Local
Business
Sports
Leisure
BM
Kadazan Dusun
EDUCATION
ECO
Archives
Latest News
 
E_1
AmBank Islamic introduces Personal Financing-i |  Malaysia's 2021 growth rate expected to be at 6.6 pct – APIB CEO |  Kartel daging: kada’ komoyo’ nasalasai, KPDNHEP amu’ po ‘nokopomoug’ |  42 pain raha’ notimung id Keningau |  Pengguna jalan raya Beaufort ke Sipitang merayu pihak JKR dan pihak kontraktor perbaiki lebuh raya rosak |  Ketika sastera New Sabah Times berikan kita kenangan |  Sukarelawan tempatan sumbang barang makanan kepada 160 keluarga terjejas PKPB |  42 pain darah berjaya dikumpul anjuran Persatuan Jiang Man Wu Yi |  Perintah berkurung di perairan ESSZONE dilanjutkan 15 Jan |  Ucapan terima kasih, penghargaan untuk NST |  COVID-19: Polis adakan sekatan jalan raya di kawasan penempatan UNHCR Labuan |  NEW SABAH TIMES AKHIRI PENERBITAN |  Juliani to spearhead Sabah |  Cataract patient gets back normal eyesight with aid from RCKK Pearl, EyeMedics Specialist Eye Centre |  UMS PhD students shine at international conferences | 
 Local

POIC Sabah: No state interest compromised in Burel plan

2nd April, 2019

KOTA KINABALU: No state interest will be compromised in the process of bringing in much needed foreign investments.

This is the assurance of state-owned POIC Sabah Sdn Bhd which recently hit the headlines with a potential RM1.3 billion petrochemical investment coming to its project site in Lahad Datu in eastern Sabah.

The proposed investment – by Swiss-based Burel Industries with Saudi and China partners – attracted widespread responses, no less the widely read The Edge business paper which headlined ‘RM13 bil petrochemical project in Lahad Datu raises eyebrows’.

Burel plans to bring naphtha, a by-product from petroleum processing, from Saudi Arabia to Lahad Datu to be processed into a variety of ethylene products, including polymers for the global market.

Datuk Dr Pang Teck Wai, chief executive officer of POIC Sabah, said there was no question of a foreign company or a RM13 billion project or some company ‘getting’ a big and lopsided deal with a Sabah state-owned entity.

“We are the developer of the Lahad Datu palm oil industrial cluster and we are an industry promoter.

“Burel and its partners will source the funds, and our due diligence showed that they have made much progress, and it is entirely their investment, and they will either lease the needed land from us,” Pang said in a statement.

On The Edge contention that POIC Lahad Datu is logistically not an ideal location for the petrochemical plant, Pang said he believed Burel knew what is best for their investment, and has taken logistics issues into consideration.

Located along the eastern seaboard of Borneo, the POIC port is a vital link in the increasingly important and growing Lombok-Makassar shipping route. In anticipation of the potential, POIC Sabah has received State and Federal governments’ support to build a comprehensive port infrastructure with terminals for containers, dry bulk and liquid cargo. Some of these facilities have been in operation since 2013.

Pang points to the State government’s initiative to ramp up industrialisation in Sabah to spur economic growth. “We as a GLC, subscribes to the state initiative, but we will not compromise any state interest in the process. “We anticipate that an investment this size will raise eyebrows and attract scrutiny.”

   
Email Print