Latest news with #EsteelEnterprise
Malaysiakini
20 hours ago
- Business
- Malaysiakini
Warisan to GRS: RM31bil steel project based on assumptions?
Warisan assemblyperson Calvin Chong questioned how the project schedule for the RM31 billion Esteel Enterprise Sabah Sdn Bhd steel manufacturing plant was made based on assumptions. In a statement yesterday, he accused Sabah Industrial Development and Entrepreneurship Minister Phoong Jin Zhe of misleading the public. 'Phoong said the original schedule for the Esteel Enterprise project, with a total investment of RM31 billion, was...
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Esteel project delayed by licence approvals, says Sabah minister
Sabah industrial development minister Phoong Jin Zhe said the company and its financial capacity were vetted by the Malaysian Investment Development Authority. (Facebook pic) PETALING JAYA : Sabah's industrial development minister, Phoong Jin Zhe, has sought to explain the delay in a RM31 billion steel investment project, saying this was caused by setbacks in securing the relevant approvals and natural gas supply. He said the initial projection to have Esteel Enterprise Sabah Sdn Bhd's factory begin operations in the fourth quarter of this year was based on the assumption that the approvals could be obtained without delay. However, he said, 'some obstructions' surfaced with Putrajaya's implementation of a two-year moratorium on approving manufacturing licences for steel-related industries. Phoong said this was acknowledged by Prime Minister Anwar Ibrahim when he launched the project, which was first announced in November 2022, at the Sipitang Oil and Gas Industrial Park (Sogip). 'The special approval was only obtained on Jan 24, 2025, which affected the project's original timeframe,' he said in a statement today. Phoong said technical assessments and negotiations with various stakeholders for the supply of natural gas to the factory had also pushed back the project's implementation. He was responding to Warisan's Elopura assemblyman Calvin Chong, who had urged the state government to come clean about the delay in the Esteel investment. Chong said the land lease agreement between Sogip and Esteel, signed in November 2022, stated that the first phase of the project would begin in the fourth quarter of 2023 and was expected to be completed within two years. The former DAP man also questioned the authenticity of the investment, claiming it was hard to find information on Esteel online, and also raised questions on the increased investment amount from RM20 billion to RM31 billion. Phoong maintained that the company and its financial capacity were vetted by the Malaysian Investment Development Authority, as required for the approval of its manufacturing licence. 'The latest amount of RM31 billion is a result of the company's latest review and calculation, which includes the construction of the plant, jetty and other related facilities. 'Value adjustments are common among phased development projects,' he said. The first phase of Esteel's investment in Sabah, estimated to be worth some RM6.4 billion, was officiated by Anwar at the Sabah International Convention Centre on May 30.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Esteel's RM31bil project a vote of confidence in Sabah's future, says Hajiji
Chief minister Hajiji Noor said Sabah is committed to creating a stable and investor-friendly environment to drive economic growth. (Bernama pic) PETALING JAYA : Sabah chief minister Hajiji Noor has hailed the RM31 billion three-phased project by Esteel Enterprise Sabah Sdn Bhd as a major milestone for the state's economic development. He said it would generate jobs, foster innovation, and support local businesses. Speaking at the launch of the project's Phase 1 at the Sabah International Convention Centre yesterday, Hajiji thanked Prime Minister Anwar Ibrahim and Singapore-based Green Esteel Group for backing Sabah's industrial ambitions. 'This project is not merely a financial commitment, but it is a vote of your confidence in our vision and in our capacity to foster growth and development,' he said in his speech. Hajiji added that the steel manufacturing plant, located in the Sipitang Oil and Gas Industrial Park (Sogip), is expected to create a wide range of 'ripple effects' in sectors such as green technology and local entrepreneurship. He stressed that job creation must benefit Sabahans first and urged industry players to prioritise the training and upskilling of the local workforce. 'I want all industry players to invest in the training and development of our local workforce and to comply with this fundamental requirement as a core principle of our commitment to local development,' he said. Hajiji also credited more than a dozen federal and state agencies for their role in fast-tracking approvals for the Esteel project and assured the group that their 'trust is well-placed'. 'Together, we have the potential to achieve remarkable outcomes, leading the way for growth and development,' he said. Hajiji reaffirmed that Sabah will maintain its investor-friendly stance, noting that the state has implemented policies to attract more investors. 'We are committed to creating a conducive environment that nurtures investments and fosters collaboration,' he said, adding that besides Sogip, the Kota Kinabalu Industrial Park has seen increased tenancy over the past four years. Due to high investor demand, Hajiji said the state government had approved three new industrial parks in Kota Belud, Beaufort, and Kudat under its Blue Economy initiative.
Malay Mail
5 days ago
- Business
- Malay Mail
PM Anwar to Sabah: Let industry lead TVET training to avoid skills mismatch
KOTA KINABALU, May 30 — Sabah must put more focus on Technical and Vocational Education and Training (TVET) programmes that can produce more competitive workers for today's as well as future markets, said Prime Minister Datuk Seri Anwar Ibrahim. He said that companies and those running TVET programmes needed to be flexible and industry-driven to better meet market requirements instead of using bureaucracy and outdated technical rules as excuses. 'It might not be a formal certificate by the ministry, it may be a certificate by the company which can be as good or at times better than some of our departments. Let them handle the training, let them make sure that the training meets the standards and more so the requirements of that particular industry. 'If they want 200 people from a particular event or university to work in the company or in the industry, let them train them so that there will not be a mismatch between what is being trained and what is required by the industry,' he said. He was speaking at the launching of the first phase of the Esteel Entreprise project in Sabah at the Sabah International Convention Centre, here, today. The finance minister said it was important to bridge the gap between what the central agencies were teaching and what the industry needed. Anwar said that the traditional model, where training institutions operate independently of industry input, risks producing graduates whose skills do not align with real-world needs. He said that past successful collaborations in Kuala Lumpur's High Tech area, the Johor-Singapore Economic Zone, and Melaka as examples where industry and academia jointly shape training to meet market needs. He said such models should be introduced in Sabah, particularly in light of upcoming large-scale investments. 'Don't give some bureaucratic, technical rules. You think about the future of your students and they will be better served if the industry trains these people for their requirements. If they need to be sent to either Kuala Lumpur or China, then come back as qualified engineers or technicians,' he said.
