Malaysia’s Petronas eyes investments in the gulf

Malaysia's state owned oil company, Petronas is keen on investing in the gulf's oil & gas sector. The company is looking to invest primarily in Oman and then expand to Qatar, Kuwait and the UAE.

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By  Jyotsna Ravishankar Published  July 4, 2005

Malaysia's national petroleum corporation, Petronas is exploring investment opportunities in the UAE, Qatar, Oman and Kuwait. Quoting an unnamed source, reports in Oman suggested that the company is keen to invest immediately in Oman’s oil & gas fields, for which talks are under way. Petronas has been aggressive in acquiring stakes in producing fields internationally. With a recorded turnover of more than US $6 billion for 2004, the company has operations in 34 countries. The official has been quoted as saying, “The company has so far invested more than US $8 billion in international markets. We are so keen to expand our operations in the Gulf and the Middle East.” Petronas said, total international reserves as of 1st January, stood at 5.93 billion barrels of oil equivalent (boe), or nearly a quarter of the group's total reserves. A significant portion of those reserves was in Egypt, Sudan, Turkmenistan, Chad and the Malaysia-Thailand Joint Development Area. In Yemen, the company has interest in an onshore exploration block, in collaboration with Ansan Wikfs and Yemen Corporation.

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