KOTA KINABALU – The Gabungan Rakyat Sabah-Barisan Nasional (GRS-BN) state government marked the first-year anniversary of its Sabah Maju Jaya (SMJ) Development Plan by bringing in an accumulated RM19.8 billion investment value to the state through five deals.
The state has signed a memorandum of agreement (MOA) where it is a sublease agreement with Petroventure Energy for the company to build, manage and operate a petroleum oil storage and refinery in Sabah’s Sipitang Oil and Gas Industrial Park (Sogip).
The investment is expected to bring in RM6 billion.
At the same time, PMB will also be investing RM2 billion in a sublease agreement under another MOA to build the park’s second silicone metal plant.
The remaining deals are memorandums of understanding (MoUs) with an investment value of RM11.8 billion.
The first MoU involves SCIG, an investment and construction firm from Shanxi, China.
The company is expected to be invest around RM4 billion on the promotion and development of the palm oil industry, tapping into the potential in energy, environment, advanced materials and green chemicals.
SCIG is expected to collaborate with the Sabah Oil and Gas Development Corporation, along with the Malaysian Palm Oil Board and China’s advanced technology institute, ICC.
The cooperation would see the creation of a green diesel plant.
The second MoU is for the construction of a hydrogen-ammonia plant in Sogip with a Korean investment and proprietary infrastructure consultancy firm, SR.
SR is already in partnership with a local firm Emog/Cakara.
Emog/Cakara will assist SR and the Sabah Oil and Gas Development Corporation in developing the hydrogen economic sector along with other foreign investors.
The MoU brings in about an investment value of RM2 billion.
Gas supply from Indonesia and a regasification facility with an investment value of RM5 billion would be built in Sogip.
Sisma Energy plans to develop a regasification terminal, a storage facility as well as a liquefied natural gas terminal.
It intends to obtain the supply of natural gas from public-listed firm, Globaltec Formation Bhd, an exploration and oil and gas producer focussing on non-conventional oil and gas wells.
Finally, ADSI Engineering, an engineering and pipe, electrical and instrumentation fabrication firm, plans to invest RM800 million to build a 200MW gas power plant for Sogip.
Additionally, the Sabah government also signed a joint venture agreement with Borneomed Sdn Bhd for the development of the Sabah Integrated Herbal Plantation.
The plantation is expected to yield a revenue of around RM1.2 billion a year for Sabah upon full development and provide 400 job opportunities.
The documents were signed by company reps while being witnessed by Sabah Chief Minister Datuk Seri Hajiji Noor.
Speaking to reporters later, Hajiji said he was satisfied with the implementation of all initiatives and development projects under the SMJ over the past one year.
“This is what we had hoped for, all the ministries and departments working together in ensuring the success of the SMJ,” he said after launching the SMJ Development Plan’s one-year anniversary today.
The five-year development plan has three main thrusts for the development of Sabah and covers agriculture, industry and tourism as the first thrust; human capital, public well-being as the second thrust; and green infrastructure and sustainability networks under the third thrust.
It has listed 584 initiatives and 280 enablers and is in line with the National Development Agenda of the Shared Prosperity Vision. – The Vibes, March 29, 2022
