US$5 billion project from Qatar

Gulf Petroleum gets Malaysia's nod for US$5 billion oil project

The Associated Press

Published: April 28, 2008

KUALA LUMPUR, Malaysia: Qatar-based Gulf Petroleum Ltd. said Monday it has secured the Malaysian government's approval to build a US$5 billion (€3 billion) oil and gas complex project.

Gulf Petroleum said the project's development will start as soon as possible after resolving technical issues regarding a 1,000-acre (400-hectare) site in Malaysia's northern Perak state.

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 United Arab Emirates and Egypt, Gulf Petroleum said.

The company said the Malaysian Ministry Of International Trade and Industry issued an approval letter April 25.

"In March 2008, Gulf Petroleum received shareholders' approval for the supply of crude oil to the integrated complex, the supply being the most critical aspect of the project," it said, without providing details.

Shareholders include members of the Qatar royal family, Qatar General Insurance & Reinsurance, conglomerate Al-Mana Group, National Petroleum Services and the banking group of Al-Sari, the company said.