KUCHING: A South Korean company has expressed interest to build petrochemical complex in Sarawak, with an investment of USD460 billion.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the potential investment reflects confidence in Sarawak’s commitment to renewable energy and its hydrogen production.
“I have just returned from Korea, and they (Koreans) want to build petrochemical complex in Sarawak which spans up to 2050. The total investment is USD460 billion.”
He said this after officiating at the earth-breaking ceremony for Dalat Boutique Hotel and the opening ceremony of Dalat Welfare Complex (KKD) in Mukah on today.
Abang Johari, who is also the Minister for Natural Resources and Urban Development, explained that use of hydrogen as a renewable resource can be split and produced into ammonia and can be used for the shipping industry.
“We can also produce methanol from hydrogen. That is why they want to invest in Sarawak.
“Not only Korea, countries in the Far East will also be buying it. This is because a study on the matter was presented to me when I was in Korea recently,” he said.
He also said that Sarawak’s renewable energy plans were projected to extend until 2030, however with this new influx of investment, the timeline may be extended to 2050.
“This will benefit future generations, including those yet to be born. Not only do they receive RM1,000 from the Endowment Fund Sarawak (EFS) but also gain access to job opportunities and a comfortable living, which is our ultimate goal,” he emphasised.
Recently, South Korea and Sarawak have agreed to continue strengthening economic cooperation, particularly in the field of renewable energy.
