THE Sarawak Chief Minister’s Office today announced the appointment of Hamid Bugo as chairman of the newly formed Petroleum Sarawak Berhad (Petros).

Hamid is a former state secretary who once served with Malaysia LNG Sdn Bhd in Bintulu. He has been chairman of oil and gas firm Sapura Resources Bhd since March last year.

He is also non-independent non-executive chairman of Sarawak Consolidated Industries Bhd, formerly known as Sarawak Concrete Industries, since October 2001.

Hamid started working for the state government in 1971, and was later appointed the first general manager of the state’s Land Custody and Development Authority.

He was appointed permanent secretary at the Resource Planning Ministry and Sarawak state secretary from 1992 to August 2000, and also served as deputy state secretary.

He was administrative officer at the Chief Minister’s Office as well.

The other Petros board members announced are Mohd Medan Abdullah, Sharbini Suhaili, Zuraimi Sabki and Heng Hock Cheng.

The Chief Minister’s Office statement said Chief Minister Abang Johari Openg had expressed his confidence in the composition of the board as “they are all experienced industry professionals with very strong and proven track records” and had served in key positions in the oil and gas industry.

It said the appointment of a “credible board will ensure that Petros will advance in the right strategic direction, as well as operate with a sound business model in achieving its intended objectives”.

Petros will enable the Sarawak government to participate in upstream oil and gas development, particularly in the exploration and extraction of oil and gas within state waters.

The state government said the initiative would create jobs for locals and draw expertise from outside the state.

“Petros could also serve as a platform to groom more entrepreneurs, to support the growth and innovations of high-value-added industries in the state.”

Petros is now embarking on a headhunt for a CEO and other key management positions to enable it to be operational by the first quarter of next year.

Abang Johari told reporters earlier this month that Petros would not be a junior partner to Petronas, the national oil firm.

He said the setting up of Petros was separate from the state’s demand for a 20% oil royalty from Putrajaya.

Sarawak currently receives only 5%, and Putrajaya and Petronas have reportedly balked at the state’s demand.

State opposition lawmakers have said Petros should be made a sovereign wealth fund answerable to the legislative assembly. – August 25, 2017.