Hibiscus Petroleum Berhad, through its wholly-owned subsidiary Simpor Hibiscus Sdn Bhd, has entered into a USD100 million syndicated Islamic financing agreement with Bank Islam Brunei Darussalam (BIBD) and Baiduri Bank.
The long-term financing agreement supports Hibiscus Petroleum’s expansion into Brunei Darussalam and aligns with the Group’s commitment to the country’s energy sector and national development goals under Brunei Vision 2035.
The funds will be used to strengthen the local energy sector, create job opportunities for Bruneians, and support the growth of small and medium enterprises (SMEs) within the oil and gas supply chain.
The signing ceremony took place on 16 April 2025 in Bandar Seri Begawan, witnessed by Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew Bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II.
Hibiscus Petroleum Chairman En. Zainul Rahim stated that the partnership reflects shared values and long-term aspirations in Brunei. He described the signing as a significant step towards fostering economic growth, enhancing local value, and contributing to Brunei’s sustainable development.
BIBD Managing Director and CEO, Awang Junaidi bin Haji Masri, expressed pride in being appointed as Lead Arranger and Structuring Bank for the financing facility, highlighting the bank’s role in supporting Brunei’s strategic economic initiatives.
Baiduri Bank CEO, Eng Hui Ti, said the collaboration marks an important milestone in Hibiscus Petroleum’s entry into Brunei and demonstrates a shared commitment to shaping the future of the country’s energy sector through sustainable investment and community impact.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
