She said the two entities were still in discussions to finalise the cooperation framework based on agreed principles, in line with commercial considerations.
“Consequently, the financial impact on Petronas cannot yet be determined, as the terms and implementation mechanisms remain under negotiation and have not been concluded,” she said in a written parliamentary reply.
Azalina was responding to Ku Abd Rahman Ku Ismail (PN-Kubang Pasu), who had asked about the financial implications for Petronas from the joint declaration signed on May 21 by Prime Minister Anwar Ibrahim and Sarawak premier Abang Johari Openg.
Rahman also asked about key points in the declaration, to which Azalina said it was agreed that all federal and Sarawak laws relating to the distribution of gas within the state should coexist and be respected by all parties engaged in such activities.
The document also acknowledged that Petronas would continue to perform its roles and responsibilities under the Petroleum Development Act 1974, while Petros was appointed as the gas aggregator for Sarawak’s domestic market effective March 1.
“In the liquefied natural gas (LNG) business, Petronas shall continue to perform its roles and responsibilities across the entire value chain – from upstream activities to the sale of LNG in the international market,” Azalina added.
She said the parties also acknowledged that any existing agreements or arrangements between Petronas and/or its subsidiaries with third parties for LNG sales, from upstream production to LNG export, would remain unaffected and in force.
Separately, Jeffrey Kitingan (GRS-Keningau) asked if the government would consider allocating a 50% ownership stake in Petronas to the states producing oil and gas, namely Sarawak, Sabah, Terengganu and Kelantan.
He said the move would be a fundamental step to strengthen the federation going forward, while easing politicisation and dissatisfaction over oil and gas rights.
Azalina said that while Petronas was wholly owned by the federal government, the current approach enabled the states to receive direct benefits from the industry through cash payments and various forms of commercial collaboration.
“At the same time, the overall revenue from this sector is distributed equitably across the country, in line with national development needs,” she said.
She added that efforts to strengthen state participation through strategic cooperation, the implementation of joint projects, and involvement in the value chain were in line with the inclusive federal structure.
“This approach ensures that the benefits continue to be shared among all stakeholders,” she said.