Malaysia has approved a 5 billion U.S. dollars integrated oil and gas complex project which will be carried out by Gulf Petroleum Ltd (GPL), a company backed by the Qatar royal family, local media reported on Tuesday.
The project's approval will open doors to more economic cooperation and investment activities from the Gulf countries to Malaysia, GPL director Nor Azmi Abdullah said in a statement released in Kuala Lumpur on Monday.
"If everything goes according to plan, Malaysia may receive more good news on this project from us after this, particularly when we announce our consortium members from time to time," the New Straits Times quoted him as saying.
On Friday, the company received the official approval from Malaysian International Trade and Industry Ministry.
A consortium, comprising at least two national oil firms from the Middle East, oil and gas groups, banking and insurance groups from Qatar, Saudi Arabia, Kuwait, Oman, Bahrain, the United Arab Emirates and Egypt, will also be involved.
The complex, which will be developed on a 400 ha site in Manjung, Malaysian northern Perak state, is anticipated to be GPL's regional hub for Asia-Pacific activities.
Source: Xinhua
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