KOTA KINABALU, Aug 9 (Bernama) -- The Sabah government will acquire a 30 per cent stake in two new oil and gas fields on the state's east coast, said Sabah Chief Minister Datuk Seri Hajiji Noor.
He said the state government was also finalising the acquisition of 40 per cent equity in the floating liquefied natural gas facility project in Sabah.
“The agreement for this partnership will be signed soon. The government will also develop new industrial parks, including in Kota Belud and a blue economy hub in Kudat to boost investment in the state further and increase domestic economic chain activities," he said at the 32nd anniversary of the United Progressive Kinabalu Organisation (UPKO) and the opening of UPKO’S 17th Triennial Conference here today.
Hajiji, who is also Gabungan Rakyat Sabah chairman, said the development was part of the state government's efforts to strengthen Sabah's participation in the oil and gas industry through a strategic collaboration with PETRONAS under the Commercial Collaborative Agreement.
He said the collaboration had increased the state government's equity holding in the exploration and development of Sabah’s oil and gas industry. Additionally, it has opened up space for local companies to be involved in the industry’s development.
Hajiji also said that the state government continues to focus on strengthening financial performance and increasing state revenue collection as an important foundation in driving Sabah's development.
He said since 2022, the state government had managed to maintain revenue collection annually at the RM7 billion level. He expects state revenue collection to increase to RM8 billion this year.
"In 2025 alone, RM7.6 billion in investment value in the manufacturing sector was recorded, almost 208 per cent against 2024," he said.
This achievement was also supported by the state's economic resilience in facing various domestic and global challenges, thus strengthening Sabah's position as a strategic investment destination.
-- BERNAMA