USD 238 Million Renewable Energy Industrial Complex to be Established in Sabah

March 2022

Suria Capital Holdings Bhd, a Sabah-based investment holding and property development company, has formed a partnership with trading firm Vandelay Ventures Sdn Bhd to develop the Sabah Maju Jaya Renewable Energy Industrial Complex (SMJREIC) at Sapangar Bay in Kota Kinabalu.  SMJREIC’s construction project is valued at MYR 1 billion (USD 238 million).

SMJREIC will offer a centralized Edible Oil Bulking Terminal with a capacity of 30,000 metric tons, the first palm oil refinery complex with a capacity of 100,000 metric tons per annum, as well as a Hydrogenated Vegetable Oil (HVO) plant, the first in Malaysia with a capacity of 250,000 metric tons per annum producing Sustainable Aviation Fuel (SAF).

Suria Capital is the facility’s landowner while Vandelay Ventures and partners, including Sawit Kinabalu and SLDB, will be supplying the raw materials. The initiative was introduced by the Sabah state government in relation to the five-year Hala Tuju Sabah Maju Jaya (SMJ) Development Plan launched by the Gabungan Rakyat Sabah (GRS) State Government. The SMJ Development Plan prioritizes the importance of green sustainability as one of the core measures to address environmental issues and global warming .

(Sources: New Straits Times; Malay Mail)

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