Gulf Asian Petro build refinery, PP plant storage in Malaysia

Gulf Asian Petro to build refinery, PP plant and storage in Malaysia

4:03 PM, 28th July 2011
Gulf Asian Petro to build refinery, PP plant and storage in Malaysia

CHINA TOWN, SINGAPORE: Gulf Asian Petroleum has agreed with KNM Group and Zecon to carry out engineering, procurement and construction (EPC) of a refinery, polypropylene plant and storage facility at Teluk Ramunia, Johor, as per a joint statement.

The two projects, which are worth 17 billion ringgit ($5.7 billion), includes a 150,000-200,000 b/d refinery and 400,000-525,000 mt/year polypropylene plant. The companies also plan to build a 2 billion ringgit petroleum product storage facility comprising four terminals at the same site, the company informed. The complex is expected to be completed in about 43 months from financial close.

As part of the agreement for the refinery project, KNM will seek a third party contractor to join the consortium it has formed with Zecon. The contractor has to be South Korean or Chinese, or a group consisting of members from both countries. The three-party consortium will also have to arrange for up to 80 per cent of the project funding, the release stated.

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