KUALA LUMPUR: Malaysian state oil and gas company Petronas has pushed back the completion date for its Johor refinery-petrochemical project to 2017 as a final investment decision has been delayed, its chief executive said yesterday.
The company was expected to give the project the green light this year but had to push it back due to political uncertainty during the national elections early this year, industry sources said.
“It has been delayed by just three months,” Petronas CEO Shamsul Azhar Abbas said, adding that a decision would be made in early 2014.
He said the project’s completion would be pushed back to 2017 from the original forecast of end 2016.
The CEO is expected to step down before the project is completed. When asked if he would be retiring in 2015, Shamsul said: “That’s when my contract ends.”
Arabtec-led group wins $629m Jordan project
DUBAI: Dubai construction firm Arabtec said yesterday that a consortium led by the company had won a $629m contract to build the first phase of a tourism project in Jordan.
The contract to build Saraya Aqaba was awarded to a consortium of Arabtec, Dubai contractor Drake and Scull and Consolidated Contractors Co, Arabtec said in a statement on Dubai’s bourse.
The project comprises 634,000 square metres of development around a man-made lagoon, with about 1.5km of beachfront. The project’s total cost will be $1bn, the statement added. The development, to be delivered in 28 months, will include four international hotels including Jumeirah International and Starwood Hotels facilities, as well as a water park.
Agencies
