No plans to reschedule Perak oil and gas complex development

Despite the current global economic meltdown, Gulf Petroleum Ltd. plans to continue with the development of its US$5 bln (RM16 bln) integrated oil and gas complex in Manjung, Perak. Last year, Gulf Petroleum had secured official regulatory approval to build an integrated oil and gas complex comprising an oil refinery, petrochemical project and storage facilities an initial investment outlay approximating US$5 bln for the first phase of the five-year development. Gulf Petroleum has recently awarded a contract with an engineering, procurement, construction and commissioning contractor to conduct the environmental impact assessment study on the proposed location. The complex is planned to be Qatar-based Gulf Petroleum's Asia-Pacific regional hub. Despite the current slowdown in petroleum and petrochemical product demand, the project is perceived as financially viable as demand in the region is estimated to perk up around the time that the project construction gets completed. The viability of the project keeps it attractive to several financiers and investors, hence the company has no plans to cancel or defer the development.