November 18, 2013

RM2.83 Billion Invested In Sabah Oil And Gas Sector

Sabah's oil and gas sector has attracted investments worth RM2.84 billion as of July this year, said Deputy Chief Minister Datuk Raymond Tan Shu Kiah.

Tan, who is also state Industrial Development Minister, said Sabah has received many inquiries from investors keen to invest in the sector.

"This is a good sign of increasing investor confidence in the state," he said in reply to a question from Datuk Dr Jeffrey Kitingan (Star-Bingkor) at the State Legislative Assembly sitting here today.

Tan said last year, Sabah attracted RM5.03 billion in investments, making it the third-ranked state nationwide in terms of investments received.

He said the state government has provided industrial sites to develop the oil and gas as well as oil palm sectors, including the Palm Oil Industry Cluster (POIC) in Lahad Datu and Sandakan, the Sipitang Oil and Gas Industrial Park (SOGIP), and the Kota Kinabalu Industrial Park (KKIP).

Tan added that Sabah will leverage the opportunities provided by the development of the oil palm biomass industry, which can generate investments worth RM30 billion nationwide.
Source: Bernama