KUCHING, Oct 20 — Sarawak will utilise the potential of its resources in an aggressive but responsible manner, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

He said the state’s resources like oil and gas needed to be made use of as Sarawak needs to expand its economy and shake off the tag of a "rich but poor state”.

"We have to get rid of that tagline (rich but poor).

"Put simply, our oil and gas resources have not been developed in such a manner as to give enough benefits to its people,” he said in his speech at the Petroleum Sarawak Berhad (Petros) 5th anniversary dinner here, last night.

Petros, incorporated on July 2017 and officially launched on March 2018, was created to spearhead the state’s participation in the oil and gas sectors.

Abang Johari said since its establishment, Petros has been entrusted with the task of furthering Sarawak’s cause, including negotiating the details of the state’s commercial position with Petronas.

This, he said, culminated in the signing of the Commercial Settlement Agreement (CSA) between Petronas and Petros in December 2020.

"The agreement included Sarawak’s equity participation in offshore operations and the assurance that 25 per cent of the state’s gas is prioritised for Sarawak’s domestic needs,” he said.

He said today Petros is on a journey of rapid growth and its achievements are something that should be proud of.

"Last year, Petros generated revenue of RM1.2 billion, a significant feat by a company that is only five years old. Today, I am pleased to say that Petrosis among the ranks of the billion-ringgit companies with a robust financial performance,” he added. — Bernama