Gulf Petroleum to invest in oil and petrochemical refinery complex in Malaysia

18-Feb-08
A memorandum of understanding (MOU) has been signed between Gulf Petroleum (M) Sdn Bhd and the Perak government. Gulf Petroleum Ltd. plans to invest RM15.8 bln to build an oil and petrochemical refinery complex in Malaysia. The refinery, to be located on a 400-hectare site in Manjung, Perak, Malaysia is being planned as a major hub for the Asia Pacific region. The complex would source its crude oil supplies from Gulf countries and re-export 60% of the output. The project would be built in three phases and involve investments from Qatar, Saudi Arabia, Bahrain, United Arab Emirates, Oman and Kuwait. Phase One of the project, involving construction of a 150,000 bpd day oil refinery to be built at an investment outlay of RM6.4 bln, is expected to start in six months. Phase Two involves a RM6.4 bln petrochemical project. Phase Three, with investment of RM3 bln, will encompass construction of an oil storage plant. Gulf Petroleum is an integrated oil and gas company with interests in West Asia, North Africa and Europe. Among its major shareholders is the Qatar royal family.
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