September 19, 2008
Malaysian Firm Gets Approval for Oil Refinery Project in Brunei
Text of report in English by Malaysian official news agency Bernama website
[Bernama report from the "General" page: "TRC Gets Brunei Govt Nod For Oil Refinery Project"]
KUALA LUMPUR, Sept 19 (Bernama) - TRC Synergy Bhd has received approval from the Brunei Government through its associated company, PetroBru (B) Sdn Bhd, to proceed with an oil refinery project in the sultanate.
The company has completed a feasibility study on the economic viability of building and operating a crude oil storage and a refinery in Pulau Muara Besar.
PetroBru was tasked with conducting the study early this year.
"I am pleased with the positive results of the economic feasibility study which revealed the viability of the potential oil refinery in Brunei, with a processing capacity of 200,000 barrels of oil per day.
"We will now proceed with the detailed feasibility study which will take about six months. We expect the project construction to start in the first half of 2010," TRC executive chairman Datuk Seri Sufri Mohd Zin said in a statement.
Sufri said the potential oil refinery had also attracted Kuwait Petroleum International.
"We are in talks to see how we can further maximise the potential of the oil and gas industry in Brunei," he said.
He said TRC strongly believe its investment in the oil and gas industry will contribute positively to the group's future earnings.
To date, TRC has invested RM2.5 million in Brunei. Its order book stands at RM1.5 billion until 2010.
Originally published by Bernama website, Kuala Lumpur, in English 0903 19 Sep 08.
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