Tuesday, September 13, 2011

Malaysia proposes US$1.6b O&G projects in Brunei

BANDAR SERI BEGAWAN: Malaysia has proposed to undertake two oil and gas (O&G)-related projects in Brunei, Prime Minister Datuk Seri Najib Tun Razak said Tuesday, Sept 13.

One was by Petronas to build a petrochemical complex with BASF in Pulau Muara Besar, involving an investment of about US$1.6 bilion, while the other was the development of a fabrication yard by Petronas' subsidiary, Malaysia Marine and Heavy Engineering Holdings Bhd.

Najib said he had told Sultan Hassanal Bolkiah of the proposals when they met yesterday and the project would take off if Brunei agreed to it.

"Both projects will have positive impacts on both countries, particularly the job opportunities to be created.

"At the same time, it will show that the top-level decisions we have made are for the good of both countries," he told Malaysian journalists at the end of his visit in conjunction with the annual consultation with the Sultan of Brunei here. - Bernama

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