RM15 billion investment will spur Sabah economy, create employment

 By Olivia Miwil - November 8, 2021 @ 7:36pm

Sabah Chief Minister Datuk Seri Hajiji Noor with the SOGDC board of directors before the meeting. -Pic courtesy of Sabah Chief Minister's office

KOTA KINABALU: Sabah Oil & Gas Development Corporation (SOGDC) has approved investment project proposals amounting to RM15 billion at the Sipitang Oil and Gas Industrial Park (SOGIP).

Sabah Chief Minister Datuk Seri Hajiji Noor said in line with the Hala Tuju Sabah Maju Jaya development plan, the state government was committed to develop the downstream industry by focusing more investments on existing resources including oil and gas and optimising existing industrial parks like SOGIP.

"With such a huge amount of investments, it will create spillover for local businesses as well as creating thousands of employment opportunities for the people of Sabah," he said in a statement after chairing the meeting with the board of directors at Menara Kinabalu here today.

Apart from the floating Petronas near-shore liquefied natural gas (LNG) facility, the other proposed projects that were approved include the integrated oleochemicals processing facility, silicon metals production processes and related support services such as waste management as well as marine services.

"The aspiration of the state government will be achieved with the newly established committee known as Commercial Settlement Agreement (CSA) with its primary objectives to have a greater share of revenues from oil and gas, greater participation in oil and gas value chain and greater say in oil and gas development in the state," he added.

The Chief Minister also said the availability and proximity of state hydrocarbons and the strategic location of SOGIP have attracted many new investors in SOGIP.

"The aspiration of the state government will be achieved with the newly established committee known as Commercial Settlement Agreement (CSA) with its primary objectives to have a greater share of revenues from oil and gas, greater participation in oil and gas value chain and greater say in oil and gas development in the state," he added.

The Chief Minister also said the availability and proximity of state hydrocarbons and the strategic location of SOGIP have attracted many new investors in SOGIP.