RM15 bln proposed investment projects approved in Sogip

RM15 bln proposed investment projects approved in Sogip

08 Nov 2021

Sabah Oil and Gas Development Corp (SOGDC) has approved investment project proposals amounting to RM15 billion at the Sipitang Oil and Gas Industrial Park (Sogip).

Chief Minister Datuk Seri Hajiji Noor said with such a huge amount of investments, it will create a spillover effect for the local businesses as well as create thousands of employment opportunities for the people of Sabah.

“Apart from the floating Petronas near-shore liquefied natural gas (LNG) facility, the other proposed projects that were approved included the integrated oleochemicals processing facility, silicon metals production processes and related support services such as waste management as well as marine services,” he said in a statement after chairing the SOGP board of directors meeting at Menara Kinabalu, here, on Monday.

Hajiji said that in line with the Hala Tuju Sabah Maju Jaya development plan, the state government was committed to developing the downstream industry by focusing more investments on existing resources including oil and gas, and optimising existing industrial parks like Sogip.

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

He said the availability and proximity of state hydrocarbons and the strategic location of SOGIP have attracted many new investors in the industrial park.

“The natural gas that is made available in Sogip will create quality job opportunities for the unemployed graduates and provide business opportunities to the local contractors,” he added.

Source: Bernama