South Korea-based OCI Holdings reaffirms Sarawak production expansion, potential reinvestment value of RM3.1 bln in polysilicon

Awang Tengah (third left) with members of the Sarawak delegation in the meeting with OCI Holdings in Seoul, South Korea on July 30, 2024.

By DayakDaily Team

KUCHING, Aug 1: South Korea-based energy and chemical company OCI Holdings has reaffirmed its commitment to continue expanding production in Sarawak with a potential reinvestment value of RM3.1 billion in polysilicon for photovoltaic use.

According to a press release, this expansion is expected to create 400 direct employment opportunities.

Sarawak Deputy Premier Datuk Amar Awang Tengah Ali Hasan, who is also Minister of International Trade, Industry, and Investment (Mintred) Sarawak, led a Sarawak delegation in a meeting with OCI Holdings chairman Lee Woo Hyun in Seoul, South Korea on July 30.

OCI Holdings, a global chemical company, specialises in producing polycrystalline silicon, hydrogen peroxide, and other chemical-related materials.

In 2017, OCI Malaysia Sdn Bhd (OCIM) acquired a 100 per cent stake in a polysilicon production facility in Malaysia owned by Tokuyama.

To date, OCIM has invested over RM8 billion in Sarawak to produce polysilicon for the solar industry.

The company plans to further expand and diversify its chemical materials production in Sarawak.

They have entered joint ventures with Kumho and Tokuyama to produce epichlorohydrin and semiconductor grade polysilicon, respectively.

These additional investments are valued at more than RM3.2 billion and are projected to create 400 new jobs.

As per the release, Lee also expressed OCI Holdings’ interest to further explore potential investment in power development, especially renewable energy in Sarawak through subsidiary OCI Energy.

The proposal was warmly welcomed by Awang Tengah, highlighting Sarawak’s commitment to becoming a leader in green energy.

The participation of OCI Holdings in green power development is expected to enhance Sarawak’s energy security while contributing to sustainable economic growth and environmental stewardship.

OCI Energy is a global entity with a significant focus on renewable energy and energy storage systems (ESS).

It currently holds the title of the largest independent solar developer in Texas, United States of America. — DayakDaily