SARAWAK has seen substantial financial returns from its oil and gas sector, amassing RM280 billion in benefits since the industry began developing in 1976.
Prime Minister Datuk Seri Anwar Ibrahim, who highlighted these figures during a briefing on petroleum activities in Sarawak at the Dewan Rakyat today, said the state has played a significant role in the nation’s economic growth through its oil and gas resources.
Anwar, who also serves as Finance Minister, outlined that this amount includes investments in upstream activities, with a noteworthy RM90 billion in contract value invested over the last decade, from 2014 to 2024.
During this period, Sarawak's registered vendor companies have benefited from contracts totalling over RM40 billion.
In addition to these investments, the financial gains have been substantial.
Sarawak received RM49 billion in cash payments up until December 2024, while its sales tax revenue from the sector reached RM18.66 billion by the third quarter of the same year, he added.
Anwar said dividends totalling RM28.6 billion were earned through the Sarawak Financial Secretary's (SFS) shareholding in the MLNG Group of Companies.
The SFS, incorporated under the State Financial Secretary (Incorporation) Ordinance of 1948, has played a key role in channelling these funds into the state's development.
Beyond financial returns, Petronas, the national oil company, has also contributed significantly to the state’s human capital development. Over the past decade, RM600 million has been invested in education and skills development initiatives across Sarawak.
Anwar acknowledged that the substantial national revenue generated by the oil and gas industry in Sarawak has been crucial in supporting the early stages of Malaysia's nation-building and economic progress.
"All of this is thanks to Sarawak and the close collaboration between the state and federal governments," Anwar said.
"We have made adjustments to better recognise the role of Petros in sustaining Sarawak's economic growth."
Anwar expressed his gratitude to Petronas, the Sarawak state government, and the Premier of Sarawak, Tan Sri Abang Johari Openg, for their ongoing cooperation in driving the region's economic development.
The briefing marks another step in underscoring Sarawak's integral role in the nation's oil and gas industry, reinforcing the importance of continued cooperation between federal and state authorities to secure long-term economic prosperity for the region. – February 17, 2025
