Musa: Sabah’s stake in LNG 9 a good move

Musa Aman says Sabah's acquisition of a stake in LNG 9 is good for development.

RANAU: Sabah has made the right decision by acquiring a 10 per cent stake in Liquefied Natural Gas Sdn Bhd 9 (LNG 9) in Bintulu, Sarawak as it will boost its coffers for development, Chief Minister Musa Aman said.

Thanking Prime Minister Najib Razak and Petronas for making the offer, Musa said this proved the federal government had Sabah’s best interests at heart.

“Proceeds from the equity will increase our coffers and can be used to develop the state,” he told reporters when opening the Ranau Umno division meeting here today.

On Wednesday, Musa, who is also Sabah Finance Minister, announced that Petronas had offered the state government a 10 per cent stake in LNG 9 following negotiations between them.

He said it would be better for Sabah to have equity in LNG 9 rather that earning commissions as it could take part directly in the downstream and upstream sectors of the LNG industry.

Even though it is risky to hold equity in LNG 9, Musa said he is confident with Petronas’ expertise as it has a good track record and is reputed to be among the best oil and gas companies in the world.

- BERNAMA