Sarawak Petrochemical Hub to be a game changer - MIDA | Malaysian Investment Development Authority
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Sarawak Petrochemical Hub to be a game changer

Sarawak Petrochemical Hub to be a game changer

23 Aug 2022

The government is focusing on the Sarawak Petrochemical Hub to transform the state into a petrochemical industry.

Sarawak Petchem Sdn Bhd chairman Tan Sri Datuk Amar Abdul Aziz Husain said the hub, which will be a game changer, is expected to attract investment from major players in the petrochemical industries.

“The Sarawak government has big aspirations and agenda to further develop the oil and gas sector.

“The realisation of Sarawak Methanol Plant and the establishment of the Sarawak Economic Development Corporation (SEDC) Petrochemical Hub will be a catalyst for future growth of downstream petrochemical activities supporting Sarawak’s agenda to become a high-income economy by 2030.

“As of July 29, the overall progress of the project has achieved more than 60 per cent and at the same time has recorded more than five million safe manhours without Lost Time Injury (LTI).

“This is indeed a significant achievement considering the magnitude of the activities involving a high-risk working environment,” Abdul Aziz said at the Sarawak Petchem modules delivery and installation ceremony in Tanjung Kidurong, here, yesterday (Aug 22).

He said the project was not spared from the impact of the COVID-19 pandemic as it faced various challenges locally and abroad, especially on border closure and movement restrictions.

“However, we are fortunate to have full support and commitments from various authorities, stakeholders and credible contractors.”

Abdul Aziz said as the project progressed, many first achievements were also created along the way, including the first methanol plant project in Sarawak; the first large-scale modularisation project in Malaysia; the first commercial jetty adopting wave screen design in Malaysia; the first Sarawak entity accorded Sustainability Rating, and also the largest greenfield project financing issuance in recent years.

He pointed out that the hub will not only be relying on methanol-based derivatives but also on other renewable energy projects in supporting Sarawak’s green energy agenda.

“I am confident that this Sarawak methanol project will play its role in transforming Sarawak’s aspiration to become a high-income economy by 2030,” he said.

Abdul Aziz also extended his appreciation to RHB and Maybank, including the Sukuk investors for the RM4 billion Sukuk funding, as well as key partners such as Petroliam Nasional Berhad (PETRONAS), RAM Malaysia and EPCC Contractors for their relentless support and cooperation on the project.

Also present at the ceremony were Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, and Deputy Premiers Datuk Amar Awang Tengah Ali Hasan and Datuk Seri Dr Sim Kui Hian.

Source: New Sarawak Tribune