SEOUL: An estimated USD460 billion worth of investment and spending until 2050 is expected to be injected into Sarawak’s economy to realise the proposed Sarawak New Energy Hub (SNEH) project in Bintulu.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, in announcing this, said the amount would include both government spending and private sector investment and equity participation.
He said this after a briefing on the proposal by Samsung E & A Corporation in Seoul, South Korea in conjunction with this two-day working visit to the country.
The briefings also included the H2biscus hydrogen project, involving Samsung E & A, LOTTE Chemical Corporation, Korean National Oil Corporation (KNOC), and SEDC Energy.
He said the Bintulu Energy Park, driven by hydropower would produce renewable energy sources primarily hydrogen and ammonia that would be exported to other countries in the region, particularly South Korea.
Abang Johari said the project in Bintulu that would become a part of the SNEH project was progressing well with a few issues that needed to be ironed out by the investors and the Sarawak Government.
Earlier, the state government through SEDC Energy and represented by its chief executive officer (CEO), Robert Hardin signed the Joint Development Agreement (JDA) for the H2biscus project.
Samsung Engineering will execute the FEED (Front End Engineering Design) for the green hydrogen plant with an annual capacity of 150,000 tons and a green ammonia conversion plant with a capacity of 850,000 tons.
Samsung E&A executive vice-president Park Cheon Hong briefed the Premier and other attendees on the SNEH project proposal.
In his address after the briefings, the Premier reiterated that Sarawak would develop its power generation to 10GW by 2030 to meet the accelerated demand especially for renewable power.
The huge demand for green power in Sarawak was exemplified by the power needs of up to 1.3GW for the SNEH project, he added.
He pointed out that EU countries had also expressed their desire to collaborate with Sarawak in the renewable energy space during the recent visit of EU ambassadors to Kuching.
The EU countries had indicated that they would consider setting up the EU bank in Sarawak to provide a source of funding for green investments in the state.
Accompanying the Premier were Minister of Utilities and Communications Datuk Seri Julaihi Narawi, Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni and SEDC chairman Tan Sri Abdul Aziz Hussain.
