Malaysian state energy firm Petroliam Nasional Berhad (Petronas) will maintain all its contractual obligations, Prime Minister Anwar Ibrahim said, after talks over gas distribution with Petroleum Sarawak Berhad (Petros) fanned industry concerns.
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A recent deadlock in talks between Petronas and Petros, run by the state of Sarawak, home to more than 60 per cent of Malaysia’s gas reserves, stirred concern over the potential effect on the revenues of the former, a major contributor to government coffers.
On Monday, Anwar told parliament all detailed negotiations between the two would follow transparent commercial principles, and they would work together in the interest of the nation.
Petronas will “maintain all existing domestic and international contractual obligations,” he added.
The assurance followed comments reported by the Borneo Post newspaper from Sarawak premier Abang Johari Tun Openg that the negotiations had yet to be resolved as some “grey areas” remained.
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The federal government’s decision to recognise Petros came about because the state, on the island of Borneo, had helped, through Petronas, in funding Malaysia’s early growth, he added.