Gulf Petroleum signs deals for RM17b hub

KUALA LUMPUR: Qatar-based Gulf Petroleum (M) Sdn Bhd (GPLM) has signed agreements with consortium groups from China, Hong Kong and India to jointly develop its RM17 billion integrated oil and gas complex in Port Dickson.

Marmagoa Steel Ltd and Rukmani Finance Pte Ltd, which are led by India-based businessman Ashok Mittal, have formed a consortium with a local partner - Extrarich Marine Sdn Bhd.

Together, this consortium will undertake the financing, construction and supply of steel to build storage facility at the complex.

China-based telecom solutions provider Huawei Technologies has also come onboard to participate in the development of the complex. The group will cover the information technology and telecommunication aspects of the plant.

Meanwhile, Hong Kong-based Oriental Air Energy Investment Corp Ltd will undertake the financing and construction of the power supply requirements of the complex by utilising patented green air- powered technology.

GPLM managing director Nor Azmi Abdullah said the group has received official proposals from 35 countries worldwide interested to participate in the setting up of the complex. They include banking groups, government-linked investment companies and oil and gas companies.

"We will have more partnerships like the ones signed today. We are carefully studying the proposals at this stage," he said during a media briefing yesterday.

Construction of the complex would begin once the company has finalised outstanding regulatory issue with the authorities. "We hope to start construction by second quarter next year," he said.

The complex, targeted to be fully completed by 2015, is located at Port Dickson on a 607.5ha of land. It would include a refinery, petrochemical plant and storage facilities and would be able to produce about 150,000 barrels of oil per day.

The complex was intended to be GPLM's regional hub for its activities in Asia Pacific. The company had earlier secured crude oil supply among consortium members and has finalised initial agreements on products off-take arrangement with several countries within Asean and in Asia Pacific.