Malaysian oil project
Source: Agencies |
July 26, 2011, Tuesday
|
Print Edition
Print Edition
CHINA Petrochemical Corp and two partners yesterday said they plan to develop a "marginal" oilfield off the coast of Terengganu state in Malaysia.
China Petrochemical, or Sinopec Group, will hold 40 percent of the project and invest between US$400 million and US$700 million, according to a joint statement from the firms released in Kuala Lumpur. The partners are International Oil Design & Construction Sdn and Sabio Technology Sdn.
Malaysia is offering financial incentives such as investment tax allowances and lower taxes to encourage the development of less-profitable fields. The government is counting on these fields to help boost output in the nation, the second-largest oil and gas producer in southeast Asia, as energy demand rises.
China Petrochemical, or Sinopec Group, will hold 40 percent of the project and invest between US$400 million and US$700 million, according to a joint statement from the firms released in Kuala Lumpur. The partners are International Oil Design & Construction Sdn and Sabio Technology Sdn.
Malaysia is offering financial incentives such as investment tax allowances and lower taxes to encourage the development of less-profitable fields. The government is counting on these fields to help boost output in the nation, the second-largest oil and gas producer in southeast Asia, as energy demand rises.
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