Abang Johari, the Premier of Sarawak, Malaysia, has introduced an audacious plan for Petros. This small state-owned oil and gas company is on the verge of exceptional growth and development. He wants more than that — he wants to turn Petros into a quasi-sovereign fund of its own. This transition would provide an important economic leap for Sarawak’s development. This strategic direction is in line with the successful models seen in countries such as Singapore. There, sovereign funds play an outsized role in driving national development.
Abang Johari’s proposal arrives just as Sarawak is looking to leverage its vast trove of natural resources—particularly timber—for greater economic perks. The Premier’s hope is that Petros will take advantage of its new independence to drive economic development and grow the state’s coffers. Moreover, Petros’ experience will directly drive projects that match with global energy trends, particularly in the development of green hydrogen. This effort would align with principles laid out in the Sarawak Energy Sustainability and CSR Framework to make Sarawak a global player in sustainable energy production.
At the moment, there are two green hydrogen projects in the pipeline, as previously emphasised by Abang Johari. Finally, these projects are designed to exploit Sarawak’s vast renewable resources. Yet at the same time, they provide for the increasing demand for cleaner energy options. Abang Johari’s government is all in on green hydrogen. This bold shift harmonizes the country’s economic strategy with the global push to combat climate change.
In this shift, Petros – wholly-owned by the Sarawak government – is set to become a crucial player. Under Abang Johari’s vision, the company will move away from fossil fuel-based operations. They will be at the forefront of creative energy technologies that create good jobs and restore our planet. This vision captures the importance of a comprehensive approach to make the most of our local resources. That would help make his state’s economy stronger and residents’ lives better.
Abang Johari’s deep commitment to producing independently developed Sarawakian economy with Petros shines through in his long-term strategy. Petros expands its autonomy, and redirects Petros’ attention toward building a green economy. This market-based strategy both creates new job opportunities and stimulates significant capital investment within the greater Seattle region. Our Premier’s vision for the province included a strong commitment to energy economic development, but to responsible energy development.