Qatar Islamic Bank plans to study a plan to raise funds for a US$5 bln refinery and petrochemicals project in Malaysia, under an initial agreement signed with a Malaysian unit of Gulf Petroleum Ltd. The bank will study and eventually lead a consortium of banks and financial institutions to arrange funding for both financing and equity elements of the project.
Qatar-based Gulf Petroleum Ltd obtained regulatory approval from Malaysian authorites to develop the complex in the northern state of Perak. Gulf Petroleum is leading a consortium of Gulf banking and energy firms to build the complex. 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 plans to invest US$1.5-2 bln in the project's first phase to build an oil refinery of capacity between 100,000-150,000 bpd.
16-Jun-08 
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