KUCHING: The federal and Sarawak Governments have agreed on the key principles of the commercial agreement between Petroliam Nasional Berhad (PETRONAS) and Petroleum Sarawak Berhad (PETROS), with only several aspects left to be finalised.
Prime Minister Datuk Seri Anwar Ibrahim said the agreement could now be expedited and concluded based on the fundamental principles already agreed upon.
“The principle has already been finalised, and only several aspects of the Commercial Agreement are now being finalised,” he said in his speech at the Malaysia Day 2026 celebration at the Borneo Convention Centre Kuching (BCCK) here tonight (Sept. 16).
Anwar said the matter involved a longstanding and complex issue dating back decades following the establishment of PETRONAS, which had been regarded as a national and international oil and gas giant under the Petroleum Development Act 1974.
However, he said Sarawak’s growing capabilities and aspirations had led to the establishment of PETROS, with the people of Sarawak seeking greater opportunities to participate in the sector.
“My attitude is that we defend PETRONAS as a national and international giant, while at the same time we work together to guide and elevate the capabilities of PETROS as a company we share,” he said.
Anwar also expressed appreciation for the signing of the key principles between him and Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He said based on those principles, the Negotiating Committee recognised the Petroleum Development Act 1976 (PDA 1976) and Sarawak’s laws in seeking arrangements that safeguarded the interests of the State.
“We move forward with such principles and have decided that the Commercial Agreement between the two parties should be expedited and finalised,” he said.
Anwar gave an assurance that, with the agreement of the Sarawak Government, there is no reason why the matter could not be resolved.
He also thanked the Technical Committee for its efforts, saying an early solution had already been put forward.
“On this sacred day of September 16, I want to give an assurance to all of us that there is no reason why this matter cannot be resolved,” he said.
