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Sabah's economy soars: revenue hits record high of RM6.973 bil | Scoop
Alongside the record revenue collection, Datuk Seri Hajiji Mohd Noor says Sabah also recorded substantial investment growth of over RM33 billion and the highest trade volume in history at RM118.1 billion in 2022. – Bernama pic, March 4, 2024
News

Sabah’s economy soars: revenue hits record high of RM6.973 bil

Chief minister acknowledges public servants' dedication to maintaining state's excellent streak of collecting record revenue three years in a row

Bernama
Updated
3:31 PM MYT

 

KOTA KINABALU – The Sabah government maintained its momentum in managing the economy in accordance with the commitment and spirit of the Sabah Maju Jaya (SMJ) plan, reporting a record high state revenue of RM6.973 billion last year.

Chief Minister Datuk Seri Hajiji Mohd Noor said the state government has maintained its excellent streak of collecting record high revenue for three consecutive years.

Sabah’s state revenue collection totalled RM6.96 billion in 2022 and RM5.449 billion in 2021.

“The success was due to the hard work of the public servants. Well done to those who always work hard, and thank you for your dedication, which has resulted in continued success,” he said. 

The chief minister said this during the 2024 state and federal civil servants assembly here today.

Hajiji said that apart from achieving high state revenue, Sabah also managed to record a cumulative investment increase of more than RM33 billion, in addition to among the highest trade in history of RM118.1 billion in 2022.

He was also optimistic that Sabah would be able to achieve a projected economic growth of 4% this year with the positive and improving performance of the state’s economy, 

Hajiji added that, after almost three years of the SMJ roadmap, the aspiration has put Sabah on track to go forward and develop through economic indicators that demonstrate success and reflect authority in the administration and management of the state’s economy.

On the development of Sabah’s oil and gas industry, Hajiji said the Sabah government had on December 7, 2021, set up its own oil and gas company, SMJ Petroleum Sdn Bhd, now known as SMJ Energy Sdn Bhd, and as of December last year, the company had more than RM5 billion in assets.

He said SMJ Energy has a profitable acquisition of oil and gas producing assets with strong cash flow through a 50%  participation interest in the production sharing contract (PSC).

He said the company recorded a 25% participation in a petrochemical plant through the Sabah Ammonia and Urea Plant in Sipitang, and a 10% ownership stake in LNG9 operated in the Bintulu LNG Complex after the acquisition of Sabah International Petroleum Sdn Bhd in November last year.

“We also obtained a 25% stake in the construction of a floating liquefied natural gas facility known as ZLNG at the Sipitang Oil and Gas Industrial Park.

“SMJ Energy has successfully sold crude oil three times in August 2023, October 2023 and January 2024 through its 50% stake in Samarang PSC to international oil companies, with a combined gross income of approximately RM371 million.

“We will continue our efforts to get more participating interests with Petronas,” he said. – March 4, 2024

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