Hong Kong's NewOcean to build $1.2 bln oil refinery in Malaysia

Newocean Energy Holdings

07/08/2017 12:05

KUALA LUMPUR, Aug 7 (Reuters) - Hong Kong's NewOcean Energy 
Holdings Limited  0342.HK  said on Monday it planned to build a 
5.1 billion ringgit ($1.2 billion) petroleum refinery complex on 
Malaysia's east coast along with two partners. 
    NewOcean will partner Malaysia's Kuantan Port Consortium Sdn 
Bhd and Malaysian east coast development body, the latter's 
chief executive officer Jebasingam Issace John said. 
    "This (refinery) will further strengthen the throughputs 
that will go through Kuantan Port, which has easy access to 
China, South Korea, Japan, Australia and Asean," he said. 
    Details about the size and capacity of the complex will be 
finalised later on, Jebasingam said. 
    The East Coast Economic Region Development Council (ECERDC) 
announced a total of 9.9 billion ringgit new investments on 
Monday in the east coast region, of which the oil refinery 
agreement is the largest.  
    NewOcean is a Hong Kong-listed company primarily engaged in 
the sales and marketing of liquefied petroleum gas and natural 
gas, oil and electronic products. 
    Kuantan Port Consortium is jointly owned by IJM Corporation 
Bhd  IJMS.KL  and Hong Kong's Beibu Gulf Holding (Hong Kong) Co. 
Ltd on a 60:40 equity holdings basis. The Malaysian government 
has a special rights share in the consortium. 
    The other deals announced include a 1.95 billion ringgit 
investment by Asas Panorama Sdn Bhd for the development of the 
third phase of the Malaysia-China Kuantan Industrial Park (MCKIP 
3), planned for 680 acres of land. 
    China's Zhaoqing Junhong Co. Ltd will invest 1.6 billion 
ringgit for a facility to manufacture semi steel radial tyres at 
the MCKIP 2. 
    Malaysia has been attracting Chinese investments in recent 
years, as leaders of both nations forged close ties. The 
investments have poured into sectors such as manufacturing, 
infrastructure and real estate. 
    
    ($1 = 4.2820 ringgit) 
 
 (Reporting by Liz Lee, editing by David Evans) 
 ((liz.lee@thomsonreuters.com; +60323338039; Reuters Messaging: 
liz.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: MALAYSIA KUANTAN/INVESTMENT