30/07/2008 (NST Online) - SELANGOR-based Sawit Raya Oil (Sabah) Sdn Bhd will invest RM50 million in the construction of a palm oil refinery in the state-run Palm Oil Industrial Cluster in Lahad Datu.

A subsidiary of Sawit Raya Sdn Bhd, the company yesterday signed an agreement for the purchase of a four acre land at the POIC for the proposed refinery.

Signing for Sawit Raya Oil was its executive chairman Datuk Frankie Tan and managing director Tan Chung Kwai, while POIC was represented by chief executive officer Dr Pang Teck Wai and company secretary Michael Yong.

Construction of the refinery is expected to begin next year and when completed will have a capacity of 100,000 tonnes per year.