Kuala Lumpur: Sabah is geared for a potential acquisition of 50 per cent participating interest in the Samarang Production Sharing Contract (Samarang PSC) following the signing of the Heads of Agreement (HoA) between SMJ Sdn. Bhd. (SMJSB) and Petronas Carigali Sdn. Bhd. (PCSB).
Witnessing the signing ceremony at the Malaysian Petroleum Club, Petronas Twin Towers, here, today, Chief Minister Datuk Seri Hajiji Noor congratulated both parties saying this is another significant development for Sabah.
Today’s Samarang PSC HoA signing came on the heels of last Wednesday’s Letter of Understanding deal on the back-in option arrangement for Block SB409 Production Sharing Contract giving the Sabah State-owned entity up to 20 per cent participating interest upon completion of work commitment or commercial discovery. SMJSB had also signed a HoA with Petronas Chemicals Group Bhd for the acquisition of 25 per cent participating interest in the Sabah Ammonia Urea petrochemical plant on Jan 9, 2023.
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