(Bloomberg) -- Malaysia’s biggest state, Sarawak, is set to take control of its natural gas assets from federal government-run companies, as its campaign for...
-- Malaysia ’s biggest state, Sarawak , is set to take control of its natural gas assets from federal government-run companies, as its campaign for economic autonomy bears fruit in the Southeast Asian country’s fragile political landscape.Rich Hong Kong Families Sell Mansions at Discounts to Repay Debt
The state has long demanded for higher oil and gas royalties from Petronas, the custodian of Malaysia’s energy reserves, only to be rebuffed or given small increments at best. The renewed push for autonomy began after the November 2022 elections since Prime Minister Anwar Ibrahim now depends on the backing of Abang Johari and the Sarawak-based parties he leads to keep a government coalition intact.
The impact on earnings for Petronas, a major source of revenue to the Malaysian government, is uncertain. RHB Research said in a July 22 note that the oil firm could lose some earning power given the gas segment accounts for about 38% of Petronas’ headline profit last year. If the takeover goes through, Sarawak will have come full circle. It joined Malaysia in 1963 under an agreement that allowed it to self-govern and manage its resources. However this wasn’t the case until the 2022 elections gave an opening to Abang Johari, a politician who had a role in every Sarawak administration since 1982.
Asian stocks clung to familiar ranges on Wednesday after contrasting results from tech bellwether Microsoft and chipmaker AMD suggested a divide in the AI landscape while the yen was firm ahead of the Bank of Japan's policy decision. Central banks dominate investor attention on Wednesday, with the decision from the Federal Reserve also due later in the day with markets expecting the U.S. central bank to stand pat on rates but indicate rate cuts are on the way.
Sarawak Malaysia Petronas Abang Johari Petroleum Sarawak Bhd.
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