Shell Malaysia to invest 10 billion ringgit

Malaysias Shell Refining Company (Federation of Malaya) Bhd has allocated 10 billion ringgit (US$3.06 billion) for capital expenditure over the next five years. Chairman Datuk Saw Choo Boon said the priority of investments would be given to exploration and production. On Shell’s first deepwater operation in Malaysia, the Gumusut-Kakap field in Sabah, Saw said the development has progressed as planned despite escalating construction costs. MISC Bhd’s unit Malaysia Marine and Heavy Engineering Sdn Bhd is the contractor for building the semi-submersible production system for the Gumusut-Kakap project. Oil extracted from the field will be exported via a pipeline to a new oil and gas terminal, which will be built in Kimanis, Sabah. (June 3, 2008)