Merapoh signs MOA to build refinery

Privately owned Merapoh Resources Corp. has signed a memorandum of agreement with the Kedah state government to build a 350,000 barrel per day refinery in the Sungai Limau Hydrocarbon Hub in Malaysia’s northern state of Kedah. The US$10 billion refinery is scheduled to be operational by 2013. A master agreement for the engineering, procurement, construction and commissioning of the refinery was also signed with contractor SK Engineering. Merapoh, which is 60% owned by Chairman Nazri Ramli and 40% by executive Shafii Mustafa, said that it has secured a product off-take agreement with state-owned China National Petroleum Company. (July 14, 2009)