Plan for RM16.5bil Sabah JV project
Published on: Wednesday, April 24, 2019
By: Bernama
KOTA KINABALU: Jesselton Birost (Sabah) Sdn Bhd plans to collaborate with a China-based company to build and operate a US$4 billion (RM16.5 billion) bonded integrated refinery and oil storage terminal in Sipitang Oil and Gas Industrial Park, Sipitang.
The local company on Tuesday signed a memorandum of agreement with Zhejiang Zhou Shan Run Shin Energy Co Ltd in Shenzen, China, to become partners in the project, it said in a statement.
ADVERTISEMENT
The project is expected to kick off after the partners finalise their ongoing negotiations with the Sabah Government on the sub-lease of the proposed land.
The signing ceremony, held during a Sabah trade and investment mission to China, was witnessed by Sabah Chief Minister Datuk Seri Mohd Shafie Apdal and Sabah Trade and Industry Minister Datuk Wilfred Madius Tangau.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
