By Ram Anand Malaysia’s biggest state, Sarawak, is set to take control of its natural gas assets from federal government-run companies, as its campaign for economic autonomy bears fruit in the Southeast Asian country’s fragile political landscape. The Borneo island state’s oil firm, Petroleum Sarawak Bhd.
Malaysia’s biggest state, Sarawak, is set to take control of its natural gas assets from federal government-run companies, as its campaign for economic autonomy bears fruit in the Southeast Asian country’s fragile political landscape.
“We said we respect their concern because we have equity in the LNG plants,” Sarawak Premier Abang Johari Openg was cited as saying by the News Straits Times newspaper this week. “The discussions must be finalized by October 1, otherwise, we will go ahead with the arrangement.” Petronas, whose sole shareholder is the federal government, now has to make concessions. It will soon cede control of the gas distribution network in Sarawak for the first time in its history, and analysts say it could lead to more negotiations with the state over revenue sharing, operational control and regulatory oversight.
Petronas said it was in discussions to achieve a mutual resolution on the gas distribution in Sarawak. The firm told Bloomberg in a statement that it “will continue to be a strategic partner to Sarawak to preserve a thriving and conducive investment climate in Malaysia.” A lot is at stake for Sarawak, which is almost as big as mainland Malaysia and has oil and gas fields in the disputed South China Sea.
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