PETALING JAYA: Petronas Dagangan Bhd (PetDag) and Petroleum Sarawak Bhd (Petros) today announced the completion of the business transfer and share subscription agreement (BTSSA) for PetrosNiaga Sdn Bhd (PNiaga), marking the operationalisation of the partnership for the liquefied petroleum gas (LPG) business in Sarawak.
Starting today, all (green) Gas Petronas gas-filled cylinders are Petros’ (red) marketed by PNiaga, and all existing Petronas LPG dealers are now Petros LPG dealers.
Petros group CEO Janin Girie said the operationalising of this 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.
PetDag managing director and CEO Azrul Osman Rani said the partnership is a 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 PetDag’s Sarawak LPG business to PNiaga and subscription of 49% equity stake in PNiaga.
The joint entity PNiaga features a joint board of directors chaired by Petros senior vice president of corporate strategy Abang Arabi Abang Narudin and shareholder representatives from Petros and PetDag.
Existing director and Petros CFO Bong Siet Fah is joined by the new appointments of Pramela Vallinayagan as PetDag head of LPG business and Farzlina Ahmad Murad as PetDag CFO. Lai Ah Kiaw is appointed PNiaga CEO.