KOTA KINABALU: Sabah is set to receive a single game-changing investment worth RM13 billion that can potentially placed the state on the world map of petrochemical products' producers.
State Trade and Industries Minister Datuk Wilfred Madius Tangau said this today while referring to the term sheet signed between state-owned POIC Sabah Sdn Bhd, which is the developer of POIC Lahad Datu, and Burel Industries Sdn Bhd.
“This investment is related to the setting up of a series of high-tech plants to process naphtha into a wide range of petrochemical products for the world market.
“The target production is about two million tonnes per year. In container terms, the output will give the container at POIC about 70,000 containers every year,” he said, prior the signing ceremony.
Wildred, who is also deputy chief minister, said POIC has been in touch with Burel since last year to meet their need for a 81ha of land for their project, which is the biggest among investors since 2005.
Sabah Chief Minister Datuk Seri Mohd Shafie Apdal, was present and witnessed the signing.
Earlier, he said the state government welcomes the proposed investment as it needed to diversify and strengthen its economy.
“While the government is leading efforts to attract investment locally and overseas, we are also rallying the private sector to join our effort.” he added.
Present were POIC Sabah Sdn Bhd chief executive officers Datuk Dr Pang Teck Wai and Strategic Swuss Partners executive chairman Per N Brantzag.