KUCHING, June 10 — Two Chinese companies have agreed to invest US$5 billion (RM20.8 billion) for the proposed development of an integrated oil and gas complex in Lawas in the northern tip of Sarawak. The state government signed a memorandum of understanding (MoU) with the two firms, Beijing BECA Sci-Tech Co Ltd and Sinopec Engineering Incorporation here today. It was witnessed by Chief Minister Datuk Abang Johari Openg, Deputy Chief Minister Datuk Awang Tengah Ali Hasan and Beijing BECA Sci-Tech Co Ltd president Hao Liang and Sinopec Engineering Incorporation vice president Zhao Xiangdong. Work on the first stage of the chemical plant, to be sited on a 400ha at Sari Peninsular, is expected to begin later this year and completed in 2022. Speaking to reporters after the signing, Abang Johari said the two companies chose Lawas to build their plant after they conducted groundwork and feasibility studies on sites in other parts of Sarawak and the region. “For one, the availability of suitable land, ready supply of water and electricity and environmental stability; Lawas is outside the so-called of Ring of Fire,” he said, adding that the Chinese companies do not want to invest where t...