JCorp identifies potential investments worth up to RM17.4 bln for PIP

JCorp in a statement yesterday said the potential investments, among others would involve aromatics complex operations, petrochemical plant as well as support services related to O&G industries.

It said among the products to be produced was raw materials in the form of liquid and pellet for the manufacture of various plastic products for industrial use such as industrial plastic bags.

“Other products that are expected to be produced include car components, paint, engine coolant, synthetic fibre, besides products for consumer needs,” it said.

On Saturday, JCorp held a briefing on the PIP development which were attended by the Chief Secretary to the Government Datuk Seri Mohd Zuki Ali, JCorp president and chief executive Datuk Syed Mohamed Syed Ibrahim, a delegation comprising members of the Federal Projects Steering Committee (FPSC) at the Pengerang Integrated Petroleum Complex (PIPC), as well as senior officers of the Johor state government.

JCorp also said the corporation has estimated a gross development value of RM1.27 billion for four phases of the PIP development.

PIP, which is slated for full competion in 2023, will also create thousands of semi-skilled and support jobs.

To-date, the progress of platform preparation works for the PIP project development on a 316-hectare site has reached 77 per cent.

"With strategic advantages, JCorp is confident PIP and the Refinery and Petrochemical Integrated Development (RAPID) projects can be enhanced and strengthened as an investment destination and O&G industrial hub through the continuous cooperation between the state and Federal governments,” it said.