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Report: Iran to build petrochemical refinery in Malaysia
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09:12, December 04, 2008

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Iran has inked the contract to build a refinery-petrochemical complex in Malaysia, Iran's satellite Press TV reported Wednesday.

"The contract was signed Tuesday in Malaysian capital of Kuala Lumpur between Iran's Hampa Engineering Corporation and a Malaysian firm," the report said.

The refinery-petrochemical complex, which will manufacture gas-oil, gasoline, jet fuel, liquified natural gas(LNG) and petrochemical raw materials, will be constructed in the Malaysian state of Terengganu over a period of six years and will reportedly cost more than 6 billion U.S. dollars, it added.

Malaysia, on the other hand, will invest 5 to 6 billion dollars in Iran's gas fields according to the cooperation memoranda of understanding (MoU)s that the two sides signed in Tehran on Monday.

Iranian President Mahmoud Ahmadinejad said Wednesday that the falling oil prices are gouging the country's economy and will force the government to slash spending.

Iran, which holds estimated recoverable oil reserves of 138 billion barrels and produces oil of some 4.2 million barrel per day(bpd), is eager to export the long-dealt-with know-how on oil industry, and depends heavily on the foreign funds, especially in gas and oil sector.


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