Sarawak's new energy hub to receive RM2.16 trillion investment by 2050, says Abang Johari - MIDA | Malaysian Investment Development Authority
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Sarawak’s new energy hub to receive RM2.16 trillion investment by 2050, says Abang Johari

Sarawak’s new energy hub to receive RM2.16 trillion investment by 2050, says Abang Johari

22 May 2024

From this year until 2050, an estimated US$460 billion (RM2.158 trillion) is expected to be injected into the proposed Sarawak new energy hub project in Bintulu, Sarawak Premier Tan Sri Abang Johari Tun Openg told journalists after attending a briefing at Samsung E&A Corporation in Seoul today.

“The amount includes both government spending and private sector investments,” he said.

The visit and briefing at Samsung E&A concluded his two-day working visit to South Korea, where he met with officials of the Korean Ministry of Trade, Industry and Energy, as well as captains of the country’s energy industry.

Abang Johari and members of his delegation arrived in Seoul on Monday night.

Samsung E&A, a world-leading engineering solutions and project management company, has been awarded the front-end engineering design (FEED) of the H2biscus green hydrogen & ammonia project in Bintulu.

The H2biscus plant, with an annual capacity of 150,000 tonnes, a green ammonia conversion plant with a capacity of 850,000 tonnes, and another hydrogen plant, the H2ornbill by a Japanese consortium, are expected to be the anchor plants in the park. Both plants are projected to be operational by 2027.

The executive vice-president of Samsung E&A, Park Cheon Hong, provided a briefing that generally reviewed the H2biscus project. Samsung’s partners in this venture include Lotte Chemical, the Korean National Oil Corporation (KNOC), and SEDC Energy, a subsidiary of the Sarawak Economic Development Corporation (SEDC).

Abang Johari said that while the energy hub project is generally progressing well, there are still a few issues that need to be resolved between the investors and the Sarawak government.

The visit also featured the signing of the H2biscus joint development agreement between SEDC Energy and Samsung. SEDC Energy was represented by its chief executive officer, Robert Hardin.

Abang Johari said that the significant demand for green power is driving Sarawak’s ambition to generate up to 1.3 gigawatts of electricity. Electricity generated by hydropower is key to producing green hydrogen.

The premier also pointed out that European Union countries have expressed interest in collaborating with Sarawak in renewable energy.

Accompanying Abang Johari in his delegation were the Minister of Utilities and Communications, Datuk Seri Julaihi Narawi, Deputy Minister of Energy and Environmental Sustainability, Datuk Dr Hazland Abang Hipni, and the chairman of SEDC, Tan Sri Abdul Aziz Hussain.

Source: NST