Malaysia’s state-owned Petronas and the state of Sarawak have reached an agreement that puts an end to a two-year legal dispute over the ownership of oil and gas assets and the taxation of petroleum products in the East Malaysian state. The settlement is seen by both parties as a “sustainable approach to enable the survival of the country’s oil and gas industry” at a time of extreme challenges amid low oil prices and historic demand destruction caused by the Covid-19 pandemic.
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