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Kota Kinabalu: Sabah has successfully sold its latest crude oil cargo from its 50 per cent interest in the Samarang Production Sharing Contract (PSC), securing an estimated sales revenue of RM120 million on 23 July 2024.

The strategic acquisition of a 50 per cent stake in the Samarang PSC by SMJ Energy Sdn Bhd in May 2023 has allowed Sabah to market its crude oil entitlements through the Labuan Crude Oil Terminal.

Five cargoes have been sold to date, generating nearly RM700 million in cumulative sales revenue, according to a statement.

These transactions are expected to provide sustained revenue over the next 12 years, significantly bolstering the state's economy,