Qatar’s sovereign wealth fund plans to spend half of the US$10 billion it expects to invest in Malaysia on a petrochemicals complex aimed at transforming the Southeast Asian nation into a global hub for the oil and gas trade.
The Pengerang Integrated Petroleum Complex in the southern state of Johor 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 US$5 billion in the next three to four years into petrochemical projects here (in Pengerang),” Qatar Holding LLC vice chairman Hussain Ali al-Abdulla told reporters in Kuala Lumpur on Tuesday.
Qatar to invest US$5b in Malaysia
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