KOTA KINABALU: Former USNO Sabah Deputy President, Mat Bee @ Matbeh Ismail, today called on the Gabungan Rakyat Sabah (GRS) government to provide full disclosure and transparency over the alleged 25% equity acquisition in PETRONAS PFLNG 3 Sdn Bhd, warning that the timing of the announcement and the absence of financial details raise serious doubts that the move may be nothing more than a pre-election political gimmick, rather than a genuine achievement toward Sabah’s economic empowerment.
Mat Bee stressed that while the people of Sabah welcome any initiative that strengthens the state’s involvement in the oil and gas sector, the government must clearly demonstrate that this latest deal has real value, and is not merely a political performance.
“We’ve heard such announcements before — 50% stake in Samarang PSC, 10% in LNG9, and 25% in SAMUR — yet to this day, there has been no transparency on how much Sabah has actually earned from all these so-called ‘equity holdings’,” said Mat Bee.
“Before asking Sabahans to celebrate, the Chief Minister must prove that SMJ Energy has truly paid for and owns these shares, and that this isn’t just another memorandum designed more to serve political timing than Sabah’s economic interest.”
He further pointed out that the statement issued by the Chief Minister’s Department on 31 October 2025 — only months before the state election is expected to be called — contained no crucial details on how Sabah financed the acquisition, the valuation used, or whether the deal has been verified and registered with the Companies Commission of Malaysia (SSM).
“If this acquisition is genuine, then the government must publish the purchase terms, source of financing, and audited records that confirm Sabah’s ownership.
If not, this appears to be yet another pre-election storyline designed to create an illusion of progress,” he said.
Mat Bee also reminded that PETRONAS PFLNG 3, a floating LNG facility valued at US$3.1 billion off the coast of Sipitang, is only expected to begin operations in 2027 — meaning any real returns to Sabah would only be seen long after the election.
“Sabahans are tired of announcements without results. What we want is not symbolic ownership, but genuine fiscal empowerment — where the state earns, controls, and makes its own decisions,” he said.
He further emphasized that Sabah must not continue to be deceived by economic symbolism that does not bring real change to people’s lives.
“Sabah’s ownership of its resources must be real, not rhetorical. Do not confuse announcements with achievements,” he asserted.
