Sarawak officially forms O&G firm Petros


Sarawak’s wholly owned oil and gas (O&G) company — Petroleum Sarawak, also known as Petros — has been officially formed, as announced by the state’s Chief Minister Datuk Amar Abang Johari Openg yesterday.

“Tonight, I want to tell you that we have officially formed our oil company, Petros,” he said during an appreciation dinner in Kuching yesterday.

Abang Johari said all the board members of the company have been appointed and are drawn from Sarawakian professionals with wide experience in the O&G industry.

None of the board members are politicians, he added. However, names of the board members, chairman and CEO have not been revealed.

The formation of Petros is an unprecedented step taken by the state government to enable Sarawak to actively participate in the extraction of O&G in Sarawak, while still pursuing its request for a 20% hike in oil royalty from Petroliam Nasional Bhd.

Abang Johari said last month that while the state already has holdings in downstream O&G companies, it does not currently have its own company to look solely into upstream operations, where Sarawak is currently focusing its efforts on exploring and extracting O&G from within state waters.

Meanwhile, Abang Johari said the CEO position at the newly formed Development Bank of Sarawak (DBOS) has been filled. While the name of the candidate was not revealed, the bank is expected to commence operations soon.

He added that all the board members of DBOS are professionals and non-politicians under the chairmanship of Tan Sri Amar Mohamad Morshidi Abdul Ghani, who is also state secretary.

“We have already appointed the CEO, who will have his team under the supervision of the chairman. All board members are professionals who will carry out the bank’s activities to develop our state.”