KOTA KINABALU: Sabah has sold its sixth crude oil cargo from Labuan Crude Oil Terminal (LCOT) with an estimated sales revenue of more than RM100 million.
The crude oil cargo of about 300,000 barrels represented SMJ Energy's (SMJE) entitlement from its 50 per cent participating interest in the Samarang PSC, which was bought in May 2023.
"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.
"The state continues to benefit from its entry into the Oil & Gas sector in Sabah through the signing of the Commercial Collaboration Agreement (CCA) with Petronas dated Dec 7, 2021," said a statement.
The CCA gives the state greater revenue sharing, greater say and greater participation in the oil and gas value chain in Sabah.