He said the accumulated dividends were received from the investments in Petronas subsidiaries of MLNG Satu, MNLG Dua and MLNG Tiga plants located at the Petronas Complex.
“With the coming of Train 9 plant, in which the state government has acquired a 10 per cent stake from Petronas, we expect a healthier and more sustainable return of investment to the state’s overall revenue,” he told reporters after witnessing the signing of an acquisition agreement between Sarawak State Financial Secretary Incorporated and Shell Gas Holdings (Malaysia) Limited.
Earlier in his speech, Abang Johari said the state government must expand its revenue base as it needs substantial funds to finance infrastructure development projects to enhance physical connectivity throughout the state.
“We need both physical and cyber connectivity to create an ecosystem conducive to the digitalisation of Sarawak’s economy in the next decade or so,” he added.
Abang Johari said if the state government were to depend entirely on the federal government for its yearly budget, he believes Sarawak would never be able to catch up with Peninsular Malaysia in terms of development.
“We have to take steps to increase our revenue on top of the existing economic measures, and therefore, the most logical thing for us to do is to enhance our revenue-generating capability through various means within the ambit of the laws and constitution,” he said.
Abang Johari said when state-owned Petroleum Sarawak (Petros) Sdn Bhd is running fully in two years’ time, it will generate more revenue from its oil and gas activities.
He added the company will also spearhead efforts to go into the downstream of the oil and gas industries.
The chief minister said the state government is willing to increase its stake in MLNG plants if Petronas agrees to offer.
Under the acquisition agreement, the state government, through the State Financial Secretary Incorporated, will take over the entire 15 per cent of Shell’s stake in MLNG Tiga.
Upon completion of the acquisition, the state government will increase its stake in MLNG Tiga plant from 10 per cent to 25 per cent.
The financial secretary incorporated was represented by state Financial Secretary Datuk Seri Tarmizi Sulaiman, while Shell was represented by its Malaysia chairman, Datuk Iain Lo at the signing of the agreement.
The other shareholders of MLNG Tiga plant are Petronas (60 per cent), Nippon Oil Finance (Netherlands) BV (10 per cent), Diamond Gas (Netherlands) BV (5 per cent) and Mitsubishi Corporation subsidiary (5 per cent).