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Merapoh Resources To Build US$10 Billion Oil Refinery In Kedah

KUALA LUMPUR, July 15 (Bernama) -- Merapoh Resources Corporation Sdn Bhd and Kedah State Government on Wednesday signed a memorandum of agreement for the development of a US$10 billion refinery project in Yan, Kedah.

Merapoh Resources Corporation executive chairman, Md Nazri Ramli, said the project comprises the development of a two-train refinery in Sungai Limau Hydrocarbon Hub (SULIH) with a total capacity of 350,000 barrels per day.

The construction and the development of the refinery is expected to be completed within five years, he said at the signing ceremony for the implementation of the project here Wednesday.

He said the project will involve the reclamation of offshore land totalling 340 hectares, and the use of 40 hectares on-shore land.

Md Nazri said under the project, Merapoh Resources Corporation will import crude petroleum oil from the Middle East, process the crude into refined products and export them to China and other Asian nations.

For upliftment of the refined products, a tie-up with China's state oil company China National Petroleum Company (CNPC) has been established to market Merapoh's refinery products for a period of 20 years.

Korea's SK Group of Companies, which owns one of the world's largest oil refineries, through its subsidiary SK Engineering & Construction has been appointed to do the engineering, procurement, construction and commissioning (EPCC) of the project.

Meanwhile, Kedah Mentri Besar Datuk Seri Azizan Abdul Razak said the project is expected to contribute RM500 million per annum in terms of direct revenue to the state.

Azizan said the project is expected to create 300,000 jobs.

-- BERNAMA


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CLOSING, FRIDAY, AUG 28
US 4.1950/1050
S'pore 2.9877/9969
100 Yen 3.4721/4812
Sterling 6.4561/4732
Euro 4.7349/7470
Source: Bank Negara Malaysia

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