KOTA KINABALU (Oct 12): Sabah has sold its sixth crude oil cargo from Labuan Crude Oil Terminal (LCOT) with an estimated sales revenue in excess of RM100 million.
The crude oil cargo of about 300,000 barrels represented SMJ Energy’s (SMJE) entitlement from its 50% participating interest in the Samarang PSC, which was bought in May 2023, said SMJE in a statement on Saturday.
To date, Sabah has sold sixth crude oil cargoes, generating nearly RM800 million in cumulative sales revenue. These transactions are expected to provide sustained revenue over the next 12 years, significantly bolstering the state’s economy.
SMJE said the state continues to benefit from its entry into the oil and gas sector in Sabah through the signing of the Commercial Collaboration Agreement (CCA) with Petronas dated 7 December 2021.
The CCA gives the state greater revenue sharing, greater say and greater participation in the oil and gas value chain in Sabah.
