Abdul Aziz exchanging the MoU documents with Akbar Md Thayoob.
KUCHING: Petronas and Yayasan Hartanah Bumiputera Sarawak (YHBS) yesterday signed an agreement and a memorandum of understanding (MoU) as part of commitment to support the development and growth of the petrochemical industry in Sarawak.
The move was in line with the state government’s aspiration to advance the state as a petrochemical hub and to add value to the state’s natural gas resources. The first agreement relates to the key terms for the supply of 140 mmscfd of natural gas to YHBS’ proposed methanol plant in Tanjung Kidurong, Bintulu that will produce methanol and methanol derivatives.
The key terms include the price, volume and period of gas supply by Petronas to YHBS. The agreement is a prelude to the gas sales agreement (GSA) to be signed by Petronas and YHBS at a later date.
Signing of behalf of Petronas was its vice president (Malaysia Petroleum Management) Muhammad Zamri Jusoh and witnessed by head of legal (Upstream) Nooruddin Abdulah.
YHBS was represented by its deputy chairman Tan Sri Datuk Amar Abdul Aziz Husain and witnessed by its director Dr Muhammad Abdullah Zaidel.
At the same event, Petronas chemicals Marketing (Labuan) Ltd (PCML) and YHBS also signed an MoU on a sale and purchase agreement for methanol produced by YHBS’ proposed Tanjung Kidurong methanol plant. Signing on behalf of PCML was its chief executive officer Akbar Md Thayoob and witnessed by the company’s head of marketing and sales (methanol), Shahrom Muhammad Yusuf. YHBS was represented by Abdul Aziz and witnessed by Muhammad Abdullah.
The signing ceremony was held in the presence of Chief Minister Datuk Amar Abang Johari Tun Openg and Petronas president and chief executive officer Datuk Wan Zulkiflee Wan Ariffin. Members of the state cabinet, state government senior officials as well as Petronas and YHBS officials were also present.