South Korea’s OCI Holdings reaffirms Sarawak production expansion, potential RM3.1 bln reinvestment value

South Korea’s OCI Holdings reaffirms Sarawak production expansion, potential RM3.1 bln reinvestment value

01 Aug 2024

South Korean company OCI Holdings has reaffirmed its commitment to continue expanding production in Sarawak with a potential reinvestment value of RM3.1 billion in polysilicon for photovoltaic use.

Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan said in a press statement this expansion is expected to create 400 direct employment opportunities.

Awang Tengah, who is also International Trade, Industry and Investment Minister, said OCI Holdings is a global chemical company producing polycrystalline silicon, hydrogen peroxide, and other chemical-related materials.

He led a Sarawak delegation to meet with OCI Holdings chairman Lee Woo Hyun in Seoul, yesterday.

In 2017, OCI Malaysia Sdn Bhd (OCIM) acquired 100 per cent stake of the polysilicon production facility in Malaysia owned by Tokuyama.

Currently, OCIM has invested over RM8 billion in Sarawak to produce polysilicon for solar industries.

OCIM will further expand and diversify its production in chemical materials in Sarawak.

The company has a joint venture with Kumho and Tokuyama to produce epichlorohydrin and semiconductor grade polysilicon respectively.

“These investments are worth more than RM3.2 billion, which is expected to create 400 new jobs,” Awang Tengah said in the statement.

Lee also expressed OCI Holdings’ interest to further explore potential investment in power development, especially renewable energy in Sarawak through subsidiary OCI Energy.

This proposal was welcomed by Awang Tengah as it underscores Sarawak’s commitment to be a leader in green energy.

“Their participation in green power development will further enhance the energy security of Sarawak whilst contributing to sustainable economic growth and environmental stewardship,” he added.

OCI is a global company with a significant focus on renewable energy and energy storage systems.

Currently, OCI Energy is the largest independent solar developer in Texas, United States.

Source: Borneo Post