Abu Dhabi to invest $12.5 billion in Malaysia
Kuala Lumpur, March 12, 2013
Abu Dhabi on Tuesday signed two separate agreements to invest up to 39 billion ringgit ($12.5 billion) in various developmental projects in Malaysia.
The UAE emirate signed an agreement worth an estimated 21 billion ringgit ($6.75 billion) for a petroleum storage facility in Malaysia's Johor state.
The facility for up to 60 million barrels of crude oil will be located in Tanjung Piai in Johor state, Malaysia's prime minister Najib Razak said at the signing ceremony with Abu Dhabi Crown prince General Sheikh Mohamed Bin Zayed Al Nahyan.
Malaysia is looking to develop the area as an oil and gas hub, part of an ambitious economic development plan.
In a separate agreement, Abu Dhabi's state-owned Aabar Investments and Malaysia's state-owned 1Malaysia Development Bhd agreed on an 18 billion ringgit "strategic partnership" to invest in Malaysia.
No other details were available but 1Malaysia Development said in a statement the partnership "will focus on investments in important high-impact projects vital to the long term-economic and social growth of Malaysia."
Abu Dhabi will also "provide the required capital" for 1Malaysia Development Bhd's Tun Razak Exchange development which is expected to cost billions of ringgit, the Malaysian company added. - Reuters
More Energy, Oil & Gas Stories
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn