Consortium to invest RM10bil in PIPC next year


KULAI: The on-going multibillion ringgit Pengerang Integrated Petroleum Complex (PIPC) continues to attract strong interest from domestic and foreign players in the oil and gas (O&G) sector.

Johor International Trade, Investment and Utilities Committee chairman Jimmy Puah Wee Tse said it would receive a major investment of estimated at RM10bil early next year.

“The investment comes from a consortium of few countries involved in the O&G related activities,’’ he told a press conference last Saturday.

Puah, who is also Bukit Batu assemblyman, said this after presenting Deepavali hampers to 100 recipients from the low-income families Taman Putri community hall near here.

He said the RM10bil would be a shot in the arm for Johor in its mission to develop and position Pengerang, located in south-eastern tip of Peninsular Malaysia, as Rotterdam of Asia.

Puah declined to divulge more details when asked which countries were in the O&G consortium, adding that the investment has been approved.

“Prime Minister (Tun Dr Mahathir Mohamad) or our Mentri Besar (Datuk Osman Sapian) is going make the announcement on the investment,’’ he said.

Separately, Puah said that several companies from Japan and South Korea have expressed their strong interest to investment in the manufacturing sector in Johor.

“I’ve met with them during by trade visits to both countries as the preferred to set up operations in Johor as Johor as the right ecosystem and strategically located along the world’s busiest shipping route,’’ he said.

However, he said the Japanese and South Korean companies have brought up issues whether Johor has sufficient skilled workers especially engineers needed in the high-technology manufacturing activities.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Business , Pengerang , domestic , oil

   

Next In Business News

Tesla CEO Musk puts US$100mil jolt into quest for carbon removal
Start-ups aim to change car battery recycling including in Malaysia
Oil price steady as Libya output decline offsets risks to Asian demand
GLOBAL MARKETS - Wall St falls on capital tax increase angst
Mah Sing aims to be among Top 5
EU eyes ‘re-engineering’ of global finance with green standards
Petronas Chemicals sees increased income
Aerospace industry to rebound next year
Vitrox Q1 net profit rises to RM31mil
Nazir Razak is Bank Pembangunan chairman

Stories You'll Enjoy


Vouchers