KOTA KINABALU, Dec 3 -- Sabah is going all out to woo Japanese companies in teaming up with the state to capitalise on the latter’s fledgling palm oil industry.
During a visit to a biofuel processing plant belonging to Euglena Corporation Limited (Euglena) in Yokohama, Japan today, Chief Minister Datuk Seri Mohd Shafie Apdal pointed to Sabah’s substantial crude palm oil resources as well as the state’s need for experts in the field of biofuel and biodiesel.
In a two-hour meeting with Euglena’s owner Mitsuru Izumo, he said Sabah’s Lahad Datu Palm Oil Industrial Cluster (POIC) port was ready to be utilised.
“The next step is to get the endeavour off the ground, which inevitably requires huge capital,” he said in a statement issued by the Chief Minister’s Department here.
Should a joint venture materialise, Mohd Shafie said Sabah in particular, could not only look forward to a new source of fuel but also ensure that its crude palm oil is exploited to the fullest.
In this regard, he foresees an increase in product demand, which would in the same breath help to maintain price stability, benefiting the players including smallholders.
Euglena produces eco-friendly Green Oil for vehicles, jets, and enzymes in food production.
Mohd Shafie who had invited Izumo to visit Sabah and explore investment opportunities projected the value of a joint venture to reach RM2 billion.