A consortium of Middle Eastern investors led by Gulf Petroleum Ltd has secured federal regulatory approval for its project to develop a $5 billion integrated oil and petrochemicals hub in the northern Malaysian state of Perak.
According to reports, the Qatar-based Gulf Petroleum said on Monday that Malaysia's International Trade and Industry Ministry had issued a letter of approval for the project.
The complex, which includes an oil refinery, a petrochemicals plant and storage facilities, will serve as a regional hub for Gulf Petroleum's Asia-Pacific activities, Reuters reported.
Between $1.5 billion and $2 billion will be invested in the project's first phase to build an oil refinery of capacity between 100,000-150,000 barrels per day; with separate investments estimated at $1.5-2 billion for the petrochemical project, and $1 billion for storage facilities, the report said.
According to Singapore's Business Times, the consortium last month secured allocation for crude oil supply as well as the requisite funding for the integrated complex on a 405-hectare site in Manjung, Perak, where the water depth could accommodate VLCCs shipping crude oil from the Middle East.
Gulf Petroleum has been quoted as saying that at least two national oil firms from the Middle East will participate in the project, with other consortium members comprising major oil and gas, banking and insurance groups from Qatar, Saudi Arabia, Kuwait, Oman, Bahrain, the UAE and Egypt.
Gulf Petroleum officials had earlier indicated that stakeholders in Gulf Petroleum include members of the Qatar royal family, Qatar General Insurance & Reinsurance, the Al-Mana Group, National Petroleum Services and the banking group of Al-Sari.
According to reports, the Qatar-based Gulf Petroleum said on Monday that Malaysia's International Trade and Industry Ministry had issued a letter of approval for the project.
The complex, which includes an oil refinery, a petrochemicals plant and storage facilities, will serve as a regional hub for Gulf Petroleum's Asia-Pacific activities, Reuters reported.
Between $1.5 billion and $2 billion will be invested in the project's first phase to build an oil refinery of capacity between 100,000-150,000 barrels per day; with separate investments estimated at $1.5-2 billion for the petrochemical project, and $1 billion for storage facilities, the report said.
According to Singapore's Business Times, the consortium last month secured allocation for crude oil supply as well as the requisite funding for the integrated complex on a 405-hectare site in Manjung, Perak, where the water depth could accommodate VLCCs shipping crude oil from the Middle East.
Gulf Petroleum has been quoted as saying that at least two national oil firms from the Middle East will participate in the project, with other consortium members comprising major oil and gas, banking and insurance groups from Qatar, Saudi Arabia, Kuwait, Oman, Bahrain, the UAE and Egypt.
Gulf Petroleum officials had earlier indicated that stakeholders in Gulf Petroleum include members of the Qatar royal family, Qatar General Insurance & Reinsurance, the Al-Mana Group, National Petroleum Services and the banking group of Al-Sari.