PETRONAS DAGANGAN AND PETROS COMPLETE BUSINESS TRANSFER AND OPERATIONALISE SARAWAK LPG BUSINESS

Date: 5 May 2022

KUALA LUMPUR / KUCHING, 5 May 2022 – PETRONAS Dagangan Berhad (PDB) and Petroleum Sarawak Berhad (PETROS) today announced the completion of the Business Transfer and Share Subscription Agreement (“BTSSA”) for PETROSNiaga Sdn Bhd (PNiaga). This conclusion marks the operationalisation of the partnership for the Liquefied Petroleum Gas (LPG) business in Sarawak.

Starting today, all (green) Gas PETRONAS gas-filled cylinders and PETROS’ (red) are marketed by PETROSNiaga, and all existing PETRONAS LPG dealers are now PETROS LPG Dealers.

Janin Girie, Group Chief Executive Officer of PETROS said, "It is our joint commitment to better serve our LPG customers in Sarawak, by making an essential everyday fuel for Sarawakians, more equitably available, especially for those in rural areas. The operationalising of this strategic partnership fulfills the Sarawak Government’s aspiration for a PETROS-operated LPG business statewide and realising the intent of the State’s Distribution of Gas Ordinance 2016.”

PDB Managing Director and Chief Executive Officer, Azrul Osman Rani said, “We at PDB are committed to continue to serve the community in Sarawak. The partnership is a strategic move to combine the strengths, experience and competencies of both oil and gas companies to deliver superior service and value for its customers, while elevating the LPG market in the state.”

The completed BTSSA with PETROS involves the divestment of PDB’s Sarawak LPG Business to PNiaga and subscription of 49% equity stake in PNiaga.

Board and Leadership Announcements at PETROSNiaga Sdn Bhd

The joint entity features a joint Board of Directors chaired by Abang Arabi bin Abang Narudin (Senior Vice President – Corporate Strategy, PETROS) and Shareholder Representatives from PETROS and PDB.

Existing Director – Bong Siet Fah (Chief Financial Officer, PETROS) is joined by the new appointments of Pramela Vallinayagan (Head – LPG Business, PBD) and Farzlina Ahmad Murad (Chief Financial Officer, PDB).

Lai Ah Kiaw is appointed Chief Executive Officer of PETROSNiaga Sdn Bhd.