Brent crude futures settled at $65.99 a barrel, up 13 cents, or 0.2 percent. U.S. crude oil futures ended down 34 cents, or 0.6 percent, at $56.22 a barrel.
KUCHING: Two Chinese companies, Beijing BECA Sci-tech Co Ltd and Sinopec Engineering Inc have inked a memorandum of understanding (MOU) with the Sarawak state government to invest US$5 billion (US$1=RM4.16) for the development of an integrated oil and gas (O&G) complex in Lawas.
Chief Minister Datuk Patinggi Abang Johari Tun Openg said Sarawak’s O&G policy welcomed the participation from the private sector in the development of the state’s O&G sector.
"This MOU is an auspicious step towards expanding our capacity and capability in the sector,” he said at the signing ceremony here, today.
Also present were Deputy Chief Minister, Datuk Amar Awang Tengah Ali Hasan, who is also Minister of Industrial and Entrepreneur Development, Beijing BECA Sci-Tech president Hao Liang and Sinopec Engineering vice-president Zhao Xiangdong.
Hao said the MOU marked a significant milestone in the petrochemical development project.
"To ensure the project is operational as soon as possible and contribute to Sarawak’s economic development, BECA will ensure that this industry is further refined, making it stronger and bigger, while working with the people of Sarawak to create a better future,” he added.
The joint venture project will be implemented in stages starting from the fourth quarter of this year and is expected to be completed by 2022. - Bernama
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