On 13th December 2019, a heads of agreement (HOA) was signed between Sabah Oil & Gas Development Corporation (SOGDC) and Pertoventure Energy Sdn. Bhd. The HoU was signed by Dr Geaneve Jane Samil, Chief Executive Officer of SOGDC and Mohd Sham Haji Mohd Yassin, Director and President of Petroventure Energy Sdn Bhd The Heads of Agreement will pave the way forward for both organizations to draft a plan of collaboration to establish the first petroleum oil storage and refinery plant in Sipitang Oil & Gas Industrial Park (SOGIP). With an estimated investment value of RM12 billion, the project is seen as a booster for the local economy. It is expected to generate approximately 3500 job opportunities for local Sabahan. Products from the refinery plants will create opportunities for new downstream businesses. The ceremony held at one of the famous hotels in Kota Kinabalu was witnessed by YB Datuk Seri Panglima Wilfred Madius Tangau, Deputy Chief Minister and Minister of Trade and Industry of Sabah, accompanied by YB Ben Chong, Deputy Minister of Trade and Industry, Mr Tommy Philip, Director of DIDR, Mr Wong Tian Sing, Director of MIDA and Mr Lyu Xingchen, Chairman of China Cacs Investment Group Co.Ltd. (CASCI).