Putrajaya eyeing US$3.1b investment in Bintulu petrochemical project

Entrepreneur Development Minister Mohd Redzuan Yusof speaks to reporters at Menara Usahawan in Putrajaya July 3, 2018. ― Picture by Miera Zulyana
Entrepreneur Development Minister Mohd Redzuan Yusof speaks to reporters at Menara Usahawan in Putrajaya July 3, 2018. ― Picture by Miera Zulyana

KUALA LUMPUR, Oct 1 — Entrepreneur Development Minister Mohd Redzuan Md Yusof on Sept 28 met with several quarters in Sarawak in a bid to attract investments worth US$3.1 billion in a petrochemical project in Bintulu.

A statement issued by the ministry said the project covering 101.17 hectares will be developed over several phases involving Engineering, Procurement, Construction and Commissioning (EPCC) contractors.

Financing for the project will be raised through equity and bond offerings on the stock market, it said.

It said as the ministry charged with enhancing the country’s entrepreneur development, it also facilitates strategic investments that can create employment opportunities and a high-value entrepreneur ecosystem in Malaysia.

This, it added, is a new and disruptive approach that is able to offer local entrepreneurs with the necessary expertise and merit the opportunity to be involved in high-technology activities in related sectors, thus raising the involvement of local vendors. — Bernama