Dateline 2011-07-25:
China Petrochemical Corp. and two partners said they plan to develop a “marginal” oil field off the coast of Terengganu in Malaysia.
China Petrochemical, or Sinopec Group, will hold 40 percent of the project and invest between $400 million and $700 million, according to a joint statement from the companies released in Kuala Lumpur today. The partners are International Oil Design & Construction Sdn. and Sabio Technology Sdn.
Malaysia is offering financial incentives such as investment tax allowances and lower taxes to encourage the development of less-profitable fields. The government is counting on these fields to help boost production in the nation, the second-largest oil and gas producer in Southeast Asia, as energy demand rises.
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Wata - Malaysian Oil and Gas Engineer 