Sabah earns over RM100mil from latest Samarang PSC crude oil sale
1 month ago
Sabah earns over RM100mil from latest Samarang PSC crude oil sale
To date, Sabah has sold sixth crude oil cargoes, generating nearly RM800 million in cumulative sales revenue, said SMJ Energy Sdn Bhd. (Bernama file pic for general illustration)
Samarang crude oil:
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, SMJ Energy Sdn Bhd said in a statement.
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.
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