Petronas and Sarawak ink landmark commercial settlement deal

Petroliam Nasional Bhd (Petronas) and the Sarawak state government today signed a commercial settlement agreement on the issues of the state’s sales tax and oil mining laws.

Petronas president and group CEO Tengku Muhammad Taufik Aziz said the agreement would establish a framework between the national oil company and the state government that would see Sarawak more actively involved in its onshore oil and gas activities through Petroleum Sarawak Bhd (Petros)...