Sabah secures 20 pct equity stake in O&G sector through strategic partnership with Petronas

KOTA KINABALU (Feb 10): The acquisition of a 20 per cent equity stake in the oil and gas (O&G) industry through a strategic partnership with Petroliam Nasional Berhad (Petronas) has been hailed as a crucial step toward sustainable, long-term economic returns for Sabah.

Pro-Gabungan Rakyat Sabah (GRS) political activist Aksyah Nasrah said the collaboration between the state government under Chief Minister Datuk Seri Panglima Hajiji Noor and Petronas reflects Sabah’s strategic approach to achieving lasting progress.

He highlighted that local leadership enables swift, decisive decisions focused on the state’s interests, giving the government greater autonomy in guiding economic development.

“Working in tandem with the federal government and partnering with Petronas ensures that Sabah’s revenues can be enjoyed sustainably by its people,” he said in a statement.

Aksyah noted that the 20 per cent equity ownership demonstrates the Chief Minister’s long-term vision, countering opposition claims ahead of the 17th State Election that Sabah could not secure a foothold in the O&G sector.

He said the step-by-step approach adopted by the state government is realistic, strategic, and aligned with Sabah’s capacity.

He described the move as a ‘two birds with one stone’ strategy, building local capacity while securing equity and continuous economic returns.

The collaboration also creates greater opportunities for Sabah-based industry players to participate in the O&G value chain, generating broader economic benefit.

Aksyah expressed confidence that stable revenue streams will support the effective implementation of the Sabah Maju Jaya (SMJ) 2.0 roadmap and praised Hajiji’s proactive efforts to diversify Sabah’s economic base for the long-term well-being of the people.

“Congratulations to the Chief Minister and the SMJ Energy management team on this strategic achievement in strengthening Sabah’s economic foundation,” he said.