Kuantan Port, NewOcean to build RM5.1bil oil refinery complex

IJM chief executive officer and managing director Datuk Soam Heng Choon(filepic) said investments like the refinery project coupled with Kuantan Port

KUALA LUMPUR: IJM Corp Bhd’s unit, Kuantan Port Consortium Sdn Bhd, and Hong Kong-listed NewOcean Energy Holdings Ltd’s subsidiary, NewOcean Energy (M) Sdn Bhd, have signed land sub-lease and terminaling agreements for the development of an oil refinery complex at Kuantan Port at an estimated cost of RM5.1bil.

Under the agreements, NewOcean would develop, build, own and operate the oil refinery complex and related sea terminal equipment on a site leased from Kuantan Port for the manufacturing, storing, import and export of petroleum products, Kuantan Port said.