Thai, Japanese investors keen on Sarawak petrochemical production

 State premier Abang Johari Openg said the investors recognised Sarawak's strength in low-carbon energy and oil and gas.

Sarawak premier Abang Johari Openg said the Adong Kechil West oil well near Marudi was producing 800 barrels a day, equivalent to RM8 million a month. (Facebook pic)

PETALING JAYA:

Investors from Thailand and Japan are keen to invest up to RM1 billion in the production of petrochemical products in Sarawak, says state premier Abang Johari Openg.

Abang Johari says the investors recognised Sarawak’s strength in low-carbon energy and oil and gas revenues, Borneo Post reported.

He said onshore oil production operations in Sarawak have demonstrated promising potential. The Adong Kechil West well near Marudi was producing 800 barrels a day, equivalent to RM8 million a month at current prices, or RM96 million annually.

“By the middle of next year, Petros will develop another well to supply gas to the power station in Miri. Petros will also drill an exploratory well at Kuala Baram, which shows encouraging potential for gas production,” Abang Johari added.

The premier also said Sarawak has a significant advantage in renewable energy, particularly hydropower, which provided a solid foundation for attracting investors in new industries requiring substantial amounts of clean energy at competitive prices.

Speaking at the celebration for the Yang Dipertuan Negeri’s birthday today, Abang Johari said Sarawak has recorded RM11.2 billion in approved investments in the first half of the year, which shows sustained investor confidence in the state’s economic potential. - FMT