Monday, March 14, 2011

Labuan Investment RM3b

The New Strait Times edition 9 Mac Page B2 reported that RG Gas us set to invest up to RM3b in Labuan. The search in the online edition gave the heading:


RG Gas set to invest up to RM3b in Labuan

9 Mar 2011 ... RG Gas group project director Jimmy Y.M. Tang said the hub will be ... In a statement issued at the EPP event, RG Gas and Chemicals ...
www.btimes.com.my/Current_News/BTIMES/articles/rgaschem/Article/


RG Gas and Chemical Sdn Bhd was reported to spend the amount over 10 years to build an integrated oil and gas hub on Pulau Daat in Labuan. According to the group project director, the hub will be developed in 4 phases. The location is strategic is it is nearer to China and Korea.

This was announced as one of 9 entry Point project (EPP) for the ETP by PM Najib in Kuala Lumpur yesterday...

The straittimes covered the news...

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RG Gas set to invest up to RM3b in Labuan

Published: 2011/03/09
RG Gas and Chemicals Sdn Bhd is poised to spend up to RM3 billion over 10 years to build an integrated oil and gas hub on Pulau Daat in Labuan.


RG Gas group project director Jimmy Y.M. Tang said the hub will be developed in four phases.

It will likely benefit from the opening of new oil fields around the area, particularly offshore Sabah.

"The location is strategically located nearer to South Korea and China, our potential customers," Tang told reporters on the sidelines of the announcement of nine Entry Point Projects (EPP) of the Economic Transformation Programme (ETP) by Prime Minister Datuk Seri Najib Razak in Kuala Lumpur yesterday.

Tang said the first phase of the project, with an investment of RM500 million, would involve the building of a storage tank terminal, with a capacity of 300,000 cubic metres.


"We are currently undertaking the earthworks for our first phase, which will be completed by year-end. We expect the first phase to start operations by the end of 2012 or early 2013."

He said the remaining three phases would include building a 1.5 million cu m storage tank terminal, engineering fabrication yards like jacket platforms and other facilities, including water storage facilities.

Tang said RG Gas should start receiving revenue from the project by 2013.

On why it decided to participate in the ETP rather than invest directly, Tang said the company felt more secured if the project gets a strong support from the government.

"This has given us a lot of encouragement and of course, assistance all the way. It is very good to participate in this programme because it has given us a lot of inspiration," he said.

In a statement issued at the EPP event, RG Gas and Chemicals announced that it would invest RM1 billion over three years in an integrated oil and gas hub on Pulau Daat.

"This hub will provide land-based logistics and support services and is expected to have a gross national income of RM360 million for the first phase of its operation," RG Gas and Chemicals group chief executive officer Danny Y.H. Hang said in the statement.

He said the company had received approval from Labuan Corp to convert Pulau Daat into an industrial zone for the purpose.

"This project will create some 1,000 jobs over the construction period. The project will no doubt enhance the position of Labuan and Sabah as one of the leading oil and gas hubs in the country, and ultimately, the region," Hang added.



Read more: RG Gas set to invest up to RM3b in Labuan http://www.btimes.com.my/Current_News/BTIMES/articles/rgaschem/Article/#ixzz1GYo5OwFl



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