Petronas Dagangan Bhd and Petroleum Sarawak Bhd (PETROS) announced the completion of the business transfer and share subscription agreement for PETROSNiaga Sdn Bhd on May 5, Thursday.
This shall marks the operationalisation of the partnership for the liquefied petroleum gas (LPG) business in Sarawak.
In a joint statement, the companies said that starting Thursday, all (green) Gas Petronas gas-filled cylinders are PETROS’ (red) as marketed by PETROSNiaga and all existing Petronas LPG dealers are now PETROS LPG dealers.
“It is our joint commitment to better serve our LPG customers in Sarawak by making an essential everyday fuel for Sarawakians more equitably available, especially for those in the rural areas.
“The operationalising of this strategic partnership fulfils the Sarawak government’s aspiration for a PETROS-operated LPG business statewide and realising the intent of the state’s Distribution of Gas Ordinance 2016,” PETROS group chief executive officer (CEO) Janin Girie said.
“The company would continue to serve the community in Sarawak,” PDB managing director and CEO Azrul Osman Rani said.
“The partnership is a strategic move to combine the strengths, experience and competencies of both oil and gas companies to deliver superior service and value for customers, while elevating the LPG market in the state,” he added.
The completed agreement with PETROS involves the divestment of PDB’s Sarawak LPG business to PETROSNiaga and subscription to a 49% equity stake in PETROSNiaga.
The said joint entity features a joint board of directors chaired by Abang Arabi Abang Narudin (the senior vice-president of corporate strategy of PETROS) and shareholder representatives from PETROS and PDB.
