Sabah to acquire 30pc stake in two new oil and gas fields, says Hajiji

KOTA KINABALU, Aug 10 — Chief Minister of Sabah, Datuk Seri Hajiji Noor, announced that the Sabah government will acquire a 30 percent stake in two new oil and gas fields located on the state's east coast. The Chief Minister also confirmed that the state government is in the process of finalising the acquisition of a 40 percent equity position in a floating liquefied natural gas facility project in the region.

The partnership agreement is expected to be signed soon. In addition to the oil and gas investments, Hajiji announced plans to develop new industrial parks, including one in Kota Belud and a blue economy hub in Kudat, in order to attract further investment and stimulate domestic economic activities. This strategic collaboration with Petronas under a Commercial Collaborative Agreement aims to strengthen Sabah's involvement in the oil and gas industry through increased equity holdings.

The government's focus on enhancing financial performance and revenue collection is seen as crucial for driving the state's development. Since 2022, the state government has maintained annual revenue collection at RM7 billion, with expectations of reaching RM8 billion in the current year. Hajiji also highlighted the state's economic resilience in the face of both domestic and global challenges, positioning Sabah as a strategic investment destination.