Latest news with #EsteelEnterprise
Malaysiakini
16-06-2025
- Business
- Malaysiakini
Warisan rep demands proof of RM31b Esteel investment in Sabah
Sri Tanjong assemblyperson Justin Wong demanded that the Sabah state government provide clear evidence to support claims of a RM31 billion investment by Chinese firm Esteel Enterprise in the Sipitang Oil and Gas Industrial Park (Sogip). Wong (above), who is from the opposition party Warisan, said Sabah's Industrial Development and Entrepreneurship Minister Phoong Jin Zhe should stop making statements about the potential of the project unless he can prove its legitimacy.
Malaysiakini
16-06-2025
- Business
- Malaysiakini
Warisan rep demands proof of RM31b Esteel investment in Sabah
Sri Tanjong assemblyperson Justin Wong demanded that the Sabah state government provide clear evidence to support claims of a RM31 billion investment by Chinese firm Esteel Enterprise in the Sipitang Oil and Gas Industrial Park (Sogip). Wong (above), who is from the opposition party Warisan, said Sabah's Industrial Development and Entrepreneurship Minister Phoong Jin Zhe should stop making statements about the potential of the project unless he can prove its legitimacy.
Borneo Post
13-06-2025
- Business
- Borneo Post
Sipitang steel plant to show progress by July
Phoong KOTA KINABALU (June 13): Esteel Enterprise's RM31 billion steel processing plant at the Sipitang Oil and Gas Industrial Park (SOGIP) is expected to show visible physical progress by July this year. State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said the ministry recently received a formal letter from the company reaffirming its commitment to the project. Following the issuance of the Federal Manufacturing License in January 2025, Esteel quickly moved to sign a gas supply agreement with Sabah Energy Corporation and Petronas in February. Phoong said the months of March and April were dedicated to a competitive bidding process to appoint a joint tender (JT) contractor in China. This process concluded with the selection of China Communications Construction Company (CCCC) on May 30. 'This marks the official beginning of the project's implementation phase. Both Esteel and CCCC are confident that by July and August 2025, we will witness substantial transformation at the SOGIP site,' he said. Phoong, who is also Luyang assemblyman, criticised Elopura assemblyman Calvin Chong for politicising the matter and lodging a police report alleging a lack of progress at the site. 'As elected representatives, we can raise such issues during State Assembly sittings. There's no need to resort to police reports. Ask me in DUN — I am ready to answer any question about Esteel,' he said at a press conference at Wisma Kewangan today. 'Don't politicise genuine investors. It deters our efforts to attract more investments and grow the state's industrial sector.' He assured that the green steel manufacturing project will proceed as planned, stressing the strong commitment from both Esteel and the state government. Phoong also highlighted that the project has been thoroughly vetted by the Malaysian Investment Development Authority and the Ministry of Investment, Trade and Industry. He added that Esteel's parent company, Singapore-based GreenSteel Limited, is a legitimate entity — recently acquiring shares in Penang-based Southern Steel Bhd and already owning Antara Steel in Labuan.
Free Malaysia Today
05-06-2025
- Business
- Free Malaysia Today
Phoong's aide dares Warisan rep to raise steel project delay in state assembly
Sabah industrial development minister Phoong Jin Zhe previously said the delay in the RM31 billion steel project was due to setbacks in obtaining the necessary approvals and securing a supply of natural gas. (Facebook pic) PETALING JAYA : An aide to Sabah industrial development minister Phoong Jin Zhe has challenged Elopura assemblyman Calvin Chong to raise his concerns on the delayed RM31 billion Esteel Enterprise steel project in the state assembly. Chan Loong Wei said the upcoming state assembly is the right platform for the Warisan rep to voice out any issues he has with the project as an elected representative. 'If he is genuinely curious or wishes to seek accountability, I challenge him to raise this matter in the upcoming state assembly sitting,' he said in a statement. Chan, who is Phoong's political secretary, said Esteel Enterprise is a company that is owned by a credible Singaporean businessman, who also owned a Top 100 Private Company in China in 2023. 'They (Esteel) have real credentials and real capital. In fact, their acquisition of Southern Steel Bhd in Penang in October 2024 was widely reported in Sin Chew Daily and other business media,' he added. He said that Phoong remains committed to driving inclusive economic growth, creating decent-paying jobs for Sabah youths and turning the state into a competitive, investor-friendly region. Earlier today, Chong slammed Phoong's explanation of the delays in the Esteel Enterprise steel project, calling it 'misleading and irresponsible'. He also asked how such a major project could be announced in November 2022 without confirmed approvals, especially given the federal moratorium on manufacturing licences for the steel industry at the time. Chong called for the state government to disclose all agreements and terms involving Esteel Enterprise, saying the public deserved full transparency on a project of such scale. He also questioned the delay in implementation, noting that the manufacturing licence was only approved in January 2025, more than two years after the project was announced. On Monday, Phoong said the delay in the RM31 billion steel project was due to setbacks in obtaining the necessary approvals and securing a supply of natural gas. He said the initial projection for Esteel Enterprise's factory to begin operations in the fourth quarter of this year was based on the assumption that approvals would be obtained without delay. However, he said Putrajaya's two-year moratorium on manufacturing licences for steel-related industries created complications, with special approval only granted on Jan 24, 2025.
Daily Express
05-06-2025
- Business
- Daily Express
Sabah rep slams minister's explanation of RM31 billion steel project delay
Published on: Thursday, June 05, 2025 Published on: Thu, Jun 05, 2025 By: FMT Reporters Text Size: Sabah assemblyman Calvin Chong said the state government should reveal all agreements with Esteel Enterprise Sabah Sdn Bhd as the public have a right to know the full details of such a major project. (Bernama pic) PETALING JAYA: A Warisan assemblyman has slammed Sabah industrial development minister Phoong Jin Zhe's explanation of the delays in the RM31 billion Esteel Enterprise steel project, calling it 'misleading and irresponsible'. Elopura assemblyman Calvin Chong also asked how such a major project could be announced in November 2022 without confirmed approvals, especially given the federal moratorium on manufacturing licences for the steel industry at the time. 'Phoong's statement that the project timeline was based on assumptions is baffling and irresponsible,' he said in a statement today. 'Does Phoong truly understand the scale and implications of a RM31 billion investment? This is not just the largest in Sabah's history. It is the largest in Malaysia since independence.' Chong called on the state government to disclose all agreements and terms involving Esteel Enterprise, saying the public deserved full transparency on a project of such scale. 'I support the investment if it can be verified in terms of implementation and financial capability. But all agreements between the government and the investors must be made public in a fair and transparent manner,' he said. He also questioned the delay in implementation, noting that the manufacturing licence was only approved in January 2025, more than two years after the project was announced. 'What happened to the thousands of job opportunities promised in November 2022?' he asked. On Monday, Phoong said the delay in the RM31 billion steel project was due to setbacks in obtaining the necessary approvals and securing a supply of natural gas. He said the initial projection for Esteel Enterprise's factory to begin operations in the fourth quarter of this year was based on the assumption that approvals would be obtained without delay. However, he said Putrajaya's two-year moratorium on manufacturing licences for steel-related industries created complications, with special approval only granted on Jan 24, 2025. Phoong also said the project cost was revised upward from RM20 billion to RM31 billion after the company factored in the cost of building the plant, jetty, and related facilities. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
