07/12/2012 (Bernama) - ICM Specialty Chemicals Sdn Bhd's new oleochemical specialty ester plant, to be built in Pulau Indah, Klang, will generate a cumulative gross national income (GNI) of more than RM400 million by 2020.

Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said the company would invest about RM130 million to build and operate the plant which is scheduled for construction in April next year at the Selangor Halal Hub.

"The plant is expected to commence operations by mid-2014 and generate an annual GNI of RM73 million by 2020," he told reporters at the joint venture (JV) signing ceremony and project announcement here today.

ICM is a 55:45 JV between Malaysia's Chemical Mate Technologies Sdn Bhd and Italy's Societa Chimica Lombarda Pte Ltd.

Dompok said the project, part of the Economic Transformation Programme (ETP) under the National Key Economic Area (NKEA) of palm oil and rubber, is expected to create 75 new jobs and can produce between 30,000-35,000 metric tonnes of specialty chemicals and oleo derivatives annually.