KOTA KINABALU: Sabah has set a RM1bil target for oil and gas local contract awards this year, says Chief Minister Datuk Seri Hajiji Noor.
He said this is 20% of the total oil and gas contracts awarded this year and the target will increase to 30% in 2024.
The requirements for local content are aimed at creating jobs, promoting local enterprise development and accelerating the transfer of skills and technologies, particularly for the oil and gas sector, he added. He said Sabah had set a clear direction when it set out the key priorities in the five-year development roadmap, the Hala Tuju Sabah Maju Jaya , that outlined a new strategic direction for Sabah’s economic development.
Hajiji added that Sabah is expected to collect additional revenue of RM2.45bil annually in Sales and Services Tax from the oil and gas sector due to the signing of the Commercial Collaboration Agreement with Petronas in Dec 2021 and the launch of the Sabah Gas Masterplan in January 2022. He said Sabah has vast potential with good oil and gas resources in place, producing about 40%of the oil and just under 20% of the gas in Malaysia.
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