Sarawak Petchem secures sukuk fund worth RM4 billion for Sarawak Methanol Project

Abdul Aziz delivering his speech at the ‘Sarawak Petchem Modules Delivery and Site Installation Ceremony’ in Bintulu today (Aug 22, 2022). Photo taken from Sarawak Public Communication Unit (Ukas) Facebook Live.

By Ashley Sim and Christopher Lidom

KUCHING, Aug 22: Sarawak Petchem Sdn Bhd (Sarawak Petchem) chairman Tan Sri Datuk Amar Abdul Aziz Husain expressed his gratitude that Sarawak Petchem was able to secure RM4 billion in sukuk (Islamic bonds) funds with the assistance of RHB Bank Berhad (RHB Bank), Malayan Banking Berhad (Maybank), and all sukuk investors for the Sarawak Methanol Project.

He also mentioned that as of July 29, 2022, the Sarawak Methanol Project has achieved more than 60 per cent overall progress and had recorded more than five million safe man-hours without Lost Time Injury (LTI).

“This is indeed a significant achievement considering the magnitude of the activities involving a high-risk working environment,” he said today at the ‘Sarawak Petchem Modules Delivery and Site Installation Ceremony’ in Bintulu.

Abdul Aziz noted that the ceremony marked another historical milestone in Sarawak Petchem’s journey to progress and make the State’s first methanol project a reality.

“Today, you can witness the drastic changes to the landscape with construction structures and tanks shaping the new skyline in Tanjung Kidurong.

“As you have just witnessed, the delivery and installation of one of the modules delivered to site signify this project is progressing well,” he stated.

He said that the Sarawak Methanol Plant and the establishment of the Sarawak Economic Development Corporation (SEDC) Petrochemical Hub will catalyze the future growth of downstream petrochemical activities, supporting Sarawak’s goal of becoming a high-income economy by 2030.

“As we have progressed with this project, we have also created the ‘many firsts’ achievements along the way, including the first Methanol Plant Project in Sarawak, the first Large Scale Modularisation Project in Malaysia, the first Commercial Jetty Adopting Wave Screen Design in Malaysia, the first Sarawak entity accorded with Sustainability Rating, and the largest greenfield Project Financing issuance in recent years,” Abdul Aziz highlighted.

Moreover, he remarked that Sarawak is focusing on the Sarawak Petrochemical Hub as a game changer to transform Sarawak into a petrochemical industry. The hub is expected to attract investment from major players in the petrochemical industries.

Among those present was the Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg. — DayakDaily