Malaysia investing in O&G infrastructure for future demand

July 25, 2015

Dateline 2015-06-10, Seatrade Maritime:

In a welcome change, Malaysia’s oil and gas (O&G) industry players are taking advantage of the market downturn to prepare themselves better for the future.

Local media reported that Terengganu state government, through its unit Eastern Pacific Industrial Corp (EPIC), is planning a MYR2bn ($533.5m) expansion for the Kemaman Supply Base (KSB) in the state.

Construction work on the project at the over 30-year-old KSB is expected to begin in 2016 and be completed in 2019.

“We have been planning for an expansion for a long time as we need to prepare for growth. We want to make sure that Terengganu is serious and be exposed to as many opportunities as possible in the oil and gas sector,” Terengganu chief minister Seri Ahmad Razif Abdul Rahman was quoted as saying.

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Terengganu reviews budget after oil prices drop – Bernama

March 21, 2015

Note that the article mentions oil prices ‘dropped slightly’. Wonder what a significant drop is?

Dateline 2015-01-16, TMI:

The Terengganu government will review its 2015 state budget tabled in December, after the recent drop in oil prices.

Menteri Besar Datuk Ahmad Razif Abdul Rahman said prior to this, the RM2.37 billion state budget was tabled with a target to continue the policy of managing a surplus budget.

He said the budget which was tabled was based on past acquisitions, adding there might be some differences as the oil prices dropped slightly.

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Posted by Wata