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KUALA LUMPUR, May 5 (Bernama) -- Petronas Dagangan Bhd (PDB) and Petroleum Sarawak Bhd (PETROS) today announced the completion of the business transfer and share subscription agreement for PETROSNiaga Sdn Bhd.
This conclusion marks the operationalisation of the partnership for the liquefied petroleum gas (LPG) business in Sarawak.
In a joint statement, the companies said starting today, all (green) Gas Petronas gas-filled cylinders are PETROS’ (red) marketed by PETROSNiaga and all existing Petronas LPG dealers are now PETROS LPG Dealers.
“It is our joint commitment to better serve our LPG customers in Sarawak, by making an essential everyday fuel for Sarawakians, more equitably available, especially for those in the rural areas.
“The operationalising of this strategic partnership fulfills the Sarawak Government’s aspiration for a PETROS-operated LPG business statewide and realising the intent of the State’s Distribution of Gas Ordinance 2016,” PETROS group chief executive officer Janin Girie said.
PDB managing director and chief executive officer Azrul Osman Rani said the company would continue to serve the community in Sarawak.
“The partnership is a strategic move to combine the strengths, experience and competencies of both oil and gas companies to deliver superior service and value for its customers, while elevating the LPG market in the state,” he said.
The completed agreement with PETROS involves the divestment of PDB’s Sarawak LPG business to PNiaga and subscription of 49 per cent equity stake in PNiaga.
Meanwhile, the PETROSNiaga joint entity features a joint board of directors chaired by Abang Arabi Abang Narudin (senior vice-president – corporate strategy, PETROS) and shareholder representatives from PETROS and PDB.
Existing directors – Bong Siet Fah (PETROS chief financial officer) is joined by the new appointments of Pramela Vallinayagan (head – LPG business, PBD) and Farzlina Ahmad Murad (PDB chief financial officer).
Lai Ah Kiaw is appointed as chief executive officer of PETROSNiaga.
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