Ministry in talks with Australian investor over RM5.6 bln hydrogen project

Dr Hazland speaking during the question-and-answer session during the DUN sitting on Nov 21, 2023. Screenshot taken from a Sarawak Public Communications Unit (Ukas) Facebook livestream.

KUCHING, Nov 21: The Ministry of International Trade, Industry and Investment (Mintred) is currently in discussion with an Australian investor on its proposed hydrogen project worth RM5.6 billion at Samalaju Industrial Park.

Apart from that, Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni pointed out that Sarawak drew in RM49.8 million in foreign direct investment (FDI) and RM100 million in domestic direct investment (DDI) for proposed hydrogen projects in the State.

There are two hydrogen projects currently being undertaken by Sarawak Economic Development Corporation (SEDC) at Petchem Industrial Park.

“Among them are in partnership with a consortium of companies from South Korea with proposed investment of RM11.3 billion (USD2.4 billion). The Joint Development Agreement (JDA) was signed on Oct 16, 2023.

“Another is in partnership with Japanese investors with a proposed investment of RM8.5 billion (USD1.8 billion). The Joint Development Agreement (JDA) was signed on Oct 25, 2023,” he told the august House here today.

Dr Hazland was responding to a question from Bukit Begunan assemblyman Datuk Mong Dagang regarding the current level of FDI, particularly in the hydrogen industry in Sarawak.

The Sarawak government is also collaborating with Petronas Technology Ventures Sdn Bhd with proposed FDI of RM30 million (USD6.4 million) and DDI of RM100 million (USD21.3 million).

Dr Hazland added that the factors driving FDI in Sarawak include a stable government, business-friendly investment policies, efficient government machinery, availability of natural and renewable resources, a young and talented workforce, and availability of land for development. — DayakDaily