Sarawak to set up own oil company amid ongoing talks with Petronas

Wan Zulkiflee(filepic) said that the partnership with Petros could be similar to other Petronas partnerships, either as service providers or as a partner under the production sharing contract (PSC).

PETALING JAYA: The Sarawak state government is going ahead with plans to set up its own oil exploration company called Petroleum Sarawak (Petros), which will be wholly owned by the state, despite the low oil price environment.

However, it is unclear how this will impact the activities of national oil company, Petroliam Nasional Bhd (Petronas), which has long operated in Sarawak, where it garners the bulk of its Malaysian revenue from gas fields there.