hydrocarbon resources to enable and propel the realisation of the Miri Hub Development.
In the meantime, Petroleum Sarawak Berhad (PETROS) recorded a revenue of RM1.2 billion last year.
In revealing this, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said that this was a significant feat by a company that is only five years old.
He pointed out that PETROS is on a journey of rapid growth which they have funded with their own prudent equity and securing their own financing.
