Petronas, Sarawak ink landmark settlement deal

Under this landmark commercial settlement agreement, both Petronas and the state government have agreed to establish a consultative framework to enhance collaboration through a structured and formalised avenue comprising a joint coordination committee and an annual strategic dialogue.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and the Sarawak state government today signed a commercial settlement agreement on the issues of the state’s sales tax and oil mining laws.

Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said the commercial settlement agreement would establish a framework between the national oil company and the state government that would see Sarawak more actively involved in its onshore oil and gas activities through Petroleum Sarawak Bhd (PETROS).