KOTA KINABALU: State-owned Sabah Oil and Gas Development Corporation (SOGDC) Sdn Bhd has signed an agreement with a private firm to build Sabah’s first petroleum oil storage and refinery with investments over US$2.3 billion (RM9.5 billion).

The agreement with Petroventure Energy Sdn Bhd will see the plant being built at the Sipitang Oil and Gas Industrial Park (Sogip) in southwest Sabah, with construction expected to take between three and five years.

Deputy Chief Minister Wilfred Madius Tangau, who is also state trade and industry minister, witnessed the signing of the agreement between SOGDC CEO Geaneve Jane and Petroventure Energy president-cum-managing director Mohd Sham Mohd Yassin here today.

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