Chinese firms, in a joint venture with a Malaysian consortium, have agreed to look at constructing a US$6 billion petroleum refinery and petrochemical plant in northern Malaysia. The Malaysia China Petroleum Corporation Sdn Bhd, China International New Energy Petroleum Group Co Ltd and Empire Global Corp have signed a memorandum of understanding on the project on Tuesday. The project, if proven feasible, will involve a liquefied petroleum gas storage facility, a condensate refinery and an international standard jetty in Manjung district, Perak state, with an annual capacity of 10 million tons of crude oil and 5 million tons of condensate. The project, to be fully funded by foreign investors, would be implemented in three phases over five years.
24-May-06 
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