By Olivia Miwil
KOTA KINABALU: Sabah continues to receive consistent financial returns from its strategic equity participation in the Sabah Ammonia Urea (SAMUR) project.
Through SMJ Energy Sdn Bhd, the Sabah government owns a 25 per cent equity interest in SAMUR, the company that owns and operates the SAMUR complex through a commercial collaboration agreement (CCA) with Petronas.
Since the signing of the share purchase agreement on April 25, 2023, dividends have been flowing into Sabah's coffers through SMJ Energy Sdn Bhd.
"To suggest that Sabah receives 'less than what is due' from SAMUR is baseless as it disregards the state government's drive, favourable commercial terms and strategic decisions that successfully secured Sabah's ownership in one of the region's most important petrochemical assets," SMJ Energy said in a statement.
The investment vehicle said SAMUR is recognised as the largest single-train granular fertiliser facility in Southeast Asia and the third-largest fertiliser plant in the Asia-Pacific region.
Built on Sabah soil and powered by Sabah gas, the project has positioned the state as an important player in the regional fertiliser and petrochemical industry.
"The positive impact of SAMUR extends well beyond the plant itself. Sipitang Oil and Gas Industrial Park (SOGIP), with SAMUR as an anchor project, has attracted substantial committed investments and is generating significant employment opportunities for Sabahans across engineering, logistics, infrastructure, housing, hospitality and technical services.
"This will continue to grow over time."
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