Chief minister Hajiji Noor said the state government has managed to maintain its excellent streak of collecting record high revenue for three consecutive years.
Sabah chalked up state revenue collection of RM6.96 billion in 2022 and RM5.449 billion in 2021.
“The success was due to the hardworking public servants. Well done to those who always work hard and thank you for all the commitment that has resulted in continued success,” he said during the 2024 assembly of state and federal civil servants today.
Hajiji said that apart from achieving high state revenue, Sabah managed to record a cumulative investment increase of more than RM33 billion, in addition to among the highest trade in the 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 said that after almost three years of the SMJ roadmap, the aspiration has put Sabah on track to move forward and develop through economic indicators that show success and reflect the authority in the administration and management of the state’s economy.
On the development of Sabah’s oil and gas industry, he said the Sabah government had on Dec 7, 2021, set up its own oil and gas company, SMJ Petroleum Sdn Bhd, now known as SMJ Energy Sdn Bhd, and the company had more than RM5 billion in assets as of December last year.
He said SMJ Energy made a profitable acquisition of oil and gas producing assets with strong cash flow through a 50% participation interest in the production sharing contract.
The company recorded a 25% participation in a petrochemical plant through the Sabah Ammonia and Urea Plant (SAMUR) in Sipitang, and a 10% ownership stake in Liquefied Natural Gas Sdn Bhd 9 (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,” he said.
Hajiji also noted that SMJ Energy had 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.