Deputy menteri besar Fadzli Hassan says Kelantan Ventures Sdn Bhd was established under Kelantan Menteri Besar Incorporated.
Deputy menteri besar Fadzli Hassan told the state legislative assembly that KVSB was formed under Kelantan Menteri Besar Incorporated.
He said it was aimed at ensuring that the people benefit from the state’s participation in the industry while contributing to sustainable economic development, Berita Harian reported.
“However, we must also take into account the existing legal framework, including the Petroleum Development Act 1974, as well as Kelantan’s different constitutional position from Sarawak, which has certain rights under the Malaysia Agreement 1963.”
He was responding to Nasriff Daud @Daut Yatimee (PN-Pengkalan Pasir), who asked whether the state government intended to establish an oil and gas corporation for Kelantan, similar to Sarawak’s.
Fadzli, the Temangan assemblyman, said Kelantan was building capacity through KVSB, exploring investment opportunities and forging partnerships with reputable companies across the oil and gas industry value chain.
“Our participation focuses on developing the industry value chain, including supply bases, logistics, upstream and downstream support services, as well as exploring opportunities in the energy sector.
“This approach is in line with the development of the Northern Offshore Oil & Gas Corridor, which will include the Tok Bali Supply Base and Tok Bali Industrial Park, as well as future integration with the East Coast Rail Link logistics network,” he said.
He said the state government would continue to strengthen institutional capacity and assess the most suitable participation model within the existing legal framework. - FMT
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