GEORGE TOWN: The Penang government is committed to undertaking new income-generation efforts through alternative sources to drive development in a more comprehensive manner.
Chief Minister Chow Kon Yeow said activities such as the exploration and seismic mapping of hydrocarbons, involving high-quality oil and gas resources, are currently underway in the waters of Penang and are expected to be completed by the end of this year.
“Multinational oil and gas companies, as the entities conducting the related studies, will present their findings to the state executive council later.
“In addition, the state government will also explore opportunities for the implementation of Public-Private Partnership (PPP) projects that can generate revenue,” he said in his winding-up speech at the Penang legislative assembly sitting here today.
Chow also touched on rare earth elements found in several states, such as Kedah, Pahang, Perak, Terengganu, Kelantan and Johor, which have the potential to contribute to the income of each respective state.
“For Penang, based on sampling studies in several locations such as Teluk Bahang, Balik Pulau and around Nibong Tebal by the Department of Minerals and Geoscience (JMG), it was found that Penang also has mineral resources estimated to be worth RM100 billion.
“The state secretary's office is arranging discussions with the JMG to seek advice,” he said.
However, Chow said the ministry has yet to share the guidelines for the extraction of rare earth minerals to the states, and it is likely being refined with the necessary conditions.
“This document provides a holistic explanation of the mining chain of activities and procedures to be followed to ensure that the activities comply with relevant legislation and safety requirements.
“These procedures are established to preserve the sustainability of the mining industry, the safety and well-being of the population, and environmental protection,” he said.
On the resignation of Datuk Seri Lee Kah Choon as Special Investment Adviser to the Chief Minister and as a member of the Penang Development Corporation and Invest Penang, Chow said Lee had long wanted to resign, especially in 2022, to avoid conflicts of interest after being appointed as a non-independent director in companies listed on the Stock Exchange.
He named Federal Oats Mill Sdn Bhd, Aemulus Holdings Bhd, L&P Global Bhd and Nation Gate Holdings Bhd as some of the companies.
“However, I requested that he put this resignation on hold until after the state election. Upon completion of the state election, he asked to resign again, and I accepted it at the end of September,” he said. -Bernama
