Companies & Finance

New Malaysian company Petros will boost revenues for Sarawak

The formation of Malaysian oil and gas company Petros will give the state of Sarawak with greater control over its oil and gas sector.
By Staff reporter 7 March 2018 0 29905

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.