The proposed refinery and oil depot in Malaysia is expected to cost US $2.3bn

Malaysia's state-owned Sabah oil and gas development company (sogdc) has signed an agreement (HOA) with petroventure energy Sdn. Sogdc plans to build an oil refinery and oil depot in the xipitang oil and Gas Industrial Park (sogip) in Sabah, Malaysia. On December 13, sogdc said in a post on Twitter and Facebook's official account that in the Hoa agreement signed, pesb will complete the feasibility study of refineries and oil depots, with a total investment of about $2.3 billion. Sogdc said that if approved, the project will create about 3500 jobs in the region after its launch. Although details of the proposed refinery and oil depot cannot be formally confirmed, local media in Sabah reported that the refinery has a refining capacity of about 70300 barrels per day and a capacity of 2 million cubic meters. According to local media, the whole project will take about 3-5 years to complete.