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flag Kuching High Court rules Petronas legally claimed RM7.95M bank guarantee from Petroleum Sarawak, rejecting its challenge.

flag The Kuching High Court has ruled that Petronas lawfully invoked a RM7.95 million bank guarantee from Petroleum Sarawak Bhd, rejecting Petros’s challenge. flag Judge Faridz Gohim Abdullah stated the guarantee was unconditional and enforceable under contract terms, with no evidence of unconscionability or illegality. flag The court found disputes over federal versus state authority under the Petroleum Development Act 1974 and Sarawak’s Distribution of Gas Ordinance 2016 fall under the Federal Court’s jurisdiction. flag Petronas will seek leave to appeal to the Federal Court on March 16, and Petros was ordered to pay RM50,000 in legal costs.

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