Deputy Premier welcomes S. Korean group to study investment prospects in Sarawak - MIDA | Malaysian Investment Development Authority
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Deputy Premier welcomes S. Korean group to study investment prospects in Sarawak

Deputy Premier welcomes S. Korean group to study investment prospects in Sarawak

06 Aug 2023

Energy and chemical company SK Innovation Co Ltd of South Korea is highly welcome to study the potential for midstream and downstream investments in Sarawak, including in Lawas, leveraging on the state’s abundant hydropower and gas reserves, as well as carbon storage prospects.

Deputy Premier Datuk Amar Awang Tengah Ali Hasan said this in a press statement issued from Seoul on Friday, following a visit to SK Innovation’s subsidiary SK Earthon, which was established in Sarsever last year.

For now, SK Earthon is collaborating with state-owned petroleum company Petros in the SK427 oil and gas (O&G) exploration offshore Sarawak.

“This is a cornerstone for SK Earthon in growing further investment opportunities (especially) in onshore exploration and production and, on CCUS (carbon capture, utilisation and storage) initiative,” said Awang Tengah, also the state’s Minister for International Trade and Investment, and Second Minister for Natural Resources and Urban Development.

Also listed on his Seoul itinerary was the meeting with SK Earthon president and chief executive officer Seong Myeong.

“SK Earthon is enthusiastic in the new opportunities promoted by the Sarawak government, and will explore and evaluate the possibilities to invest in Sarawak, not only in O&G activities, but other areas such manufacturing,” said Awang Tengah.

“SK Innovation and its subsidiaries entered the resource exploration business about 40 years ago, and they currently operate projects in 11 blocks and run four LNG (liquefied natural gas) projects in eight countries, producing 51,000 barrels equivalent of O&G daily.

“SK Earthon also brings in technologies and capabilities gained through their experiences in nearby exploration blocks in Vietnam and China,” he added.

Joining the meeting and visit were Deputy Minister for International Trade and Investment Datuk Dr Malcom Mussen Lamoh, the ministry’s advisor Datuk Mohd Naroden Majais, its acting permanent secretary Dzulkornain Masron and permanent secretary to the Ministry of Natural Resources and Urban Development Datu Zaidi Mahdi, as well as Sarawak Land and Survey Department director Datu Abdullah Julaihi, Regional Corridor Development Authority chief executive Datu Ismawi Ismuni, Sarawak Energy Bhd chief operating officer James Ung and Malaysian Investment Development Authority (Mida) director (Seoul, South Korea) Ruhizam Idris.

Source: Borneo Post