Sabah petroleum products for Mindanao
Published on: Friday, January 18, 2019
KOTA KINABALU: Sabah and Southern Mindanao in the Philippines Wednesday mutually agreed to further create business opportunity, economic prosperity and long term partnership understanding.
The commitment was officially sealed with the singing of a Memorandum of Understanding between Sabah-based Unsur Utama Sdn Bhd and it’s counterpart Jay Sayang Corp Ltd held at a leading hotel here.
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Unsur Utama Executive Chairman Michael Peter Goviind and Chief Executive Officer Mohammad Faizal Salam Hj Jamalul signed and witnessed by Rahim Sinarimbo who represented Regional Governor of the Autonomous Region, Ghazali Jaafar.
The MOU sets terms and understanding between the two parties to distribute petroleum products.
The objective is to express the willingness of the parties concerned to engage in an effort to promote cross-border trade as well as its activities to develop and expand relationship with producers of petroleum products that they source from Sabah to Mindanao. Michael Peter and Mohammad Faizal agreed to undertake the following:
l The first party is going to be the sole distributor of petroleum product from Sabah.
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l The second party is going to purchase the petroleum from the first party.
l The sale and purchase transactions shall be in USD.
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l After signing of this MOU, The part is within reasonable time should enter into an agreement.
“Once the Sabah Government opens the market (barter trade system) in March, Unsur will be the main player for this industry,” Michael Peter said.
He was confident that the opening of the market by March this year, Sabah and Mindanao will greatly benefit from the economic activities in the region.
Mohd Faizal said the signing of the MOU is the start of prosperous economic activities between the two neighbours and the region, in general.
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