POIC Sabah to sign S&P investor deals on 6 Nov

19 October 2006 09:13  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s state-owned POIC Sabah said on Thursday that a mass signing of sale and purchase (S&P) agreements with investors, mostly on biodiesel production, will take place in Kota Kinabalu on 6 November.

 

POIC Sabah is currently developing the 5,000-acre palm oil industrial cluster in Lahad Datu, known as POIC Lahad Datu, in southeastern Sabah.

 

The biodiesel plants should have a combined installed capacity of up to 700,000 tonnes/year and are due to begin production in late 2007.

 

Promotional efforts in the past year have resulted in more than 80 companies signalling an interest in establishing a range of palm oil related industries, POIC said.

 

Sabah has more than 1.3m hectares of palm oil plantation and the government is promoting palm oil downstream industries at POIC Lahad Datu to optimise the value of this commodity.

 

In recent years, revenue from the palm oil sector has contributed some 40% to the state’s revenue and the government expects POIC Lahad Datu to further increase the economic importance of this sector.

By: Gina Myung
+65 6780 4359

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