The formation of Petros, an oil and gas company for the Malaysian state of Sarawak, provides the state with greater control over its oil and gas sector, according to The Straits Times.
Petros will allow Sarawak to earn its own revenues directly through oil and gas exploration and in downstream activities rather than relying on cash payments from Petronas.
However, the formation of Petros does not affect Petronas’s ongoing works in Sarawak, which includes 60 producing fields.
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