KOTA KINABALU, March 4 — The Sabah government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya (SMJ) when it posted record high state revenue of RM6.973 billion last year.

Chief Minister Datuk Seri 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.

The Chief Minister said this during the 2024 Assembly of State and Federal Civil Servants 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 four per cent this year with the positive and improving performance of the state’s economy,

Hajiji explained that after almost three years of the SMJ roadmap, the aspiration has taken 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, Hajiji 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 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 per cent participation interest in the production sharing contract (PSC).

He said the company recorded a 25 per cent participation in a petrochemical plant through the Sabah Ammonia and Urea Plant (SAMUR) in Sipitang; and a 10 per cent 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 per cent 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 per cent 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. — Bernama

https://www.malaymail.com/news/malaysia/2024/03/04/cm-sabah-registers-record-high-revenue-of-rm6973b-in-2023/121355