Hong Kong’s NewOcean To build $1.2B Oil Refinery In Malaysia
KUALA LUMPUR, Aug 7 (Reuters) – Hong Kong’s NewOcean Power Holdings Limited said on Monday it deliberate to build a 5.1 billion ringgit ($1.2 billion) petroleum refinery advanced on Malaysia’s east coast along with two partners.
NewOcean will partner Malaysia’s Kuantan Port Consortium Sdn Bhd and Malaysian south african coal gasification east coast improvement physique, the latter’s chief executive officer Jebasingam Issace John stated.
“This (refinery) will additional strengthen the throughputs that can undergo Kuantan Port, which has quick access to China, South Korea, Japan, Australia and Asean,” he mentioned.
Particulars about the scale and capability of the complex will probably be finalised later on, Jebasingam mentioned.
The East Coast Financial Region Development Council (ECERDC) announced a total of 9.9 billion ringgit new investments on Monday in the east coast region, of which the oil refinery settlement is the largest.
NewOcean is a Hong Kong-listed firm primarily engaged in the gross sales and advertising and marketing of liquefied petroleum fuel and pure fuel, oil and digital merchandise.
Kuantan Port Consortium is jointly owned by IJM Company Bhd and Hong Kong’s Beibu Gulf Holding (Hong Kong) Co. Ltd on a 60:Forty equity holdings basis. The Malaysian authorities has a special rights share within the consortium.
The other deals introduced embody a 1.95 billion ringgit funding by Asas Panorama Sdn Bhd for the event of the third section of the Malaysia-China Kuantan Industrial Park (MCKIP 3), planned for 680 acres of land.
China’s Zhaoqing Junhong Co. Ltd will make investments 1.6 south african coal gasification billion ringgit for a facility to manufacture semi steel radial tyres south african coal gasification at the MCKIP 2.
Malaysia has been attracting Chinese investments in recent times, as leaders of both nations solid shut ties. Interactive Turbulent Tubular Reactor The investments have poured into sectors akin to manufacturing, infrastructure and actual property.
($1 = four.2820 ringgit)
(Reporting by Liz Lee, enhancing by David Evans)
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