KUCHING: The State Financial Secretary (SFS) has acquired another 15 percent equity interest in Malaysia LNG Tiga Sdn Bhd (MLNG Tiga) from Royal Dutch Shell public listed company (PLC) subsidiary, Shell Gas Holdings (M) Ltd, raising its stake in the liquefied natural gas (LNG) plant operator to 25 percent.
The signing ceremony for the share purchase was held at the Pullman Hotel here yesterday, witnessed by the Chief Minister Datuk Patinggi (Dr) Abang Johari Tun Openg.
The State Financial Secretary Datuk Seri Tarmizi Sulaiman signed on behalf of the state government while Shell was represented by Shell Malaysia Chairman Datuk Iain Lo.
Speaking at a press conference, the Chief Minister thanked Shell for the co-operation extended to the state in the process of the acquisition.
He said the acquisition of the shares is in line with the state’s effort in increasing its revenue stream.
“With additional investment in MLNG Tiga together with its existing investments in Bintulu LNG Complex namely in MLNG, MLNG Dua and the coming Train 9, we expect a healthy and sustainable return of investment to the state’s overall revenue.
“Our effort to expand our revenue base will continue within the power given to the state by the written laws,” said Johari.
He, however, did not disclose the amount paid by SFS for the 15 percent stake in MLNG Tiga.
MLNG Tiga Sdn Bhd was incorporated on Nov 8, 1995 to operate and manage the third LNG plant in Tanjung Kidurong, Bintulu.
The Chief Minister said up to February this year, Sarawak had received accumulated dividends of more than RM20 billion from its investments in the LNG projects.
According to him, the state needed substantial fund to finance its infrastructure development projects to enhance physical connectivity throughout the state.
He said both physical and cyber connectivity aimed to create an ecosystem conducive to the digitalisation of Sarawak’s economy in the next decade or so.
“Recently, I have announced the construction of the RM84 million Marudi Bridge which, one day, will connect the Gunung Mulu National Park and Miri via Long Terawan.
“It is the third bridge spanning Sarawak’s second longest river, the Baram River. The first bridge built across the Baram River is the ASEAN Bridge connecting Miri with neighbouring country, Brunei Darussalam, followed by the Long Lama Bridge, which is currently under construction.
“It is also said to be the bridge with the longest route among the three bridges,” the Chief Minister noted.
He also pointed out those were the kinds of projects that the government wanted to implement to ensure that the state is well connected physically.
“We have to find ways to increase our revenue as we cannot depend on the federal government entirely,” he said.
Also present were State Secretary Tan Sri Datuk Amar Mohamad Morshidi Abdul Ghani, Utilities Minister Datuk Dr Stephen Rundi Utom and Second Finance Minister Dato Sri Wong Soon Koh.
