Qatar’s sovereign fund has said it will invest $5 billion into petrochemical projects in Malaysia in the next three to four years.
The attention of the Qatari state fund has been attracted by the Pengerang Integrated Petroleum Complex in the southern Malaysian state of Johor that is expected to help Malaysia compete with neighbouring Singapore to become the region’s top petrochemical hub.
“We are in discussions about this. We may invest up to $5 billion in the next three to four years into petrochemical projects in Pengerang,” said Qatar Holding vice-chairman Hussain Ali Al Abdulla at a press conference in Kuala Lumpur on January 29.
“Qatar Holding’s total investment exposure to Malaysia will eventually exceed $10 billion in various sectors,” he added according to a Reuters report.
Pengerang is expected to accumulate $55.84 billion in investments by the time it begins operations in 2016. The complex includes the Petronas Refinery and Petrochemicals (RAPID) project.