KUALA TERENGGANU : The Terengganu government’s strategic holding investment company Terengganu Incorporated Sdn Bhd (Terengganu Inc) signed two Memoranda of Understanding (MOUs) with MB Holding LLC from Oman for the purpose of exploring potential industrial cooperation in the state.
MB Holding group is a multinational company based in Oman with interests in oil and gas, marine engineering, mining, manufacturing and real estate businesses in over 20 countries.
Terengganu Inc said in a statement on Friday that the MOUs were signed in Muscat yesterday to explore cooperation in joint developments in the field of energy, especially the upstream oil and gas sector, healthcare, tourism, manufacturing and sustainable development by leveraging each other’s strengths and expertise.
“The first MOU was between Terengganu Inc and MB Holding LLC’s subsidiary Petrogas E&P Oman through Petrogas Sisma Energy which is operating in Malaysia to explore the potential of cooperation in the upstream oil and gas sector in Terengganu.
“Petrogas E&P’s business strength and experience handling the upstream oil and gas sector including Late Life Assets (LLA) in Europe, the Middle East and Africa with a production of 100,000 barrels per day will open up more space for long-term business relationships in Terengganu and Malaysia in general,” according to the statement.
The second MOU which aims to expand the cooperation in the field of exploration in important and potential sectors between the two parties was signed between Terengganu Inc and MB Holding LLC by Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar and the chairman of the multinational company Dr Mohamed Al Barwani.
Meanwhile, Ahmad Samsuri said in the same statement that both parties will efficiently implement commercial development including in the oil and gas sector, power generation and other upstream industries for mutual benefit.
Also present were Terengganu Inc president and chief executive officer (CEO) Burhanuddin Hilmi Mohamed@Harun and Petrogas Sisma CEO Dr Jamal Yusof. TE
