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Press releases of OCI Holdings

2024.04.23
OCI Holdings Expands Investment in Sarawak, Malaysia

OCI Holdings Expands Investment in Sarawak, Malaysia

 

- On April 22, during the KL20 Summit, OCI Holdings formalized an investment cooperation agreement with Malaysia's central government through an MOU.

- Chairman Woo Hyun Lee's participation in a clean energy panel underscores OCIM's significant involvement in Malaysia. 

- OCI Holdings opened its Kuala Lumpur regional headquarters on April 21, enhancing its ability to pursue new business initiatives.

 

During the KL20 Summit 2024, held in Kuala Lumpur from April 22, OCI Holdings finalized an investment cooperation MOU with the Malaysian central government to significantly advance its solar PV project.

This event, the largest of its kind in Malaysia, convened 3,000 attendees including Prime Minister Anwar Ibrahim, influential political leaders, leading global business figures, as well as startup entrepreneurs and investors, on April 22 and 23.

The agreement will enable OCI Holdings to secure a reliable power supply critical for enlarging its solar PV polysilicon production capacity and foster enhanced collaboration with the Malaysian government as the company broadens its business scope. 

In February, OCI Holdings revealed plans to invest around KRW 850 billion in gradually increasing OCIM's production capacity of polysilicon for solar energy from 35,000 tons to 56,600 tons by 2027, and the project is underway in phases. Situated in Sarawak, Malaysia, OCIM supports the global market with an annual production capacity of 35,000 tons of solar PV polysilicon. As the demand for global PV generation rises, OCIM, which already employs approximately 700 individuals, is progressively recruiting more local staff.

At the event, OCI Holdings Chairman Woo Hyun Lee served as a global expert panelist, addressing the requirements and policy backing for sustainable ESG management under the theme "The Future of Clean Energy." He was joined by Google’s Asia-Pacific Head of Clean Energy and Power, and a Managing Director from BCG, a global consulting firm.

“OCIM’s approach to producing low-carbon solar PV polysilicon, leveraging Malaysia’s environmentally friendly hydropower, has garnered significant praise from our global customers,” said Chairman Lee. “Looking ahead, OCI Holdings will work closely with the Malaysian government in multiple sectors, integrating ESG management in accordance with Malaysia’s green initiatives.” 

Chairman Lee added, “The inauguration of our RHQ office (KL Regional Headquarters) in Kuala Lumpur on April 21 will enable OCI Holdings to accelerate business expansion and new business exploration with Southeast Asia as its base.”

The launch event was graced by the presence of Malaysia’s Minister of Investment, Trade and Industry and the presidents of prominent local banks. Additionally, on the evening of April 21, Chairman Lee dined with Malaysia’s Prime Minister and other key ministers, engaging in discussions about OCI Holdings’ renewable energy initiatives and diversification strategies. 

 

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