Malaysia to invest in 2 refineries

Malaysia plans to build two refineries and a pipeline to process and pump oil from the Middle East, a major project that could help tankers sidestep one of the world’s busiest shipping routes. Investors from China, Iran and Saudi Arabia will each take a stake in the RM50 billion (US$14.50 million) initiative in northern Malaysia, according to a government official in the northwestern state of Kedah. About 70% of the funds to build the refineries and pipeline will likely come from foreign direct investment. (April 11, 2007)