Sabah has learned from past oil & gas missteps, says Masidi
SMJ Energy’s success in generating oil and gas revenue and attracting foreign direct investment reflects how Sabah has learned from past lessons, according to state finance minister Masidi Manjun.
“Sabah’s longstanding role in upstream and downstream projects led earlier administrations to explore state participation vehicles — from Sabah Gas Industries to Sabah International Petroleum,” he told FMT.
“However, it is fair to acknowledge that these companies’ management had some shortcomings.”
Sabah Gas Industries had to be privatised in the 1990s due to financial difficulties.
Meanwhile, Sabah International Petroleum, established in 2010, was saddled with debt to the tune of RM1.6 billion before SMJ Energy took over in 2023 and turned the company around.
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