KUALA LUMPUR (June 7): Hibiscus Petroleum Bhd said its subsidiary REPSOL Oil & Gas M Ltd (RML) has discontinued the payment of state sales tax (SST) imposed by Sabah, after its appeal against the tax enforcement was met with silence from the Sabah finance minister. RML, which has a production sharing contract (PSC) in the Kinabalu Oil Field, had been making SST payment since 2020 "under protest", said Hibiscus. "No processing of RML's crude oil [into other products] takes place at either the Samarang Platform or LCOT," Hibiscus said. It added that RML's crude oil is offloaded and sold via crude oil tankers through lifting operations at the LCOT Single Buoy Mooring (SBM), located 5km offshore from the LCOT facility. Shares of Hibiscus settled down one sen or 0.77% to RM1.29, giving the group a market capitalisation of RM2.6 billion.
