13 May '11, 3am

Malaysia unveils plan for $20 billion oil hub

Malaysia's national oil company Petronas will build a $20 billion refinery and petrochemicals complex in a southern state bordering Singapore as part of its downstream expansion. Petronas Chief Executive Shamsul Azhar Abbas says the project will be undertaken with foreign partners and could turn Johor into an energy trading hub and bolster Malaysia's long-term economic growth . Shamsul says the project will be completed by late 2016. It will not compete with but rather complement Singapore, which is Asia's largest oil trading and storage center but lacks resources for further expansion.

Full article: http://sg.news.yahoo.com/malaysia-unveils-plan-20-billion...

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