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FINANCIAL NEWS
Abu Dhabi inks USD6.75b deal to set up oil storage facility in Malaysia
13 Mar 2013
(MENAFN) Malaysia’s prime minister, Najib Razak, stated that a USD6.75-billion contract was inked with Abu Dhabi for the establishment of an oil storage facility in the Asian country, reported Arabian Business.
Razak said that the facility will have the capacity to store 60 million barrels of crude oil.
He added that facility will be situated in Tanjung Piai in Malaysia’s Johor state as the government plans to develop the area as an oil and gas center.
It is worth noting that Abu Dhabi’s Aabar Investments PJS and Malaysia’s 1Malaysia Development Bhd have recently inked a USD5.78-billion investment deal.
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