The Government welcomes the achievement of consensus between the Sabah State Government and Petroliam Nasional Berhad (PETRONAS) on issues related to the oil and gas industry in the state, through a commercial collaboration agreement (CCA).

The CCA, which was jointly signed by the Sabah State Government and PETRONAS in Kota Kinabalu today, is a landmark in the joint venture for the development of the oil and gas industry in Sabah.

This strategic cooperation will have a more comprehensive economic spillover effect in the state.

The agreement signed will also enable the Sabah State Government to play a greater role in developing the oil and gas industry through a close partnership with PETRONAS.

In addition, it will open up wider business opportunities for local companies to be involved in the oil and gas services industry in Sabah.

At the same time, PETRONAS will continue to play its role as a state-owned petroleum company with full authority in regulating the development of the oil and gas industry as a whole, in accordance with national laws.

The successful consensus truly symbolizes the Federal Government’s commitment to work with the Sabah State Government to ensure inclusive development so that the benefits of national development can be enjoyed together more fairly and equitably.

Source: Office of the Prime Minister Putrajaya, Malaysia