Gulf Petroleum awaits approval from Malaysian authorities for US$5 bln refinery project

18-Mar-08
Qatar-based Gulf Petroleum Ltd. awaits approvals from Malaysian authorities, subject to which, it will begin construction of a US$5 billion oil and gas complex. The complex is being planned to cater to the demand from Asia-Pacific region, and also serving as a regional hub. The complex will consist of an oil refinery, a petrochemicals project and storage facilities. Gulf Petroleum has made allocations to supply crude to the refinery and is set to commence construction, for which it is leading a consortium of Gulf banking and energy firms. Gulf Petroleum had signed an agreement with the government of Malaysia's northern state of Perak in February and had scouted out two other locations. The group is ready to finalise the feasibility studies. Gulf Petroleum's shareholders include members of the Qatar royal family, the Qatar General Insurance and Reinsurance Company , Al-Mana Group, National Petroleum Group and the banking arm of Al-Sari group. Gulf Petroleum plan investment outlay to the tune of US$1.5 - 2 billion in the project's first phase to build an oil refinery of capacity between 100,000 - 150,000 bpd. Other investments of US$1.5-2 bln will be allocated for the petrochemical project and about $1 billion for the storage facilities.
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