Petronas, Partners Plan $5 Billion Malaysia Gas Investment
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Petroliam Nasional Bhd., Malaysia’s state oil and gas company, plans to invest 15 billion ringgit ($5 billion) with partners to develop natural gas fields off the country’s eastern coast in a move to help replenish the Southeast Asian nation’s shrinking energy reserves.
The so-called North Malay Basin project aims to extract gas with high carbon dioxide content from nine discovered fields to help meet rising demand on Peninsular Malaysia, according to a statement today from Petronas, as the company is known. A 200 kilometer-pipeline (124 miles) will be laid to transport the fuel to Kerteh, in Terengganu state, it said.