Sabah Secures 40% Stake in FLNG Facility Project with Petronas
Sabah is poised to receive a significant stake in its floating liquefied natural gas (FLNG) facility project after signing an agreement with Petronas. The state will hold a 40% interest in the project, according to Chief Minister Datuk Seri Hajiji Noor. This milestone comes as a result of close cooperation between Sabah and Federal governments, facilitated by a previous cooperation agreement with Petronas.
The deal also grants Sabah a 20% stake in projects undertaken by Petronas at newly discovered oil and gas fields off the coast of Sandakan. Hajiji highlighted that existing industrial areas are approaching full capacity due to strong investor support, prompting the state government to expand new zones, including the Palm Oil Industrial Cluster (POIC) on the east coast.
The Chief Minister noted that foreign diplomats have taken notice of Sabah's 'investor-friendly policies', which are attracting increasing interest in the state. This has led to a surge in investor support, with nearly 40 foreign diplomats or high commissioners visiting the state over the past five years.