Kelantan sets up SPV to boost O&G participation
Deputy menteri besar Fadzli Hassan says Kelantan Ventures Sdn Bhd was established under Kelantan Menteri Besar Incorporated.
The Kelantan government has created a special purpose vehicle, Kelantan Ventures Sdn Bhd (KVSB), to enhance the state's involvement in the oil and gas industry, according to Deputy Chief Minister Fadzli Hassan. During a state legislative assembly session, Hassan stated that KVSB was established under Kelantan Menteri Besar Incorporated and aimed to benefit the people by contributing to sustainable economic development.
The Deputy Chief Minister also mentioned that KVSB would explore investment opportunities, forge partnerships, and develop the industry value chain, including supply bases, logistics, upstream and downstream support services, and energy sector opportunities. This strategy aligns with the development of the Northern Offshore Oil & Gas Corridor, which encompasses the Tok Bali Supply Base, Tok Bali Industrial Park, and future integration with the East Coast Rail Link logistics network.
However, KVSB's establishment must consider existing legal frameworks, such as the Petroleum Development Act 1974, as well as Kelantan's unique constitutional position distinct from Sarawak, which holds specific rights under the Malaysia Agreement 1963.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Kelantan sets up SPV to boost O&G participation freemalaysiatoday.com
