NewOcean Energy to Build $1.2 Billion Refinery in Malaysia

Reuters, August 8, 2017

Hong Kong's NewOcean Energy Holdings Limited said on Monday it planned to build a 5.1 billion ringgit ($1.2 billion) petroleum refinery complex on Malaysia's east coast along with two partners. NewOcean will partner Malaysia's Kuantan Port Consortium Sdn Bhd and Malaysian east coast development body, the latter's chief executive officer Jebasingam Issace John said.

"This (refinery) will further strengthen the throughputs that will go through Kuantan Port, which has easy access to China, South Korea, Japan, Australia and Asean," he said. Details about the size and capacity of the complex will be finalized later on, Jebasingam said.

The East Coast Economic Region Development Council (ECERDC) announced a total of 9.9 billion ringgit new investments on Monday in the east coast region, of which the oil refinery agreement is the largest. NewOcean is a Hong Kong-listed company primarily engaged in the sales and marketing of liquefied petroleum gas and natural gas, oil and electronic products. Kuantan Port Consortium is jointly owned by IJM Corporation Bhd and Hong Kong's Beibu Gulf Holding (Hong Kong) Co. Ltd on a 60:40 equity holdings basis. The Malaysian government has a special rights share in the consortium.

The other deals announced include a 1.95 billion ringgit investment by Asas Panorama Sdn Bhd for the development of the third phase of the Malaysia-China Kuantan Industrial Park (MCKIP 3), planned for 680 acres of land. China's Zhaoqing Junhong Co. Ltd will invest 1.6 billion ringgit for a facility to manufacture semi steel radial tyres at the MCKIP 2. Malaysia has been attracting Chinese investments in recent years, as leaders of both nations forged close ties. The investments have poured into sectors such as manufacturing, infrastructure and real estate.

$1 = 4.2820 ringgit

(Reporting by Liz Lee, editing by David Evans)

Click here to read the full article from Reuters.

Copyright 2019 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.

Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Job Postings

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.


Read short articles and insights authored by industry experts.


Commonly used asset integrity management and inspection acronyms.

Asset Intelligence Reports

Download brief primers on various asset integrity management topics.


Watch educational and informative videos directly related to your profession.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.